Study highlights Port Taranaki's crucial role
Study highlights Port Taranaki's crucial
5 March 2013
The value of public ownership of Port Taranaki was highlighted today in a new report assessing its economic impact on the region.
The report estimates that port-dependent activity contributes $465 million to the region’s gross domestic product (GDP) – up 60% in five years.
The Business and Economic Research Ltd (BERL) report was commissioned by the Taranaki Regional Council, which holds 100% of the shares in Port Taranaki Ltd on behalf of the people of the region.
“The report highlights how vital Port Taranaki is, especially given the region’s physical isolation and economic reliance on export-focused industries,” says the Council Chairman, David MacLeod. “It supports the Council’s rationale for retaining the port in public ownership.”
He says port dividends help to reduce the region’s rates burden, but this is not the sole or even the main reason for continued Council ownership. “As the BERL report highlights, the port is a crucial part of the regional economy and is of enormous strategic benefit to the community. It’s difficult to see how Taranaki would be as well served if the port was fully beholden to interests outside the region.”
The BERL report updates a study conducted five years ago. The latest findings include:
• Port-dependent activity contributes $465
million to regional GDP, up by $175 million or 40% since
• Industries that use the port collectively contribute $2.5 billion to regional GDP and employ 11,700 full-time equivalent staff.
• Port Taranaki is the third largest export port by volume behind Tauranga and Lyttelton.
• Port Taranaki is the sixth largest exporter by value, behind Tauranga, Auckland, Lyttelton, Napier and Dunedin.
• As well as reducing costs and improving access and options for exporters, the port also attracts export-focused, port-dependent or transport-related businesses.
The BERL report was formally received by the Council today (Tuesday 5 March).