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Auckland economy shows resilience amidst challenges

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Staff Reporter

07 July 2024, 3:25 AM

Auckland economy shows resilience amidst challengesReal value of imports by seaports for Auckland

The economic landscape of Auckland remains robust despite national fluctuations, according to recent data from the Auckland Council Economic and Social Research and Evaluation Team.

As of July 2024, the city reported a real value of imports via seaports totalling NZ$30.8 billion for the year ending May 2024, marking a 7% decline from the previous year but a 7% increase over five years ago.

The report also highlighted key figures such as an average weekly rent of NZ$692 in April 2024, consistent with the previous year in real terms.

Auckland's median house price stood at NZ$1,025,000 in May 2024, slightly lower than a year ago but stable over the last 16 months.

The number of new dwellings consented was 14,488, indicating a decline from previous peaks but still surpassing pre-2019 levels.

Consumer confidence for the June 2024 quarter, measured at 81.0, mirrored trends seen in 2022 and 2023, signalling cautious optimism.

In contrast, business confidence showed a net 41% of businesses anticipating a decline in the general business situation over the next three months, an improvement from recent years but below pre-2019 levels.

The data underscores Auckland's economic resilience amid global and local challenges, providing a nuanced view of the city's economic health amidst fluctuating trends.