Economic growth in Marlborough for the year to June 2022 outpaced the national average according to the latest quarterly economic data released by Infometrics.
Marlborough’s GDP (gross domestic product) was up 1.4%, more than the 0.9% average for the country. However, compared to the same quarter in 2021, Marlborough was the second hardest hit region in the country with economic activity down 5.3%.
Significant constraints placed a squeeze on growth with strong inflationary pressures, supply chain restraints and a very tight labour market.
Marlborough’s labour market remained strong with employment up 1.3% in the year to June 2022 and Jobseeker support recipients falling by 8.5%. Unemployment sits at 2.6%.
During the reporting period the region was still recovering from COVID-19 which meant the local tourism expenditure was down 7.7% over the year to June, hitting Marlborough harder than the rest of the country where tourism spending fell 6.5%.
Mayor John Leggett says it is heartening that Marlborough outperformed the national average in economic growth over the entire year and that the unemployment rate is low, but it is clear the impacts of the pandemic are still being felt.
“Marlborough’s economy has shown itself to be resilient and locals have continued to support locals,” he says. “Our primary sector including forestry, viticulture, agriculture and fisheries along with the science and technology and construction sector have been key and we look forward to tourism returning to the fold.”
Consumer spending for the quarter was down slightly with Marlborough struggling with the lack of international tourists.
After receiving an initial boost of domestic tourism in the first year after COVID-19 hit, domestic tourism had fallen away with spending now below pre-pandemic levels.
Guest nights in Marlborough for the past year are down 17%.
Population growth is moderate and to support a growing population, dwelling consents have been strong over the past year, up 13%.
House price growth remains stronger than the rest of the country with prices up 12% in June, compared to 9.6% nationally.
