23 Nov 2012

Construction dominates Canterbury activity

7:05 am on 23 November 2012

A new indicator, specifically for Canterbury, shows construction is dominating activity in the region.

The ASB Bank's Cantometer, as it is known, measures about 17 different statistics in five indexes, including construction, housing and employment.

The indicator was set at zero, as at June 2010, to reflect gains or losses since the quakes, and it rose to 0.1 this month, led by a rise in construction of 2.2. All other indexes declined.

ASB chief economist Nick Tuffley said progress is slow in some areas.

He said the index is showing a very strong lift in construction activity which is at very high levels compared to before the earthquakes.

"We are seeing that other various types of activity, such as housing related activity, employment related activity, spending related activity for example have also generally been recovering although at a slower pace than what we've seen with construction," he said.

The Cantometer will be released on a monthly basis.