According to the latest data from Wellington-based economic research company Infometrics, Rotorua has been named New Zealand's top town for economic growth.
Figures show that Rotorua's gross domestic product (GDP) growth is at 4.3 percent, the highest in the country and 0.5 percent ahead of Christchurch.
For the full year ending 30 June figures are also very healthy with GDP growth of 3.2 per cent for Rotorua, ahead of the New Zealand average of 3.1 per cent.
Rotorua mayor, Stevie Chadwick is astonished by the latest findings.
She says “To hold the top spot in the country in terms of economic growth is a spectacular result. It’s testament to the huge amount of hard work going on to move our economy forward. And there’s more to come yet. People are sitting up and taking notice of Rotorua at the moment and I’m confident that this is the start of a new era for us.”
Information released also shows promising trends for house sales. For the June quarter Rotorua house sales were up 52 per cent (282) on the same period last year, and up 17 per cent (996) for the 12 months period, compared to 8.3 per cent New Zealand-wide. House prices are now said to be heading in the right direction, with a 1.7 percent growth recorded for the year.
Rotorua's tourism is still showing significant signs of growth. For the June quarter, the town showed a 9.9 percent growth in visitor nights, the highest among New Zealand's top ten visitor destinations, and 8.6 percent growth for the year.
Despite these positive results, jobs remain a challenge for Rotorua. The unemployment rate is sitting at 7.9 percent for the year and the number of people actually looking for jobs is is up 3.4 percent.
Chadwick also adds "Overall, Rotorua people can pat themselves on the back for what they are doing to drive progress, and feel confident and proud that we’re heading for much better times.