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Waitakere City’s Economy in Good Shape

Waitakere City’s Economy in Good Shape

Waitakere City’s economic performance is running ahead of the national economy, according to a report prepared by BERL.

Waitakere Business and Economy 2007 says for the key economic indicators of population and business growth, Waitakere is out performing the national economy.

Areas of significant growth in the year to March 2007 were tourism that rose by 14 percent with the number of guest nights rating four times the national average.

Growth in employment and local GDP both long term and over the 2006-07 year has been led by the recreation services sector, including industries such as the creative sector (film radio and television services, libraries, museums and the arts)

Mayor Bob Harvey says these long term economic growth statistics for Waitakere are great news and bode well for the city to ride out the current tough economic conditions.

“While times are hard for everyone right now, this progress report for Waitakere is incredibly heartening, especially as it shows we are running ahead of both the Auckland region and the national economy on some key economic indicators.”

The BERL report uses business demographic data collected by Statistics New Zealand over the past ten years.

Key figures for Waitakere over the past ten years include:

• Population growth averaging 1. 9% compared to 1.2% nationally
• Business units increased 3.9 % compared to 3.5% nationally
• Local GDP growth in Waitakere at 2.7 % was slightly lower than the national average

Bob Harvey says the economic results can best be described as ‘steady’ and a number of project that are about to come on stream are likely to improve Waitakere’s performance.

These including the major transport project in New Lynn, housing, industry and retail developments in Hobsonville and Whenuapai.

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Waitakere City Economy- BERL Factsheet

• Waitakere City is the fifth largest city in New Zealand, representing 13.4 % of the population in the Auckland region and 4.7% of the whole country.

• It has 15,200 businesses, which provided around 49,300 full time equivalent employment (FTE) positions. This accounted for 7.6 % of FTEs in the region and 2.7% of FTEs in the country.

• In 2007, the value of goods and serviced produced (local GDP) in Waitakere City was $4.0 billion, which is equivalent to 6.5 % of the Auckland region’s GDP and 2.4% of national GDP.

• Over the 10 years to 2007, the Waitakere City economy performed better than the national economy on a number of indicators. Population growth averaged 1.9% per annum compared to 1.2% nationally and business units increased 3.9% per annum, compared to 3.5% nationally. While employment grew by 2.4% per annum, at the same rate as nationally, local GDP growth at 2.7% was slightly lower than the national average.

• The largest share of employment is generated by retail and distribution (27%) followed by manufacturing (18%) and social services (14%), the bulk of the local GDP originated from business services (29%), retail and distribution (22%) and manufacturing (20%). While employment grew at an annual average rate of nearly 6%, the value added by this sector grew at 7.6% per annum over the last 10 years. Employment in the manufacturing sector has been dropping slowly.
• The housing market has followed national trends. The number of house sales dropped by 12 %, but house prices climbed 9.9% reaching an average price of $420,400 in the December 2007 year. New dwelling building consents have been easing since 2003, recording a 23% fall in the year to April 2008. In contrast, non-residential construction has picked up recently with a 4 % rise in non-residential building consents and 10% jump in non-residential resource consents in the year to April 2008.


ENDS

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