An overview of the Auckland economy for May 2024, in charts and graphs and with some commentary.

Highlights include:

• real* value of imports by seaports for the year ended March 2024 was $30.9 billion, which was 7% lower than the year ended March 2023, but 6% higher than 5 years ago. For the rest of New Zealand, the figure was $31.5 billion (23% lower than a year ago)
• average weekly rent for the month of February 2024 was $675 (similar to February 2023 in real* dollars, and similar to eight years ago). For the rest of New Zealand, the figure was $584 (the same as February 2023, and also similar to three years ago)
• number of houses sold for the year ended March 2024 was 20,639 (10% higher than a year prior; higher than all of 2023; but lower than all of 2012-2022)
• median house price for the month of March 2024 was $1,050,000 - the same as eight years ago in real* dollars (1% lower than a year ago; similar to most of the last 15 months; 29% below the 2021 peak)
• number of new dwellings consented in the year ended March 2024 was 14,699 (33% lower than the September 2022 peak; the lowest of all months since then; but still above pre-Covid- 19 levels and earlier)
• real* value of new non-residential buildings consented in the year ended March 2024 was $2,982 million (the same as a year ago, broadly similar to the last twelve months, but 11% below the November 2022 peak)
• unemployment rate in the quarter ended December 2023 was 4.2%, slightly above the last two years’ record lows (but still lower than 2008 to 2017, and similar or below 2018 to 2021)
• number of people employed in the quarter ended December 2023 was 3.6% higher than in December 2022 quarter, due to both population growth and higher labour force participation rate.

*Note: real dollars are after adjusting for the effects of inflation each quarter.

Measures covered: business and consumer confidence, GDP, imports, retail sales, employment and unemployment, house prices and numbers sold, weekly rents, building consents.

May 2024

Previous updates. 

January

February

March

April

2023

October

November

December