Data analytics company Infometrics has released its 2023 economic profile for the district, which economic development agency Clutha Development says illustrates a "robust economic performance".
Clutha Development chief executive Linda Moore said the report showed the district’s "resilience and diversification" against a background of challenging global economic conditions.
"The district’s comparative advantage in specific industries, coupled with steady employment and population growth, positions it as a promising region for future economic development.
"In summary, the Clutha district’s economic performance reflects a resilient and diversified economy ..." she said.
The headline gross domestic product (GDP) figure was up 1% on 2022, at $1.181 billion, compared with 2.8% nationally.
Over the past decade, economic growth in Clutha has averaged 1.2% a year, against a national average of 3%.
Primary industries led the way, contributing 31.8% to the district’s GDP, and goods-producing industries also played a significant role, comprising 20.6% of GDP, compared with 17.2% nationally.
However, high-value services accounted for just 10.3% (nationally: 27.3%).
The report identifies agriculture, forestry, and fishing as the primary contributors to the district’s overall growth of $11.8m, with a 2% increase between 2022 and 2023.
Housing affordability in Clutha remains a key advantage, with the average house value at $401,543, or 4.1 times the average household income.
This compares favourably with a national average of 7.2 times.
Average weekly rent in Clutha district was $355, representing 18.7% of the average household income, again making it more affordable than the New Zealand average of 21.4%.
On the employment front, the district showed a 0.5% increase in employment to reach 9592 in the year to March 2023, reflecting positive but slower growth compared with the national average of 2.5%.
Construction led growth with the addition of 74 jobs, followed by manufacturing and retail trade. Agriculture, forestry and fishing experienced a decline in employment.
Earnings in Clutha remained lower than the national average of $74,754, at $67,886 per filled job.
However, that represented a 7.5% increase in mean annual earnings.
Clutha District Mayor Bryan Cadogan said it was positive to see the local economy’s continuing strength.
"The overall picture is good, and demonstrates that, in the current environment, we need to remain positive and take the opportunities that present themselves."
