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Knowledge based industries outperforming


MEDIA RELEASE
5 November 2009

Knowledge based industries outperforming during downturn

Knowledge based industries appear to be stronger performers during the current economic climate while low-tech industries are taking a harder hit.

This is one of the findings in a Department of Labour report on the New Zealand knowledge economy.

Professional and scientific equipment manufacturing, and architectural, engineering and technical services are amongst the knowledge based industries seeing the most rapid growth. Employment levels in these and similar industries increased more rapidly than in the rest of the economy over the past eight years.

Knowledge based industries are reaping benefits from investing in areas like R & D, employee training and product design.

Early signs are that the economic downturn has only accelerated growth in the share of national GDP represented by these industries, so non-knowledge based industries are getting a smaller share of a smaller pie.

The Department of Labour report uses a methodology developed by UK research consultancy Geoteconomics to study regional knowledge economies.

The study shows that Manukau City, Hamilton and Christchurch are the three major urban areas with the fastest growing private knowledge based sectors, gaining ground on the ‘top tier’ Auckland and Wellington regions. The Queenstown-Lakes District has also shown rapid growth.
-Ends

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