More people move to New Zealand in March boosting economy
April 21 2009 by Robbie Ragless
Statistics New Zealand has revealed that the number of foreigners coming to live in New Zealand in March increased to a 17-month high. In addition, permanent migrant arrivals exceeded departures by 7,482 for the year to March.
A total of 1,720 immigrants arrived in March, with arrivals exceeding departures by 300. The promising signs are being welcomed by industries such as housing construction, which is expecting to see a boost from the new arrivals when they start to buy houses.
March recorded 1,000 fewer permanent long-term departures among New Zealanders, with 800 fewer moving to Australia, another positive sign for the struggling construction industry.
Chief economist at Deutsche Bank, Darren Gibbs, says he expects immigration to increase in coming months as job losses continue to affect many of New Zealand’s trading partners.
Gibbs added that the weak rate of the New Zealand dollar also makes it an attractive prospect for immigrants. He says that New Zealand immigration will play a major part in helping the country to recover following the global recession, "over time, if history is any guide, strengthening migrant inflows will play an important role in reinforcing what is likely to be a strong recovery in housing activity, as unlikely as that may seem at present given the weak state of the domestic economy."
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