Data from credit bureau Centrix reveals the construction sector remains under the most pressure, recording 765 closures in the past year, up 46 percent. Hospitality has also been badly affected, with 297 businesses shutting down, a 49 percent increase. Hospitality firms are now more than twice as likely to fail as the average New Zealand business.
The trend comes as unemployment climbs to 5.2 percent, the highest level since 2020. Around 158,000 people are currently out of work, while underutilisation sits at 12.8 percent.
Buy NZ Made executive director Dane Ambler said the wave of closures is devastating for owners, workers and communities.
“Every day we are seeing another Kiwi business close its doors, and that is devastating for owners, workers and communities,” Ambler said.
He added that with interest rates beginning to ease, there is now an opportunity to stabilise the economy if New Zealanders act collectively.
“But with lower interest rates providing some relief, there is also an opportunity to steady the ship if we act collectively to back local,” he said.
Ambler stressed that community driven choices can help stem the tide of closures and support long term recovery.
“The story does not end with the challenges, there is real opportunity here,” he said.
“By backing local now, New Zealanders can help businesses weather the storm, protect jobs, and lay the foundation for a stronger economy.”
Broadcaster Chris Lynch is an award winning journalist who also produces Christchurch news and video content for domestic and international companies. This article was originally published by Chris Lynch Media and is published here with kind permission.
Buy NZ Made executive director Dane Ambler said the wave of closures is devastating for owners, workers and communities.
“Every day we are seeing another Kiwi business close its doors, and that is devastating for owners, workers and communities,” Ambler said.
He added that with interest rates beginning to ease, there is now an opportunity to stabilise the economy if New Zealanders act collectively.
“But with lower interest rates providing some relief, there is also an opportunity to steady the ship if we act collectively to back local,” he said.
Ambler stressed that community driven choices can help stem the tide of closures and support long term recovery.
“The story does not end with the challenges, there is real opportunity here,” he said.
“By backing local now, New Zealanders can help businesses weather the storm, protect jobs, and lay the foundation for a stronger economy.”
Broadcaster Chris Lynch is an award winning journalist who also produces Christchurch news and video content for domestic and international companies. This article was originally published by Chris Lynch Media and is published here with kind permission.
1 comment:
Power prices far too high. More industry closures. Get rid of the greenie iditots who would sacrifice humans to improve the planet but can't improve the planet, but can only destroy humans. Bloody idiots living in a dreamworld led by two first class fools: Swarbrick and Davidson, and supported by those other fools and idiots who vote for them. Get rid of the Green Party, get rid of the Paris Accord. Get rid of kids in local government, raise the voting age to 21.
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