Page 13 - Marlborough Chamber Voice Magazine Autumn 2023

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

ECONOMIC INSIGHT TO THE MARLBOROUGH
REGION

Infometrics Quarterly Economic Monitor - December 2022

The Marlborough economy continues to grow The number of Jobseeker Support recipients
but is being constrained on several fronts. has been trending downwards and was sitting
Infometrics provisionally estimates that the at 1,179 in the December 2022 quarter – down
Marlborough economy grew by 1.2% over the from a peak of nearly 1,500 in September 2020
year to December 2022, somewhat lower than
the national growth rate of 2.8%. Marlborough’s housing market is cooling, but
not as fast as the national average, with the
The agricultural sector has detracted from average house value in Marlborough sitting at
growth in the local economy with on-farm costs about $725,000 in the December 2022 quarter,
rising at the highest rate on record and incomes down from a peak of $759,000 in the March
under pressure. The tourism sector has not 2022 quarter. The number of house sales was
enjoyed the same bump as in other parts of the down by nearly a quarter.
country as international tourists return. Tourism
expenditure in Marlborough showed zero The fall in car registrations (-17%) and
growth over the year to December 2022, which commercial vehicles (-3.1%) suggests that both
is a decline in real terms once we have consumers and businesses are cautious about
accounted for inflation which is running at the future as the New Zealand economy heads
7.2%. Guest nights were up slightly by 1.3%, well towards recession.
below the national growth of 22.4%.

Marlborough’s slowing
economic growth is
reflected in consumer
spending growth of only
5.6%, below the rate of
inflation, and well below
national consumer
spending growth of 10%.

Despite the economic
headwinds,
Marlborough’s labour
market is still very strong.
Employment of residents
increased by 1.0% over
the year to December
2022 and the
unemployment rate is
sitting at a very low 2.5%,
well below the national
rate of 3.3%.

12 VOICE MAGAZINE