A new report released by research analysts Urban Economics has revealed that property is the single biggest industry in New Zealand.
Urban Economics prepared the report (titled The 2016 Economic Significance of the Property Industry to the New Zealand Economy) especially for Property Council New Zealand, and based its findings on analysis of the property industry’s size, value, employment numbers and economic contribution.
According to the report, the New Zealand property industry is the largest industry in the country with a direct contribution of NZ$29.8 billion to the economy, which equates to 13% of total GDP.
In addition, the property industry grew by NZ$11.7 billion during the 2007-2016 period, which accounted for 16% of the growth of the GDP for that period – more than double the growth of any other industry.
“The report confirms what we as an industry have always known, property is the backbone of New Zealand,” commented Connal Townsend, chief executive of Property Council.
“It is the infrastructure of business and the homes that shelter us all. The property industry impacts all our lives from the buildings we live, work and play in, to the buildings that allow us to teach our children and care for our elderly. Therefore, Property Council will continue to advocate and champion for quality urban growth and a vibrant property sector to drive economic and social prosperity because it benefits all New Zealanders.”
Urban Economics also reported that the wider economic impact of the New Zealand property industry is considerable, with a total contribution of NZ$83.4 billion to the country’s economy – meaning that property’s contribution to GDP is higher than manufacturing, agriculture, and health.
