Horowhenua economy showing positive signs

Tuesday, 10 December 2013

The Horowhenua economy is showing strong signs of optimism with house sales, motor vehicle purchases, residential building consents and retail spending all in growth mode.

There have been some significant gains as shown in Infometrics economic monitoring, commissioned by Horowhenua District Council.

Commercial vehicle registrations in the district soared during the year to September 2013, up 61.3% compared with the previous 12 months. This growth was double that of the Manawatu-Wanganui region (up 30.7%) and nationally (29.6%) and is attributed to favourable prices and rising business confidence. In just the three months to September, a total of 129 commercial vehicles were registered in Horowhenua.

The number of cars registered in Horowhenua also increased significantly, up 22.8% in the year to September 2013 compared with the previous year. This growth was also higher than the Manawatu-Wanganui region (18%) and nationally (13.8%). There were 208 cars registered in Horowhenua in the three months to September.

Over the year the number of residential building consents in Horowhenua increased by 41%. Nationally, consents increased by 23.7%. A total of 21 new residential building consents were issued in Horowhenua during the September 2013 quarter.

Annual retail spending in Horowhenua increased by 4.4% compared with the previous year. This growth was higher than in Manawatu-Wanganui region (-0.7%) and also nationally (2.7%). Retail sales in Horowhenua totaled $68 million in the three months to September.

House sales in Horowhenua in the year to September also increased, up 9.1% compared with the previous year. In the three months to September a total of 95 houses were sold.

Economic Development Manager Shanon Grainger says the growth shows that the Horowhenua district is becoming a more attractive place to live and spend money.

"These are very positive signs," he said.

"It's encouraging that people are choosing to live and do businesses here in Horowhenua, as well as shopping and spending locally. It's all really good for the district."