Page 16 - Marlborough Chamber of Commerce Voice Magazine Spring 2023

Q U A R T E R L Y E C O N O M I C S

ECONOMIC INSIGHT TO MARLBOROUGH

Infometrics Quarterly Economic Monitor - June 2023

The Marlborough economy is showing plenty of Much of the heat has come out of the
resilience in the face of economic headwinds. A Marlborough housing market, although the falls
strong recovery in tourism has bolstered the in average house values have been smaller than
local economy, which Infometrics provisionally in many parts of the country. The average
estimates to have grown by 2.5% over the year Marlborough house value dipped to $684,000 in
to June 2023. By comparison, national GDP the June 2023 quarter, down 9% from its peak of
grew by 3.1%. $753,000 in March 2022. The silver lining to
falling house prices is that housing affordability
The return of international tourists to New has continued to improve. After reaching its least
Zealand has helped tourism expenditure affordable position in March 2022, housing
increase by 16.5% over the year to June 2023 affordability is back to a level last seen in
and guest nights by 32.5%. Strong tourism December 2020.
expenditure has helped overall consumer
spending increase by 10.4% over the year. Despite the moderate decline in house values,
residential consents are still at a high level. There
Economic growth in Marlborough extends were 68 new residential consents in the June
beyond the tourism sector with the food and 2023 quarter, above the 10-year average of 63. The
beverage sector, transport and healthcare also non-residential construction sector will be busy
showing healthy growth. with the value of non-residential consents at a
level 50% higher than the 10-year average,
Marlborough’s labour market is still strong buoyed by the iReX Interislander terminal project.
with employment growing by 2.1% over the year
to June 2023. Job
growth was
widespread across the
economy but strongest
in manufacturing,
especially wine making
and seafood processing.

The number of
Jobseeker Support
recipients ticked
up slightly in June
2023 quarter to 1,149
from 1,089 in the
previous quarter.
The average
unemployment
rate in the year to
June 2023 was sitting
at a very low of 2.5%.

15 VOICE MAGAZINE