Masterton’s economy is continuing to boom, and the latest figures confirm it.
The Infometrics Quarterly Economic Monitor for the three months to June 2018 shows traffic is flowing, more houses are being built, and more people are visiting – and spending – in Masterton.
Masterton’s economy has grown, with a 4.5 per cent increase in Gross Domestic Product in the year to June – nearly twice the rate of Wellington city’s 2.3 per cent.
Masterton Mayor Lyn Patterson said a growing GDP reflected high business confidence in Masterton and an increasing number of building consents in the district.
Masterton experienced a 63 per cent increase in the number of residential building consents issued to June 2018, compared with the same period last year, to keep up with population growth.
Average house prices were up 12 per cent in June 2018 compared with a year earlier.
Nationwide, the average price increased by 4.9 per cent.
The average house value was $334,177 in Masterton, compared with $667,792 nationwide.
Money spent on tourism was approximately $101 million in Masterton during the year to June 2018, which was up from $89m 12 months ago.
Patterson said it was good to see people were considering Masterton alongside places such as Auckland, Rotorua and Queenstown for tourism.
“I’m hearing a lot of enthusiasm, a lot of energy around our district at the moment.
“It’s very long overdue, and long may it continue.”
The report’s summary described a positive year in review for the district’s rural sector too.
“The Masterton economy has been driven by a combination of strong population growth, a robust rural sector and strong tourism growth.
“Masterton’s sheep and beef farmers are enjoying healthy returns. Strong buying demand from most major markets, against a backdrop of limited supply, has seen lamb prices reach $8 per kg for the first time on record.
“Beef prices also remain solid. The forestry sector has benefited from strong growth in international wood prices and the value of exports.”