New Zealand Institute of Economic Research (NZIER) quarterly survey

From the report, in brief (you can find more at the website, but the full report is for NZIER members only)

  • Net 26% of firms expecting improved economic conditions over coming months
  • Improvement in confidence broad-based across most regions
  • Recent increase in global dairy prices & subsequent upward revision by Fonterra to its dairy payout forecast have reduced the risks to the dairy sector and boosted confidence
  • Firms are also expecting a strong lift in demand ... net 32% expecting an improvement in own trading activity over the next quarter - the highest level since mid-2014
  • Construction remains the key driver of growth
  • Rapid population growth has boosted demand for housing and new office building
  • A net 27 percent of firms are looking to increase headcount in the next quarter - the highest level for 43 years
  • Firms report increased difficulty in finding labour, and this may have limited the extent to which firms could increase headcount over the past quarter. The difficulty in finding labour is particularly acute for skilled labour, with shortages at levels not seen since December 2007


ANZ NZ economics on the report are succinct ...

  • NZIER survey of business points to growth lifting to over 4%
  • Firms struggling to get staff
  • But still no inflation

(bolding mine)