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America’s Cup providing a windfall for Auckland

America’s Cup providing a windfall for Auckland City

Auckland City Council is welcoming news confirming the substantial cash injection into the local economy by its association of hosting the America’s Cup.

The Economic Impact Assessment Report released by the Ministry of Tourism shows the local economy has benefited from syndicate and related activity to the tune of $60m.

The job market has been bolstered by an additional 1,320 full-time jobs created over a number of sectors between 2000-2002.

Councillor Mark Donnelly, Chairman of the Strategy and Governance Committee commented, “The feeling was that the America’s Cup 2003 would have significant impact this time around. This report confirms this, indicating twice the expenditure at the same stage of the 2000 Defence.”

“This is a telling indicator of what we can expect over the next five months. During the 2000 Defence, Auckland’s economy enjoyed a $473m boost and based on today’s report, we can only predict further good news.”

Major sectors to have benefited include $23m on commercial accommodation and hospitality, construction (expanding syndicate bases), marine services, retail and entertainment and transport.

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