Tāmaki Makaurau Auckland has staged a strong economic comeback in 2022 and 2023 after pandemic-related setbacks according to a new report into the region’s economy.
Launched by Auckland’s economic and cultural agency, Tātaki Auckland Unlimited, the Auckland Economic Monitor 2024 provides comprehensive insights and commentary on Auckland’s macroeconomic performance over the past five years. It highlights pivotal trends, current challenges and opportunities for Auckland.
Positive finding #1: Auckland’s economy grew 10 percent from 2019 to 2023, matching the national average. This was despite enduring longer and more frequent lockdowns compared to the rest of New Zealand during the pandemic period.
Positive finding #2: The average Aucklander earned $81,400 in 2023, which is 14.8 percent greater than the average across the rest of Aotearoa. Earnings growth has kept pace with inflation since 2019.
Positive finding #3: In 2023, the region’s economy grew faster than the rest of the country, impressively generating $143 billion in GDP.
However, recent data suggests a marked slowdown in economic activity nationwide, and relatively low levels of confidence among businesses and consumers.
The Auckland Economic Monitor will be produced annually through to 2026, an evolution of the Auckland Growth Monitor released in 2017 and 2018 by the agency’s forerunner, Auckland Tourism, Events and Economic Development (ATEED).
Produced with support from PwC New Zealand, the report identifies trends in Auckland’s regional GDP, business performance, workforce, employment, business and consumer confidence, the visitor economy, and community and culture.
Tātaki Auckland Unlimited Economic Development Director Pam Ford says the Auckland Economic Monitor 2024 stands out as the first holistic view and analysis of Tāmaki Makaurau Auckland’s economic journey through the COVID-19 pandemic.
“Tātaki Auckland Unlimited is pleased to share this resource that fills a critical gap in data accessibility typically spread across multiple sources, bringing together five years of vital regional economic data into one comprehensive report. Launching this provides a meaningful opportunity to build a deeper understanding of Tāmaki Makaurau Auckland’s economic performance over this period and in doing so, stimulates debate, discussion and investment about the future of the region.”
Tātaki Auckland Unlimited Head of Economic Transformation John Lavery says, “It’s important to acknowledge that Auckland, like the rest of country and much of the world, faces economic challenges and uncertainty with increased living costs and the battle to get inflation under control impacting demand in the economy. Despite this, insights from the Auckland Economic Monitor 2024 show the region’s focus on high-value services, a diverse economy and a skilled young workforce serve it beneficially. Auckland is well known for its diversified economy and the region’s resilience against economic shocks such as COVID-19 is evident in the data. The region has emerged robustly from the pandemic to face the cyclical challenges we are in the midst of.
“The report findings underscore Auckland’s position as the economic powerhouse of Aotearoa. Our region serves as a hub for high-value services and stands as New Zealand’s sole global city. Comprising 33 per cent of the nation’s population, Tāmaki Makaurau contributes 38 per cent to the national economy. This is much more than any other region and a unique position among developed nations.”
The launch of the report is timely given The State of the City, a benchmarking study on how Tāmaki Makaurau Auckland is performing compared to other global peer cities, is being released next month.
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