Bumper year for the Kāpiti Coast economy
The New Year looks bright for the Kāpiti Coast economy. Figures from the September 2017 Infometrics Quarterly Economic Monitor Report indicate that the growth trend that the district has enjoyed over the past 12 months is set to continue.
The Kāpiti Coast economy grew by 3.8% over the September year, compared to 2.1% for the Wellington region and 2.5% nationally. Business spending and investment remains buoyant with commercial vehicle sales increasing 35% over the past year, while the value of non-residential building consents climbed 20% compared to 5.9% nationally over the same period.
Councillor James Cootes says it’s been a busy year on the Kāpiti Coast and it’s great to see our districts’ economy outperforming the Wellington region and the rest of New Zealand on many fronts.
“Investment in infrastructure coupled with the opening of the Mackays to Peka Peka Expessway has brought significant growth opportunities to the district and we expect this to continue as work on Transmission Gully and the Peka Peka to Ōtaki Expressway ramps up.”
Electronic card data from Marketview shows that retail spending in Kāpiti has climbed 3.8% over the September year. Visitor guest nights increased by 3.1% over the same period compared to 0.2% for the Wellington region and 2.6% nationally.
The number of residential building consents issued in the year to September 2017 increased by 33% when compared to the same 12month period a year ago. The number of consents issued across New Zealand increased by 3% over the same period.
“The New Year looks promising for our district’s economy,” Councillor Cootes said. “The results are encouraging and will help give Kāpiti Coast businesses who are considering expansion and people from outside the district who are contemplating bringing their business to Kāpiti confidence.”
“There has never been a better time to invest in Kāpiti and our open for business Council is on hand to help people negotiate the process of getting their business off the ground.”
The Kāpiti Coast District Council’s December 2017 edition of the Kāpiti Coast Economic Update can be viewed online.