Growing Auckland’s economy – opportunities and challenges

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Prosperity Index

While Auckland has benefited from economic growth, these benefits are not being shared equally across the region. There is a need to focus on areas of lower prosperity, notably in southern and western Auckland. The Auckland Prosperity Index enables us to better understand the challenges by looking at the different factors which impact on prosperity and what may be causing these factors by examining data at a local board level across the region. This will help shape ATEED’s programme of work at a regional level for the next three years.

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Auckland Economic Insights Series

Patrick McVeigh

From a global perspective, Auckland is well known as a visitor destination and as a quality of life city.  In both these areas Auckland has performed well against competitors. However, when it comes to Auckland’s visibility as a business location, as a centre of investment and as a magnet for talent, there is still work to be done.

There is growing recognition that Auckland is a ‘new world city’ with an innovation-driven economy. Its recent economic growth has been strong, but there is no room for complacency as Auckland continues to compete every day with cities across the world for export revenue, talent and investment.

If Auckland is to be successful – with the prize being sustained economic growth and prosperity – we must continue to build on our region’s reputation as an emerging global business destination and a major innovation hub of the Asia-Pacific region.  In addition, there is a need to understand the future barriers and enablers of economic growth.

In general terms, the growth of Auckland’s economy will be determined by a wide range of factors.  Over the longer term, enhancing the economic performance of Auckland and its businesses will depend on improving productivity through a focus on advanced (growth) industries, skills, innovation, investment and high-value exports.

ATEED has released an Auckland Economic Insights Series, comprising seven reports designed  to stimulate discussion and decision-making.

The latest report is 'Circular Economy A new dynamic for Auckland businesses (May 2018).' The report describes how cities need to embark on a new form of growth: one that is not reliant on ever-increasing resource use, and where the natural environment can be restored, new technology is embraced, economic prosperity is accessible, and communities are more resilient. 

The circular economy is gaining traction around the world as it provides a compelling, prosperous, low carbon model for the future. The report concludes: The economic potential for Auckland’s transition to a circular economy could increase GDP by up to $8.8 billion by 2030. 

The other reports are:

  • Advanced Industries: Auckland’s Opportunity (February 2017)
  • Growing Prosperity: Challenges and opportunities (March 2018)
  • Auckland: An Emerging Knowledge Capital of Asia–Pacific (March 2017)
  • Convergence and Disruption: Auckland’s Tech Opportunity (April 2017)
  • Engaging Globally: Auckland’s Trade Linkages (June 2017)
  • Growing Prosperity: The Auckland Prosperity Index - Challenges and opportunities (March 2018) 

These publications provide insights into the role of investment, technology and trade in realising growth opportunities, leading to a more competitive Auckland economy and greater prosperity.

Patrick McVeigh
General Manager, Business Innovation and Skills
Auckland Tourism, Events and Economic Development (ATEED)