Commercial registrations and activity
Commercial activity showing resilience
10 Nov 2021
Our take on the latest Commercial registrations and activity (Wed 10 Nov 2021)
New light commercials up 34%pa in October
New medium commercials up 67%pa
New very heavy commercials up 10%pa
The key numbers...
- Total commercial registrations grew 35%pa in October, with the lockdown in the upper North Island doing little to slow commercial activity.
- New light commercials (up 34%pa) and new medium commercials (up 67%) were the driving force, while new very heavy commercials saw more moderate growth (up 10%pa).
- New medium sized commercials (RUC vehicle type 2 above 4,500kg) have been doing well in recent months and are at a new peak level for annual registrations.
- Although registrations grew, road user charges fell 6.4% for all vehicle types in October, with Alert Level restrictions particularly affecting light vehicle activity.
- Total new commercial registrations in Auckland grew 31%pa, not far behind the 38% growth recorded for the rest of New Zealand.
New medium commercial registrations
Annual running total
...and our reaction
- It was another strong month for commercial registrations as the New Zealand economy weathers the ongoing effects of the Delta outbreak, with private demand remaining a key contributor to the growth of commercials.
- Strong construction activity continues to support solid demand for commercial vehicles. General road freight will also be supported by strong domestic spending and very low unemployment.
- The strength in registration numbers today is possibly more reflective of the strength in demand several months back, especially considering the extent of supply chain disruptions.
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