A quarterly economic report for Southland to 31 March 2022 shows promising signs for the economy.
The report commissioned by Great South from economic consultants Infometrics shows our GDP has increased by 5.4% (above the national average) and we have the lowest unemployment rate since 2013 at 2.6%, while population has remained stable to June 2021 at 102,700.
This report follows on from earlier reports Great South commissioned from Infometrics in 2020 and 2021 to establish the impact of Covid on the economy.
Great South interim Chief Executive Ian Collier said: “the potential closure of Tiwai has seen the emergence of new large-scale potential projects such as green hydrogen production and large-scale data centres. With new hotels and an exciting inner-city retail complex under development, along with significant opportunities in the aquaculture industry, Southland is well placed when we look to the future”
“These are exciting times and it’s important that we do all we can to convert the opportunities we have to diversify and strengthen our economic performance as a region.”
The post-Covid analysis report from Infometrics in 2021 predicted Southland’s population would increase to between 108,800 and 111,300 by 2025, up from the pre-Covid population figure of 101,600.
“While it’s less likely we will achieve that, population growth continues to be a focus for the region,” Mr Collier said.
Another positive sign from the report was that 480 residential building consents were issued in the Southland Region in the year ended March 2022, above the 10-year average of 298, with 277 new dwelling consents being issued in Invercargill City, 170 in Southland District and 33 in Gore District.
View the full report at greatsouth.nz