This sector covers companies that rent, hire or otherwise allow the use of assets (except copyrights). The assets may be tangible, such as real estate or equipment, or intangible, such as patents and trademarks. Companies that provide real estate services such as selling, renting and/or buying real estate for others; managing real estate for others; and appraising real estate; are also included.
Christchurch Quick Facts
- Contributes approximately $2.1 billion to Christchurch GDP (Infometrics’ Estimate year ended June 2014, $2010)
- Accounts for around 12 percent of GDP in Christchurch
- Around 8,254 business units are based in Christchurch (2014, Statistics New Zealand)
- Has around 3,310 employees (2014, Statistics New Zealand)
|Rental, Hiring and Real Estate Services Sector Employment Breakdown, 2014|
|Source: Statistics New Zealand|
|Sub-sector||Employee Count||% of Total|
|Motor Vehicle and Transport Equipment Rental and Hiring||800||24%|
|Other Goods and Equipment Rental and Hiring||660||20%|
|Non-Financial Intangible Assets (Except Copyrights) Leasing||140||4%|
|Real Estate Services||1060||32%|
The earthquakes had a significant impact on housing stock in the city. Many houses were destroyed or damaged, resulting in many people needing to relocate. Recently these people have been joined by temporary workers or migrants also demanding accommodation. The result has been an increase in prices, as well as an increase in the number of houses sold following a reduction in sale volumes during the recession. Volumes are still not at their pre-recession level but are continuing to trend upwards, although with significant volatility.
Employment in the hiring sector has also recovered to its pre-recession levels. Demand has increased due to construction activity, in particular for non-passenger motor vehicle and transport equipment hiring and rental and for heavy machinery and scaffolding rental and hiring