Porirua accentuates the positive
Wednesday 7 January 2004
Outsiders' perceptions may be negative but the reality is that Porirua is surging ahead economically, business people say.
By The LandlordThe latest figures show unemployment in Porirua is just under five per cent, or 2300 people, compared with 10.3 per cent in 2001.
Business Porirua executive director Mandy Natusch said perceptions of the city as being downtrodden were "rubbish".
"If people haven't been here in a long time they will still have that image. People are scared of things they don't understand," she said.
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It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.