Building boom not over

Commercial building numbers were up 20 percent last year in Manawatu District, according to Vision Manawatu’s quarterly economic report released today. Most were farm buildings with 116 constructed.

Manawatu District also had a 10.5 percent increase in the number of new houses, with 210 built in 2007.

Conversely, Palmerston North construction numbers were down on 2006 levels, but nevertheless there were 14 warehouses, 11 factories and 346 new houses built last year.

House sales across the region fell sharply in 2007 – by 11.4 percent, which is greater than the national fall. Sales numbers have fallen overall since 2003 by 21.7 percent, even though there have been pockets of growth during the period.

Vision Manawatu Chairman James Lockhart said, “We believe the region will continue to show positive growth, albeit slow in 2008, and manufacturing and construction may soften further. The region’s population growth is still positive and that will hold up the service sector industries such as retail for the time being. But given New Zealand’s current net loss in migration figures that is unlikely to be sustained without really vigorous attention to attracting people to the region.”

The full report Manawatu Region Economic Performance 2007-08.pdf(394.28 KB)

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