UBS put out an extremely good paper demonstrating where the growth areas are in Thailand.

In summary it shows how the provinces have grown far faster than Bangkok city in the past 15 years primarily due to manufacturing becoming a more prominent part of the economy here. This merely proves what a lot of us here thought that Bangkok’s growth has been relatively stagnant and that the provinces are booming, this explains why companies such as Central Pattana (CPN), Robinsons (ROBINS), Dynasty Ceramics (DCC), and BIGC Supercenters (BIGC) have been performing so well with their expansions throughout Thailand. One major caveat for all this is that because the provinces are doing very well, citizens upcountry are less likely to travel to Bangkok or to the Industrial Estate Zones to look for employment as they are able to have a sufficient lifestyle in their home country. So this does beg the question where will Thailand, with unemployment below 2%, be able to find the necessary workforce if the country still plans on a being a manufacturing hub.

See below for a few select charts.