Timaru District Quarterly economic monitor - March 2020

| Portal

Commercial vehicle registrations

Dashboard comparator:

Highlights for Timaru District

  • The number of commercial vehicles registered in Timaru District decreased by -7.9% in the year to March 2020 compared with the previous 12 months. Growth was higher than in New Zealand, where commercial vehicle sales decreased by -12.8%.
  • A total of 592 commercial vehicles were registered in Timaru District in the year to March 2020. This is higher than the ten year annual average of 480.

National overview

Commercial vehicle registrations continued to fall, dropping 13% in the March 2020 year as softening economic growth and weakening residential construction activity continued to sap businesses’ willingness to invest in either light, medium or very heavy commercial vehicles. Looking forwards, with the economy coming almost to a standstill during Alert Levels 4 and 3, freight firms’ profitability will be under pressure. Commercial vehicle registrations will decline further in the coming year as a forecast 8.0% contraction in the economy in the March 2021 year sends construction activity and consumer spending into freefall. Export volumes are also expected to come under stern downward pressure as the global economy enters recession.