Bay of Plenty small business sales, jobs and wages remain solid, according to a recently released business insights study.

The Xero Small Business Insights update has been compiled from anonymised and aggregated small business data for the region.

In September 2022, Bay of Plenty small business jobs rose 5.8 per cent year-on-year.

Sales also grew 5.2 per cent over the same period, however, this is less than the national average (14.8 per cent).

Xero New Zealand country manager Bridget Snelling says this is a solid result for the region, following a challenging few years due to the Covid-19 pandemic.

'Job growth in the Bay of Plenty has been behind the national average since early 2021, which is likely a reflection of the region's reliance on agriculture and the lack of international workers being available due to closed international borders.

'Despite this, Bay of Plenty sales have remained steady, aligning closely with the national average until the recent drop this month.

'This is something to keep an eye on as local small businesses navigate the current economic challenges.”

Bridget Snelling.

Additionally, small businesses in the region experienced solid wage growth (+5.2 per cent y/y), and were also paid slightly faster (22.7 days) than the national average.

Bay of Plenty and the pandemic

Looking back on recent years, the Covid-19 pandemic and accompanying lockdown restrictions have been a challenge for most small businesses across the country.

Despite this, during 2020 the Bay of Plenty region generally saw faster wages growth compared to Aotearoa at large.

Bridget believes this is likely due to agriculture being one of the few industries able to remain operational during early trading restriction periods.

During 2022, wages again edged above the national average; this reflects the region's construction intensity, which had one of the fastest growing wages of any industry.

The month's job trend (5.8% y/y) isn't new, as Bay of Plenty jobs have generally tracked behind the national average throughout the pandemic.

This result has been underpinned by the lack of international workers being available due to border closures.

With strong ties to a range of important sectors, including construction, agriculture, healthcare, and real estate, Bay of Plenty's diversified economy has ensured that sales in the region remained aligned with the national average throughout the pandemic.

'The figures for Bay of Plenty's small business community throughout the pandemic demonstrates how the local economy was able to withstand the challenging Covid-19 restrictions.”

Bridget says that as we head into the summer months, it's important for the local community to continue supporting small businesses in the Bay of Plenty region.

'Whether it's shopping locally, or paying your invoices on time, we must continue to make an effort to go out and support our small businesses wherever possible.”