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Report On Auckland Economy Released

Contributor:
Fuseworks Media
Fuseworks Media

14 August 2008 - Auckland City Council has published its yearly business and economy report for the city.

The report examines the current state of the economy and its future outlook. Auckland City Council produces the report, with Infometrics Limited, to provide an up-to-date picture of the drivers and conditions of the city's business environment. Auckland city has an important role nationally, being the home to 65,655 businesses and 348,500 jobs, 13.1 per cent and 16.2 per cent of New Zealand's total figures.

The report states that despite low overall growth (an increase of 1.1 per cent in the year to March 2008), Auckland city's traditional growth leaders - the high value-adding sectors of finance and insurance, property services, business services and communication services - have continued to perform solidly.

While the growth constraints of the past year will continue in the year to March 2009, the outlook for the year to March 2010 is more optimistic, with Auckland city's economy forecast to grow by 2.4 per cent (compared to 2.3 per cent at the national level).

Councillor Peseta Sam Lotu-Iiga, chairperson of the City Development Committee, says, "There is no doubt that Auckland City Council can and does play a significant role in shaping the economic environment in the city. While the economy is currently slowing, it is the council's role to keep focused on initiatives that provide a better environment for long term economic growth.

"An area we have featured in our report is Rosebank, a significant business location that is home to 832 businesses.

"In 2006, the council set out to plan for the future of the Rosebank business precinct. The council talked to Rosebank businesses to understand their issues and formulated a dedicated, long-term development plan for the area, unprecedented in New Zealand.

"This is an example of the council's support for new and existing industries across the city and how we want to take the city forward."

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