Pam Ford: Tataki Auckland Unlimited Director of Economic Development on Auckland's five year economic monitor report

A five-year snapshot of Auckland's economic situation shows that despite longer lockdowns, the region still grew 10% financially, matching the national average.  

$143 billion in GDP was also generated in 2023 - the fastest in the country. 

Auckland Unlimited Director of Economic Development Pam Ford tells Mike Hosking remaining on par with the national average was surprising, but the diversification of the region’s economy makes it more resilient compared to the rest of the country. 

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Episode Transcript

Speaker 1 (00:00):
So we got a five year snapshot of Auckland's economic situation.
Today the region grew ten percent, which matched the national adverage.
I suppose that's goot, one hundred and forty three billion
dollars of GDP was generated last year, so that's the
fastest in the country. Auckland Unlimited Director of Economic Development
Pam Fwards with us on all of this. Pam, very
good morning to you morning, Mike. Does this take in
last year which was a recession or sort of or

(00:21):
not really?

Speaker 2 (00:22):
Well, a lot of the data is to the March
twenty three year, so we're expecting that, you know, what
we've seen in the last few months will be quite different.
That's why the monitor has quite a lot of narrative
that accounts for what's been happening since that time.

Speaker 1 (00:37):
Okay, so when we talk about ten percent growthe hundred
and forty three billion dollars, do we have direct comparisons
to other areas of the country as well?

Speaker 2 (00:44):
Well? We know that we've compared that to the rest
of New Zealand, and so overall Auckland was on par
which was quite unusual given the extended lockdowns and what
we had kind of imagined that Auckland would have done
worse than the rest of the country.

Speaker 1 (00:57):
Does that surprise you in that sense, because the commentary
around Auckland is not that positive, is it.

Speaker 2 (01:03):
No, you're right, it didn't surprise me so much because
we know that the Auckland economy is so diversified, and
just through our scale, the size of the population, the
fact that we rely on high value services, so a
lot of technology firms, media information, we were still producing
international television production and movies, and people who are selling

(01:27):
services as software as a service, all those sorts of
things we're still able to trade. So it's a diversification
of Auckland's economy that makes it more resilient compared to
the rest of the country.

Speaker 1 (01:39):
What you read overall, because when you say we did
better than the rest of the country, it's important to
remember what the rest of the country did. So when
you say ten percent over five years, that's an average
of two percent a year, which is not actually that
good of growth, is it.

Speaker 2 (01:51):
Well, no, not at all, But the rest of the
world was suffering as well through that COVID you know,
the impact on supply chains and closed borders and like. So, no,
it wasn't that great, and we're in a very challenging
part of the cycle, as we all know. It was
good to hear a bit earlier that there's light at
the end of the tunnel.

Speaker 1 (02:09):
Yes, it was exactly. And so that's my next question
that suddenly I've got fascinated in this because the restaurant
or the hospow Association have been telling us for years
now how miserable it all is. And yet when you
look at the actual numbers they've put out, there's growth,
and there's five percent growth in the year. And you
take that any day of the week, wouldn't you.

Speaker 2 (02:28):
Well, that's pretty good. And I did hear from them
last week that there are pockets of growth in some
places are doing well. I guess it's is it natural
that we focus on the poor performing areas or some
of the dramatic changes. So, you know, I think it
is that cycle that we're in and the next twelve
eighteen months could be really tough, but opportunities emerge. So

(02:52):
I think Auckland and meus you we're in a good place.
You know, we still remain attractive for talent and visitors
and investors.

Speaker 1 (02:59):
It's encouraged. You do your positive findings. Positive finding number
three was the region's economy grew faster. Is that that
how much of immigration is to play there? In other words,
people stay where they land.

Speaker 2 (03:11):
Yeah, it has quite a huge implication. So when people
stay here and land, they go into companies all businesses,
so they're earning salaries and wages. They are needing houses,
are needing transport, so immigration plays a huge part.

Speaker 1 (03:26):
And then positive finding number two the average Aukland that
earned early one four hundred dollars. The reality is and
that was fourteen point eight percent greater than the average
across the rest of the country. But the fact is
in a big city, you need to earn the big
money because it's expensive to live in the big city.

Speaker 2 (03:39):
Isn't it well correct? But you also have you know,
the bigger companies, you have the higher value services, so
they tend to pay higher wages, and certainly you do
need that.

Speaker 1 (03:51):
Would you what would you information tell or say or
use by way of phrase around Auckland. It's growing, it's booming,
it's productive, it's healthy, it's well.

Speaker 2 (04:04):
I think it's having a challenging time right now, but
I'm incredibly optimistic the population is going to continue to grow.
We've got some exciting things coming on with city Raillink
opening in twenty twenty six. I was down in one
of those stations last weekend, very very exciting things like
the International Convention Centers coming on stream end of next year.
So look, I think around twenty seven twenty eight, the

(04:26):
city will be back on track and doing fantastic good stuff.

Speaker 1 (04:31):
I'm nice to talk to you, appreciate it very much.
Pam Ford, who is excuse me? With Auckland Unlimited, Director
of Economic Development. For more from the Mic Asking Breakfast,
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