ASB Bank's newly-formulated indicator, the "Cantometer", suggests economic activity in Canterbury is improving after the earthquakes of 2010 and last year, but that the province has some way to go before it can claim a full recovery.
The Cantometer, a composite index designed by ASB to track Canterbury's post-earthquake recovery, showed that aggregate activity in the region was above pre-earthquake levels, with a positive reading of 0.1 for the month of November, driven mostly by construction.
The index has been set to zero in June 2010, before the first major quake struck on September 4. A positive number represents activity being above pre-earthquake levels.
ASB said construction activity in the region would have a significant effect nationally in the coming year.