News | 24 November 2016

Mayor and Councillors welcome strong economic growth

Wellington Mayor Justin Lester welcomes the news that Wellington’s economy has performed strongly over the last twelve months.

“According to Infometrics’ Quarterly Economic Monitor, Wellington’s economy has grown by 2.7% in the last year. The report notes this is driven by growth in business activity and strong population growth,” he says.

“The stronger economy means more Wellingtonians are finding jobs, with our city’s unemployment rate now below the national average.

“While these numbers are encouraging, we need to be mindful of the impact of last week’s quakes on future performance as this has been a difficult time for our businesses. It’s important we continue our investments in strengthening the local economy.”

Simon Marsh, the Council’s Economic Development portfolio holder, says the city’s performance means it is well placed to weather the economic difficulties caused by last week’s earthquakes.

“The quakes will obviously have an impact on the local economy as some businesses have been closed and work was disrupted for many people. What these numbers show however is that our city is in good heart and the confidence is there for us to rebound,” Councillor Marsh says.

The Mayor says the report also contains good news about the city’s housing.

“Wellington is beginning to make progress on increasing our housing stock, with residential consents up 48% this year, compared to just 14% nationally,” he says.

“This will be a major focus for us in the months to come. We need to make sure housing in Wellington remains affordable, so we don’t end up facing similar issues to Auckland.”