Top 5 Reasons Why Auckland Is New Zealand’s Economic Powerhouse
Auckland is a harbour city with a growing population on New Zealand’s North Island. While it’s not the capital city, Auckland has become the financial and economic powerhouse of New Zealand, contributing to about 40% of the nation’s GDP. Business in Auckland is thriving, and technology and telecommunication industries are contributing to the economic growth of society in the area. So, what’s the key to Auckland’s success?
1. Geographical Convenience
Occupying a narrow isthmus between Manukau and Waitemata harbours, Auckland is the largest port in New Zealand. The central business district is bounded by the harbours, improving regional trade. Auckland benefits from the cargo trade, with thousands of containers passing through the port annually. Having held the title of the centre of economic development, Auckland’s CBD is renowned for thriving businesses. With the legacy of buying power, investment and development, the city remains at the forefront of business and industrial development in the country. The central business district remains attractive to shops due to the high number of pedestrians on shopping streets like Queen Street and Broadway.
2. Employment Diversity
Most businesses in Auckland are powered by strong economic ties with the international community. In 2020, Auckland was declared as the easiest place to do business or start a company by the World Bank. The low tax burdens make it easy for businesses to thrive. The largest employment sectors in the city are financial services, business and technology companies. However, employment opportunities are also available in healthcare, construction, engineering and agriculture. The numerous job opportunities attract professionals from around the world, which has led to employment diversity and economic growth.
3. Thriving iGaming Industry
With the growing technological infrastructure, Auckland has seen a surge in iGaming. The city hosts several gaming studios, including Ninja Kiwi and Grinding Gear Games that offer entertaining casino games. Aside from the gaming lounges, gaming opportunities are available online. Auckland gamers often enjoy games in the virtual world solo or with friends. Some of the popular titles are World of Warcraft, Counterstrike and other classic games. With the fast internet connectivity in the city, locals often enjoy gaming at online casinos like Jackpot City.
4. Cultural Hotspot
Auckland is packed with art and culture, showcased in art galleries and museums. From the New Zealand Maritime Museum to the Auckland Art Gallery and Auckland Museum, there are plenty of cultural venues and historical sites that attract tourists. The city’s status as a UNESCO City of Music means that tourists can expect festivals throughout the year. Businesses can rely on foot traffic from the tourists. In addition to enticing tourists, Auckland’s culture is associated with a high quality of life, which attracts investors. Since the city has a diverse population of Europeans, Asians, South Americans, and Australians, the cosmopolitan demographics allow various businesses to thrive.
5. Booming Food and Beverage Manufacturing Industry
Most people associate Auckland with cargo trade due to the port, but it also has an impressive food and beverage manufacturing industry. Auckland hosts half of the country’s food and beverage firms, which contribute significantly to the country’s GDP. The city is surrounded by arable farmland for food production and vineyards, which contribute to a booming food and beverage industry. Aside from the fertile lands, Auckland’s strategic location near the port makes it easier to transport food and beverages. The southern region is reserved for industrial land, hosts large food manufacturing plants, and has direct access to excellent transportation infrastructure. To improve food production, Auckland has three universities known for their research in food safety and sustainability in farming.
Auckland offers a unique combination of natural beauty, cultural diversity and job opportunities. The strategic location of the city at the port boosts its economic activities. Auckland’s economy is also bolstered by government efforts to boost business through favourable tax laws.
