Regional round-up – Taranaki, Whanganui, and Manawatu
According to an independent economic report, Taranaki enjoyed another year of growth in 2018, with the region’s GDP climbing 1.8 percent following growth of 2.6 percent the year prior. Along with population growth and house values rising, electronic card spending was up. In contrast, however, the dairy payout for farmers forecasted to be lower than the 2017/18 year.
The Manawatu-Whanganui region also continues to record strong economic growth. This is thanks to growing consumer spending, strong population growth and a healthy primary sector, where high prices for export lamb and beef are delivering good returns for farmers. Forestry is also up 15 percent on the previous year.
Much of the region’s growth is underpinned by $3 billion of spending on commercial and government infrastructure and construction – Mercury Energy will soon begin building a $256 million wind turbine farm at Turitea, and the construction of the replacement road through the Manawatu Gorge is due to start at the end of the year.
Finance New Zealand was a sponsor of the harvesting excellence award at the recent Southern North Island Wood Council awards dinner in Palmerston North. This is the third year we have supported this event, and we genuinely encourage those in the industry that are focused on achieving standards of best practice to attend.
For those businesses in the lower North Island looking to grow alongside their region, contact our business partners in the area Sarah Southee, Peter Jenkin, Alan Rigby or Rob Mainwaring, for business finance solutions.