The manufacturing sector is expanding at its best rate for a year, as it gets a boost from the Canterbury rebuild and wider construction work, according to a survey.
The latest BNZ-Business New Zealand Performance of Manufacturing Index was up 1.1 points to 56.3 points in February.
A figure above 50 indicates that the sector is generally expanding and under 50 that it is going backwards.
The latest figure was the highest reading since February 2012.
BNZ senior economist Craig Ebert said the result reinforced the bank's view that manufacturing was not "in crisis".
"The figures speak for themselves," Ebert said. "The way some people are talking, we should be witnessing a very weak, to plunging, PMI. In fact, it's improved to a more positive level."
Manufacturing jobs were still lagging.
"But with production being the fastest growing in more than eight years, we have good reason to expect a pickup in jobs to follow, especially with new orders picking up as well as they are," he said.
Business NZ's executive director for manufacturing, Catherine Beard, said that it was encouraging to see the February result exhibit stronger activity.
Manufacturers enjoying increased activity were often linked with construction, such as the Canterbury rebuild or increased renovation work around the country.
"Given a large proportion of domestic manufacturing activity is dependent on the construction sector, stronger demand for products such as paint, concrete, fixtures/fittings and related equipment will obviously provide the sector with a welcome boost," she said.
- ? Fairfax NZ News
Source: http://www.stuff.co.nz/business/industries/8430049/Index-shows-no-crisis-in-manufacturing-sector
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