Nation-wide lockdowns in June 2020 and decreased activity in both the December 2020 and March 2021 quarters have seen Ashburton’s economy decline 2.1 per cent, the Infometrics Quarterly Economic Monitor March 2021 reports.

The monitor has been released on the Council website, highlighting several indicators of the district’s economic health.

Commercial vehicle registrations in the district are up 15.5 per cent, pointing to strong business confidence in investing in the future, a stark difference from the national decline of 16.5 per cent.

While local employment is down 1.4 per cent led largely by a decline in agriculture, manufacturing and transport, an increased dairy payout is forecast to yield an additional $91 million, suggesting positive impacts for both farmers and their suppliers over the current season.

In line with both regional and national trends, Ashburton’s housing market has seen strong price growth – its strongest in more than a decade.

While house values have grown 14.2 per cent, the report does not reflect more building activity in the district but building consent numbers typically have a lagged reporting time, Council Chief Executive Hamish Riach says.

“We have been experiencing a significant increase in requests for information and consent applications for a number of months now, which is really keeping us on our toes. Building consents take a number of weeks to process and sign off, which explains why the Economic Monitor does not yet reflect this growth in activity.

“For instance, for the year to March 2021, we have issued consents totalling $123 million, which is $33 million more than for the same period the year before,” he added.

Ashburton’s population has also picked up since the pandemic, indicated by a 1.4 per cent growth in health enrolments. Although consumer spending is down 2.7 per cent, car registrations have been particularly strong in the district, pointing to a degree of consumer confidence.

The Infometrics Quarterly Economic Monitor is made available through Ashburton District Council to provide economic information for the district.

“This data is a really helpful tool for our community and businesses to inform their decisions moving forward. We’re pleased to have this information freely available on our website,” Mr Riach adds.

Read the full Infometrics Economic Monitor March 2021 on the Council's website (ashburtondc.govt.nz) (PDF, 174.71 KB).