Confidence is on the way up in 'perky' Bay

The number of residential house sales in Hawke's Bay over the quarter lifted 11.8 per cent compared for a 44.2 per cent lift year-on-year.

Hawke's Bay has a solid outlook for economic growth according to the ANZ Regional Trends report, while the ASB/Main Report Regional Economic Scoreboard describes the region as "perky".

For the third quarter, to the end of September, the ANZ report said business confidence plateaued for the period "but is now on the way up".

Previously business confidence increased for three consecutive quarters.

Annual growth eased to 3.2per cent for an annual average growth of 3.1 per cent.

The number of residential house sales over the quarter lifted 11.8 per cent compared for a 44.2 per cent lift year-on-year.

The national annual increase was 36.2 per cent.

Rural real estate sales rose 24.7 per cent in the quarter for a 51.4 per cent annual change, compared with a 32.5 per cent lift nationally.

Commercial building consent approvals lifted 10 per cent in value over the previous quarter for a 33.6 per cent year-on-year lift.

The amount of cement sold rose 10 per cent in the quarter to be 26 per cent higher than 12months ago.

Hawke's Bay was generally "perky" over the September quarter, according to the ASB/Main Report.

"Horticulture and viticulture continue to do well, with the lower NZ dollar boosting export returns," the report said.

"Strength in these sectors may explain the boost to jobs and commercial construction over the quarter.

"Housing market activity is also strong and points to further strength to come.

"All up and despite the loss of the Ranfurly Shield, the Bay has plenty of positives to focus on."

The nationwide ANZ measure of composite economic activity posted a 0.4 per cent increase in the third quarter.

Activity rose in eight of the nine North Island regions and four of the five South Island regions, with activity falling in Wellington and the West Coast.

While national annual growth eased to 2.8 per cent - a three-year low - it was "still very respectable".