Also second fastest growing region
From Statistics New Zealand
Auckland economy hits $100 billion
Auckland’s nominal GDP has passed $100 billion for the first time, Stats NZ said today.
Provisional figures released today show Auckland’s regional economy increased in value from $95.3 billion to $101.4 billion between March 2016 and March 2017 (an increase of 6.3 percent).
The increase was driven by strong rises in the rental, hiring, and real estate services; construction; and finance and insurance services industries. However, the 2017 increase is smaller than last year’s increase, when Auckland’s regional economy rose 7.8 percent.
Auckland’s top 18 industries are each valued at more than $1 billion. It is by far the largest regional economy in New Zealand – the next-largest is Wellington, which is valued at $35.6 billion. Auckland’s share of the national economy is 37.5 percent.
New Zealand’s regional economies 2017 visually presents the key measures of the 15 regional economies.
Source: Statistics New Zealand
So Auckland is the second fastest growing region (behind Malborough) and contributes 37.5% of total nominal GDP (Wellington was next at 13.2%). I see Northland is in fourth place and is accelerating as well.
This is excellent news for Northland given its historic neglect although pressure will sit on Government to invest heavily into infrastructure both within Northland and connecting it back properly to Auckland.
Of course with Auckland’s population surging economic growth in services and construction are going to rocket ahead – Auckland is a City where services and people agglomerate. I have asked Statistics NZ for a break down of that Auckland GDP by sector to see where our manufacturing and other heavy industry is given this has major consequences on Southern Auckland (our now largest sub region).
I am also acutely aware that fantastic GDP growth does not translate to it “lifting all boats” with housing and wage inequality being far too high in Auckland. The purpose of Talking Southern Auckland (and its previously named predecessors) was to advocate the good fight in making sure Southern Auckland got its fair share of the growth reward: Transport, housing, employment, recognition by Town Hall and Wellington – it has been a long road for Auckland’s now largest sub region but the efforts are beginning to pay off.
And I am not the only one fighting the good fight for the South getting more equitable treatment either!
Excellent to see Auckland rocket ahead in GDP growth – but now the pressure is own to have that growth rising all boats – not leaving ever more and more behind!