News | 7 March 2017

Wellington humming despite earthquake – 2.8% economic growth

Wellington’s economy has continued to grow strongly despite the November earthquake, with 2.8 percent economic growth for the December quarter, Mayor Justin Lester says.

The strong growth was highlighted in an Infometrics Quarterly Economic Report.

“We’ve taken some shots, but this report makes it clear that Wellington is on a roll,” says Justin Lester.

“In December 2015 we had 2 percent growth, 12 months on and despite an earthquake in the middle of the reporting period, we’ve seen growth of 2.8%

“We all know that the earthquake was a hard time for our city, but we are seeing strong economic growth despite all the disruption.

“This report is a real vote of confidence in Wellington.”

Employment was also strong, with unemployment just 4.9%, down from its peak of 5.8% in June 2013.

The Mayor says the report also highlighted the need for action to increase housing supply, with a seven-year high in the rate of inflation of rental prices – up 6.9% over the previous 12 months.

Wellington City Council’s Economic Development Portfolio Leader, Councillor Simon Marsh, says the results show that our investment in Wellington’s economy is paying off.

“This report shows that growth in the Capital City is continuing to move in the right direction. It’s the Council’s job to help build on that confidence, make it easier to do business in the city, and support the steps Wellingtonians are taking to make our city safer.

“We want to send the clear message to the rest of the world that Wellington is back on its feet, we are humming, and we are a great place to come and do business.”