Job ads up 33 per cent for the year as agriculture and housing on rebound

MORE MONEY: ANZ Chief Economist Cameron Bagrie expects wage growth will soon start to respond to growing labour shortages. PHOTO/FILE

Hawke's Bay job advertisements have jumped 33 per cent on October 2015 according to the ANZ New Zealand Job Ads Survey, with a prediction wages will soon grow due to demand for labour.

"In January it was running at 9 per cent, so it has been pretty spectacular growth for Hawke's Bay," ANZ senior economist Sharon Zollner said.

Hawke's Bay was experiencing a degree of catch-up on the main centres with the three-month-average figure, but the local economy had been "certainly growing for a while".

Agriculture had rebounded and Hawke's Bay was getting its share of a housing boom "spread around the country".

She said some claimed regional New Zealand "was doing it tough" but the regions "are catching up as fast as they can".

Bay of Plenty led the growth with 47 per cent, followed by Gisborne with 41 per cent, Waikato with 36.9, Tasman/Marlborough/Nelson with 37 per cent and Otago matching Hawke's Bay's job ad growth.

The survey results reflect other economic indicators showing the regions outstripping the main centres economically.

Auckland and Wellington were below the national average of 18 per cent, both with 17 per cent.

Canterbury's lull after earlier earthquake rebuilds was reflected by less than 1 per cent job growth.

Ms Zollner said construction, utilities, manufacturing and transport sector were driving total job ads growth nationally, followed by retail, tourism and recreation and services.

A shortage of labour, rather than a lack of demand, was the main constraint on companies' expansion.

"We expect wage growth will soon start to respond."

ANZ chief economist Cameron Bagrie said the country was seeing the strongest growth in five years.

"Even more pleasingly, job ads growth is strong around most of the country, led by the regions," he said.

"It is hardly surprising that the construction, utilities, manufacturing and transport sector is providing the most job ads at present. This certainly matches up with the anecdotes that we are hearing.

"Strength in tourism and real estate also made its mark on the data.

"Labour demand is clearly very strong. Although labour supply has also increased, courtesy of both strong net migration and strong labour force participation, we nonetheless expect wage growth to soon start to respond to growing labour shortages."