The Timaru District economy is strongly influenced by its agricultural heritage. From its birth in pioneering sheep farming, our richly productive agricultural sector has grown to become New Zealand's "food bowl".
Today's farming is heavily influenced by dairy, with horticulture, intensive cropping, meat and wool also playing an important role. Significant manufacturing, processing, engineering and distribution operations contribute to extensive export and domestic supply of a wide range of goods and services.
This provides an array of employment opportunities across all sectors from trades and manufacturing to the professional, service and primary sectors. The Timaru District prides itself on having one of the lowest unemployment rates in New Zealand.
The wider South Canterbury region enjoys reliable and accessible water for irrigation and industry - indeed some of the most affordable resource in the country. This continues to provide the impetus for the development and growth of successful food processing and exporting operations. Large scale investment in water storage, quality and management is continuing, helping to ensure a robust, diverse economic future for the District.
Timaru District – Quarterly Economic Monitor Report March 2019
Timaru District has notched up a record 10-year low in unemployment in the latest economic monitor report just released, and house sales in the year to March have soared ahead, well above the national average for the same period.
The figures are part of the March 2019 quarterly report compiled by Infometrics for Aoraki Development shows the house sales are up 8.8 per cent, compared to a national average of 1.6 percent. The average house price is up 3.9 per cent, currently sitting at $365,394.
Overall the Timaru District economy recorded just a small growth, at 1.1 per cent, which reflects a similar tailing off in growth in the economy nationally, but the Infometrics report shows that the economic indicators for the district, such as consumer spending and tourism, are mostly positive.
The report shows that Timaru’s population continues to grow, with health enrolments up 0.7 per cent over the year and new dwelling consents are being issued at a steady rate.
Household spending growth, as measured by electronic card spending, slowed back a touch to 2 per cent, with growth slightly behind New Zealand, but indications overall are that households are content, but not bullish, about their economic prospects.
Highlights of Timaru District – Quarterly Economic Monitor Report March 2019
Gross Domestic Product
- GDP (provisional) in Timaru District was up 1.1% for the year to March 2019 compared to a year earlier. GDP (provisional) was $2,447 million for the year.
- The annual average unemployment rate in Timaru District was 2.3% in March 2019, down from 2.8% a year earlier.
- The unemployment rate in Timaru District was lower than in New Zealand, where the unemployment rate averaged 4.3% over the year to March 2019.
- The average current house value in Timaru District was up 3.9% compared with a year earlier. The average current house value was $365,394 in Timaru District
- Total tourism expenditure in Timaru District increased by 4.5% in the year compared to an increase of 3.3% in New Zealand.
- Total tourism expenditure was approximately $227m in Timaru District during the year to March 2019, which was up from $217m a year ago.
View the full report here:
Timaru District offers a great lifestyle with abundant opportunities. Find out more from residents who've moved here about what Timaru District offers for their lifestyle.
New report highlights Timaru District’s retail spending
Retail spending in Timaru District has grown 4.7 percent in the last year, with around $567 million million being pumped into the local economy.
A new report on retail spending produced for Aoraki Development shows most retail spending comes from locals Timaru town (73.6 percent) while in Geraldine, the importance of the town as the district’s tourist hub is backed up by data on retail spend there, with nearly 40 percent of Geraldine’s retail spending coming from people who live outside the district. In the year ended March 2018, 6.7 percent of the spending in Geraldine was from international visitors.
Newly released Megatrends Report 2018
Infometrics has released its new Megatrends Report, titled From Education to the Employment: Megatrends affecting NZ’s working environment.
In the report, Gareth Kiernan, Infometrics’ Chief Forecaster has brought together several megatrends and investigates how these will shape the NZ workforce.
From education to the economy: Megatrends affecting NZ’s working environment is structured around the following themes:
- The economic environment in which we operate
- Demographic trends and their challenges
- The changing nature of education and training
You can read the report here.
Timaru District annual economic profile
The latest Annual Timaru District economic profile produced by Infometrics for Aoraki Development is now available. The report contains the latest collated figures for the year to the end of March 2018 on aspects of our economy, population and more.
The Community Profile provides information about the people who are currently living in our district - their skills, qualifications, ethnicity and more.
“Farmers Mill have chosen Timaru, South Canterbury to build our state-of-the art flour mill. The district is central to the arable land which produces the wheat we use to mill 100% NZ Flour. We find the district has a strong economic profile and the services and people we require to build a world class business.”
Murray Turley, Chairman, Farmers Mill, Timaru