The report prepared by Infometrics shows that the September quarter 2025 GDP is 1.2% higher than the same time last year, and the trend is that the economy is improving. By comparison the national figures for GDP at the same time, showed just a 0.9% improvement.
However, when taking a look at the full year to September, Timaru’s economy overall recorded a small drop in GDP by 0.3%.
Venture Timaru chief executive Nigel Davenport said although it was a small improvement in the September quarter, this was encouraging and moving in the right direction.
"The figures also show a greater level of business confidence, with a small increase in the number of businesses in the area (1.2%) and a jump in the number of commercial vehicle registrations (8.6%).
"We’re seeing strong performance in the agricultural sector with rises in lamb and beef prices, and dairy is still performing well. Dairy has one of the biggest impacts on our community, and the payout for the 2024-2025 season is expected to be $150m up on the previous season," Mr Davenport said.
"With the agricultural sector at the heart of our economy in the district, these positive results do have a flow on effect."
The report shows that non-residential building consents issued over the year to September were worth $62.9m, which is a drop compared to the previous year. Nationally a drop of 1.9% in non-residential consents has been recorded. The 10-year average for these consents in the Timaru district is tallied as $55.9m.
The housing market is showing some improvement with a 12% increase in sales, but Timaru appears to still be feeling the effect of the Smithfield closure with a slight drop in employment of Timaru residents, coupled with an increase in the number of Jobseeker Support recipients. However despite this, Timaru’s unemployment rate of 4.4% is still below the national average (5.2%).
— Allied Media
