Confidence Up Over New Zealand Economy

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At the negative end understandably is the dairy sector with high pessimism . At the other end of the spectrum are regional housing markets now benefitting from Aucklanders seeking assets and locals jumping on this cyclical bandwagon, and tourism.

Source: BNZ – BNZ’s Confidence Survey Suggests Most Most Sectors Doing Okay

The latest BNZ Confidence Survey has found that in most sectors respondents are seeing things as either steady or improving.

Construction and engineering are strong, manufacturing doing well, farming is weak but dairy farmers are pulling back from the brink.

The Auckland residential real estate market is cooling, but elsewhere things look firm. With regard to specific sectors the following broad comments can be made.

Accountancy Appears as steady as ever. No indication of any downturn.

Advertising and Marketing Some restructuring pressures amongst the big players but customer demand appears good.

Construction Overwhelmingly strong comments nationwide.

Education Strong offshore demand to study in NZ.

Engineering Very strong.

Farming A pullback from the brink in dairying bringing some smiles, but no optimism of strong returns in the near future.

Forestry Three comments, all positive.

Horticulture Strong

Legal Firm, nothing really changing.

Manufacturing All bar two comments indicate things good and/or getting better. A sector still going through a reasonably good period.

Property Management/Investment Some evidence of willingness of investors to buy easing off for now.

Property – Non-residential/Commercial Rents rising, but comments on conditions highly variable – probably reflecting regional factors.

Recruitment Highly mixed comments. No firm evidence of any major easing in employee demand.

Residential Real Estate In Auckland – far fewer people at Open Homes, auction clearance rates down, fewer Asian buyers in evidence. Outside Auckland strong.

Retail Farm area spending down, but apart from that things look okay. It pays to remember however that this is a sector with many operators who can experience vastly different operating conditions even located right next to each other.

Tourism The lower NZ dollar is definitely helping sales.

Now that the Confidence Survey is up and running again and we’ve seen where the response numbers are settling down we shall change it to a quarterly basis with the next survey to be run at the end of the end of November then February, May, and August.

Click here for the full Confidence Survey including industry comments submitted by respondents.

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Selwyn Manning, BCS (Hons.) MCS (Hons.) is an investigative political journalist with 23 years media experience. He specializes in reportage and analysis of socioeconomics, politics, foreign affairs, and security/intelligence issues.
Selwyn has extensive experience as a commentator and has provided live political analysis to a wide range of television and radio organizations broadcasting in New Zealand, Australia and globally including the BBC (Five Live, London) and BBC (World Service). He is currently a correspondent to Australia’s FiveAA radio, and is a regular live-on-air panelist on Radio New Zealand’s The Panel with broadcaster Jim Mora.

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