4 Mar 2014

Vehicle registrations rise again

1:59 pm on 4 March 2014

New vehicle registrations, particularly commercial registrations, suggest there's a good head of steam behind the economy for several months to come.

Registrations of new vehicles totalled 9058 in February, 14 percent higher than the same month last year, the Motor Industry Association said.

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Photo: RNZ

Commercial registrations were up more 19.2 percent to a record while new passenger vehicle registrations reached their highest level since 1989.

Association chief executive David Crawford said the February commerical registrations reached their fifth consecutive monthly year-on-year record.

The rate of sales of luxury vehicles - an indicator of a the strength of economic growth - began climbing in mid-2013.

Another indicator is commercial vehicle sales, which Mr Crawford said are strongest in Christchurch and Auckland, reflecting infrastructure projects and the supporting trade required for the housing market and the Christchurch rebuild.