28 May 2013

Canterbury economy performing strongly

9:52 am on 28 May 2013

Economic activity in Canterbury is continuing to pick-up and is becoming more broad-based.

ASB Bank's monthly Cantometer measures about 17 different statistics in five indexes, including construction, migration and employment.

The index, which was set to zero in June 2010, rose from 0.6 to 0.7 in May, implying overall activity exceeds pre-earthquake levels.

ASB chief economist Nick Tuffley says construction demand continues to be the main driver of the index, but it has also been supported by permanent and long-term migration gains.

He says electricity use is picking up which is a sign of more people moving to the region and of a general lift in economic activity.

Mr Tuffley says growth in retail spending in Canterbury has out-performed the country in general and indications are that the rebuild is starting to get off the ground.