Waterfront Redevelopment to Deliver Auckland $4.29B
Waterfront Redevelopment to Deliver $4.29 Billion for Auckland Region
The redevelopment of Auckland’s waterfront will generate $4.29 billion to the region by 2040, according to a report released today by the Minister of Transport, Hon Steven Joyce.
The PricewaterhouseCoopers study, commissioned by Sea+City Projects Ltd, the precursor to the Auckland Waterfront Development Agency, projects an additional 40,100 jobs attributable to the redevelopment.
The Chief Executive of the Auckland Waterfront Development Agency, John Dalzell, says the whole of Auckland will benefit from the flow-on effects from this major investment by the Auckland Council, Central Government and the private sector.
“This is potentially the most important urban redevelopment project New Zealand has seen,” he said. “It will revitalise our tourism and events industry, attract highly skilled workers and new businesses to the waterfront, strengthen our fishing and maritime industries and attract visitors from all over the world.”
“The Auckland Waterfront, when redeveloped, will be a major driver of Auckland’s economic future.”
Mr Dalzell said the economic success of cities is largely dependent on the skill levels of its workers and this means cities must be attractive places to both live and work.
“We are developing a social, cultural, heritage and environment showcase on our waterfront. This will not only attract the investment we need, but create a prime destination for people and will be a significant contributor to a more productive Auckland economy. This benefits all New Zealand,” he said. “Our target will be to attract innovative enterprises, with a focus on start-ups and fast growth businesses.”
The PricewaterhouseCoopers study estimates that the planned redevelopment of the Auckland waterfront will drive the following economic benefits for Auckland in 2040:
Direct fulltime jobs comprise:
• 13,600 employed in waterfront businesses
• 3,440 employed directly across Auckland as a result of the cruise industry
• 1,800 employed as a result of visitors to Auckland staying another half day to enjoy the atmosphere and activities on the redeveloped waterfront
• 950 employed as a result of major events planned for the waterfront.
The report applies a multiplier analysis to estimate the economy-wide impact of a change in production or employment in a particular industry. It also measures for the first time the benefits of a high quality, design-led approach to a diverse urban community on the harbour’s edge (known as agglomeration or clustering benefits).
It takes into account indirect impacts of the change on suppliers to a particular industry and where workers in that industry will spend their incomes.
This spending is expected to support a further 19,200 jobs across Auckland for a total of approximately 40,100 jobs attributable to the Waterfront redevelopment.
The total impact on regional gross domestic product (GDP) for Auckland is expected to reach $4.29 billion by 2040.