21 October 2009

New Zealand immigration growth hits five-year high

New Zealand immigration growth for the year to September hit a five-year high, giving signs that consumer spending and demand for housing may boost the economy.

Statistics New Zealand released a report yesterday which revealed that the number of those permanently emigrating to New Zealand exceeded departures by 17,043 in the year ended September 30.

The result is up from 15,642 in the 12 months through August and is the highest figure since September 2004.

New Zealand Reserve Bank Governor Alan Bollard last month said a recovery in New Zealand immigration is bolstering spending and housing demand, which will underpin the country's economic growth next year.

 The New Zealand Department of Labour released a statement earlier this week that it expects the construction industry in New Zealand will see an increase in demand and performance in 2010.

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