A photograph captioned by Paul Corliss, "PWC, Copthorne and Forsyth Barr, central city".
Disasters are often followed by a large-scale stimulus supporting the economy through the built environment, which can last years. During this time, official economic indicators tend to suggest the economy is doing well, but as activity winds down, the sentiment can quickly change. In response to the damaging 2011 earthquakes in Canterbury, New Zealand, the regional economy outpaced national economic growth rates for several years during the rebuild. The repair work on the built environment created years of elevated building activity. However, after the peak of the rebuilding activity, as economic and employment growth retracts below national growth, we are left with the question of how the underlying economy performs during large scale stimulus activity in the built environment. This paper assesses the performance of the underlying economy by quantifying the usual, demand-driven level of building activity at this time. Applying an Input–Output approach and excluding the economic benefit gained from the investment stimulus reveals the performance of the underlying economy. The results reveal a strong growing underlying economy, and while convergence was expected as the stimulus slowed down, the results found that growth had already crossed over for some time. The results reveal that the investment stimulus provides an initial 1.5% to 2% growth buffer from the underlying economy before the growth rates cross over. This supports short-term economic recovery and enables the underlying economy to transition away from a significant rebuild stimulus. Once the growth crosses over, five years after the disaster, economic growth in the underlying economy remains buoyant even if official regional economic data suggest otherwise.
A photograph of a protest sign reading, "Pillage People" and showing the faces of key figures in the Christchurch rebuild superimposed on the bodies of the Village People. The photograph is captioned by Paul Corliss, "Woodham Road, Linwood".
An aerial photograph looking north-east over the Christchurch Arts Centre, where major repairs are underway. The Christchurch Art Gallery is visible in the distance.
A photograph submitted by Matt Pickering to the QuakeStories website. The description reads, "The army on hand, helping prepare for the demolition of the Strategy Building".
A photograph submitted by Bettina Evans to the QuakeStories website. The description reads, "Demolition of old Fire Station/Library in Lyttelton, corner London Street/Oxford Street".
Photograph captioned by BeckerFraserPhotos, "Looking across the demolition site of the Press Building towards Warners and Novatel Hotels. New Press Building on the right rear".
Photograph captioned by BeckerFraserPhotos, "Demolition site between the former Government Life building (on the right) and Grant Thornton House with Chancery Lane in the background".
Photograph captioned by BeckerFraserPhotos, "Looking from 205 Manchester Street to Radio Newtwork House across concrete rubble from the demolition of SBS House, 180 Manchester Street".
A photograph of ribbons hanging from a cordon fence on Cashel Street. The ribbons were placed in protest at the proposed demolition of the Christ Church Cathedral.
Blossom coming out by the Worcester Street bridge. File reference: CCL-2011-08-12-CanterburyPublic Library pre-demolition-041 From the collection of Christchurch City Libraries.
A crane working on a brick building in the Christchurch central city. A sign on the fence reads, "Quake repairs, keep out, for your own safety".
A photograph captioned by BeckerFraserPhotos, "The former convent on Exeter Street, Lyttelton".
Photograph captioned by BeckerFraserPhotos, "The site of Manchester Courts, 158-160 Manchester Street".
A tangle of metal pipes and a roof beam on the footpath outside the Durham Street Methodist Church.
Diggers on the corner of Worcester and Manchester Streets taking a rest from demolishing this building on Sunday.
Photograph captioned by BeckerFraserPhotos, "All that remains of the front doorway of Durham Street Methodist Church".
A digger and a crane with a wrecking ball demolishing the St Elmo Courts building on Hereford Street.
Photograph captioned by BeckerFraserPhotos, "Strategy House, now leaning and in danger of collapse after another aftershock".
Photograph captioned by BeckerFraserPhotos, "Cathedral Junction, Worcester Street".
Photograph captioned by BeckerFraserPhotos, "St Paul's Church, Cashel Street, demolished and removed".
Photograph captioned by BeckerFraserPhotos, "Madras Street looking south from Lichfield Street".
Photograph captioned by BeckerFraserPhotos, "Peterborough Street with the Establishment Apartment building being demolished".
A tangle of metal pipes and a roof beam on the footpath outside the Durham Street Methodist Church.
A photograph captioned by BeckerFraserPhotos, "The former convent on Exeter Street, Lyttelton".
A photograph captioned by BeckerFraserPhotos, "The former convent on Exeter Street, Lyttelton".
A photograph of the partially-demolished Holiday Inn. The photograph is captioned by Paul Corliss, "Central city, from Manchester Street".
Photograph captioned by BeckerFraserPhotos, "Louis Vuitton Building being demolished, Colombo Street".
A photograph captioned by BeckerFraserPhotos, "Diggers at Terrace on the Park artistically parked, Park Terrace".
Photograph captioned by BeckerFraserPhotos, "Louis Vuitton Building being demolished, Cathedral Square".