Chamber encouraged by numbers but more can be done
TheInfometrics Quarterly Economic Update, released by the Wellington City Councillast week, shows that Wellington's economic growth is encouraging but more canbe done.
"We welcomethe relentless positivity on the city's growth numbers," says John Milford,Chief Executive of the Wellington Chamber of Commerce.
"As thereport notes, the Chamber's own business confidence survey shows thatbusinesses remain optimistic about their outlook.
"However, wehave got to sort out the current challenges that are constraining even greatergrowth for the city and region. This is what is vital for a growing city.
According toInfometrics' provisional estimate, the city's economic growth increased by 2.5per cent in the year to June, up from 2.2 per cent in the year to March.However, this was lower than New Zealand's total growth of 2.8 per cent andlower than the wider Wellington region's total growth of 2.6 per cent.
"We applaudthe council on the 42 per cent increase in the number of new residentialconsents in the past year, ensuring a total of 263 for the June quarteralone. Increasing supply is vital. Non-residential consents value alsocontinues to grow. And the city and region's traffic flows are up.
"But thatbrings us back to the Chamber's central concern – the need for the rightinfrastructure to support this growth and ensure we continue to expand.
"The Let'sGet Welly Moving report, due in November, can't come soon enough. The finishdate for Transmission Gully can't come soon enough. Further investment toimprove our PT and reduce congestion can't come soon enough. A solution for theregion's entire transport network can't come soon enough. Ensuring resilience ofthe city and region's water, electricity and communications can't come soonenough. And on-the-go projects such as the Convention Centre, Site 9, andShelly Bay, all can't come soon enough."
TABLE -SOURCE: Infometrics Quarterly Economic Monitor Report, Wellington City, June2017
For more information contact John Milford, 027 580 3064