Hamilton Property spurs GDP, employment
Property industry contributed 14.2% of Hamilton's GDP and 20.1% of its employment in 2013.
The property industry contributed 14.2% of Hamilton’s GDP and 20.1% of its employment in 2013.
The Property Council’s Waikato branch commissioned the economic impact assessment of the property industry in Hamilton.
The report was conducted by BERL and presents estimates of the direct economic impact of the property industry in the Waikato region, Hamilton City and various local authority districts.
These are measured in terms of the expenditure, gross domestic product (GDP) and employment of the various building, construction, real estate and other businesses operating in the industry.
The key findings:
- the property industry in the Waikato directly employs 16,816 fulltime equivalent people – 10.3% of all FTEs in the region;
- the industry’s GDP has started to grow again, following the global financial crisis; and
- employment in the industry has yet to recover from the effects of the global financial crisis but is higher than a decade ago.
The industry contributed nearly $3 billion in GDP to the Waikato region’s economy and provided nearly 40,000 fulltime jobs in 2013 – equivalent to 16.4% of the region’s GDP and 24.4% of its employment
The property industry has a larger multiplier effect than many other industries, the report says.
The implication is that stimulating the property industry would have a larger impact on the wider economy than stimulus to most other industries, the report concludes.
Chris Hutching for NBR NZ Property Investor
Fri, 28 Nov 2014
Fri, 28 Nov 2014
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Hamilton Property spurs GDP, employment
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