Increase in migrants good news for housing sector
5:00AM Saturday June 21, 2008
By Brian Fallow

The net inflow of migrants continued to recover last month from the trough it hit last December when it dwindled to zero.

The net gain of permanent and long-term migrants (those planning to stay for at least a year minus those leaving for at least a year) was 1010 in May, when adjusted for seasonal effects, Statistics New Zealand said.

That is the largest net monthly inflow since December 2006 and well up on the average of around 400 a month since then. In April it was 510.

For the year to May the net migration gain was 4931, compared with an average of just under 10,000 over the previous 10 years.

While the number of departures last month at 6880 was in line with the average over the past six months, the number of arrivals, 7890, was the highest since March 2003.

"After a year of minimal net inward migration the May figures provide the first piece of positive news for the housing sector for some time," said UBS economist Robin Clements.

More here.