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Economic Recovery A Collaborative Effort


Media Release
Thursday 18 April 20013
For immediate release

Economic Recovery A Collaborative Effort

Collaborative effort is needed to help Wellington’s economic recovery according to a report to the Greater Wellington Economic Wellbeing committee.

The report from the Wellington Regional Strategy Project is based on economic trends over the past 10 years and key economic indicators over the past year. It aims to provide a collective picture of the local economy and to highlight possible areas of focus for the future.

The State of the Regional Economy report shows that while Wellington has a strong base for sustainable progress, economic recovery has been slower than in other parts of the country. The report suggests a commitment and a regional approach would help move the economy forward at the same pace as other regions.

The median annual income for Wellington residents is higher than for the rest of New Zealand with almost 40% of the workforce employed in highly skilled occupations (36% nationally). The region has a comparative advantage in a number of industries such as arts and recreational services, telecommunications, internet and library services, insurance, finance, electricity and gas industries.

The region’s infrastructure such as water and energy supply, public transport and roading and port services have the capacity for sustainable economic growth and residents are better serviced than other New Zealand regions in the areas of health and hazard mitigation.

On an international scale Wellington scores highly on infrastructure and community amenities. However, its global ranking is drastically affected by its inability to handle international connections and direct flights.

Also having a negative impact on economic growth is a population growth rate that is lowest for metropolitan regions and a reduction in the number of skilled migrants coming to the area. Wellington is trailing in employment growth, ranking 11th out of 16 regions, 15th for economic growth and 15th for sector diversity.

Growth in the number of businesses is slightly below the national average and house prices have declined in Wellington while increasing in other parts of the country.

The report highlights the work already being done in the region to promote economic improvement such as the Wellington Regional Strategy Office project to promote ultrafast broadband, the recent all sector Call to Action Workshop and follow up work, the Wairarapa Water Use Project, and the proposal to expand Wellington Airport facilities which is currently included in the Wellington City Council’s strategic plan.

ENDS

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