The ASB-Main Report regional economic score card, released yesterday, showed Canterbury had bounced back from the post-earthquake lull in activity to share fourth place with Auckland in the three months ended March.
In contrast, Otago had slipped to close to the middle of the pack and Southland remained in the middle.
Earlier this week, figures released by the ANZ-National Bank indicated the rebuilding of Christchurch was gathering speed but that Otago and Southland were yet to benefit from the increased activity.
SBS Bank financial officer Tim Loan has called for the Government to issue some clear direction on the rebuilding when Finance Minister Bill English releases his Budget 2012 this afternoon.
ASB chief economist Nick Tuffley said Canterbury also gained a star in the latest scoreboard where four stars means "be there or be square" - the same as Otago.
"There have been encouraging signs of recovery in the region, with employment rebounding sharply over the first quarter, although it remains below year-ago levels."
Housing demand in Canterbury continued to recover and, given the extensive damage to houses from the earthquakes, supply constraints in its housing market had emerged, he said.
That had underpinned strong house price inflation in the region.
Another positive development had been the recent improvement in dwelling consent issuance, indicating the region was on track for the rebuilding process to gather momentum later this year.
In Otago, despite the region receiving an influx of displaced Cantabrians last year, housing market activity had lagged the rest of New Zealand.
The fall in employment in the region in the first quarter meant employment was now below year-ago levels, despite the surge in the previous quarter.
Other economic activity in Otago, including construction, also lagged the rest of the country, Mr Tuffley said.
Southland's employment growth had been "relatively strong" in the past year and the region now had the lowest unemployment rate in New Zealand.
"Despite these positive developments, retail spending was flat over the past year.
"The sharp decline in the number of guests nights highlights the challenges facing its tourism sector," he said.
