Gisborne slips to fourth on the ASB ‘Regional Scoreboard’

A drop from first to fourth but still plenty of positives sums up the ASB's latest Regional Scoreboard result for Gisborne. Photo / Ben Cowper

The final ASB Bank Regional Scoreboard for 2024 has seen Gisborne slip from the top to fourth in terms of economic activity and growth.

Otago jumped into the top spot, followed by Canterbury and Southland, with Gisborne next.

“Gisborne could not maintain its top position from the previous quarter, dropping to fourth place this time,” the report said.

“The construction sector was the primary factor causing this decline, with Gisborne now ranking lowest in the country in this category.

“Annually, building consents in Gisborne decreased significantly by 29.9%, compared to a national average increase of 1.7%.

“This decline was driven by a 63.3% annual decrease in non-residential construction, albeit in dollar terms only a $23 million reduction, after a big surge earlier in the year as the region’s post-cyclone recovery continues.

“Meanwhile, the residential sector showed a substantial annual increase of 24.1%.

“House sales in Gisborne had one of the sharpest rises, up 24.5% annually.

“However, house prices continued to decline by 1.4% annually, following the national trend. “Despite these challenges, Gisborne saw positive growth in consumer confidence and new car registrations, with annual growth rates exceeding the national averages.”