Waikato regional economic profile - Waikato Regional Council

Executive summaryThis profile provides information so that everyone can have a shared understanding ofthe economic issues and opportunities facing the Waikato region and can take stepscollaboratively to address these. It identifies four regionally important export sectors: high value food manufacturing (dairy, meat and other food – aquaculture hasgrowth potential) forestry and wood product manufacturing high value manufacturing (such as agritech, aviation and materials andequipment manufacturing) high value services (such as agriculture, geothermal energy, and informationand communications technology).While the Waikato region makes a reasonable contribution to gross domestic product,national value chains and inputs such as electricity, there is evidence to suggest thatthe people of the region are not achieving their potential. Indicators such as grossregional product per capita, income and educational attainment are lower than thecountry as a whole and there are a number of communities with high social deprivation.In addition, many of the Waikato region’s important sectors are closely tied to theresources and waste assimilation services provided by the natural environment. Finiteproductive land, declining water quality and reliance on finite fossil fuels, for example,mean that neither “business as usual” nor “more of the same” is sustainable. Thismeans that economic growth in the region needs to be considered carefully so thatpeople’s wellbeing is uplifted and the natural environment is maintained.In March 2011 Waikato Regional Council (WRC) adopted a new strategic direction thatsees it taking more of a leadership role in regional development 1 . The vision“competing globally, caring locally” recognises that being able to take advantage ofglobal opportunities requires strong local communities with healthy environments.Critical success factors to achieve this vision are a high quality environment, innovation(including skilled labour), efficient value chains (including transport systems andcompliance) and collaborative leadership.WRC’s mission focuses on economic and environmental outcomes. This is supportedby WRC adopting a “green growth” approach in July 2012. 2 The mission sets out how itwill best add value to the community’s and New Zealand’s wellbeing and recognises itsgeographic reach, its intergenerational focus, its business and expertise and itslegislative mandate and responsibilities across the four wellbeings.The Waikato region is not alone in needing to consider how it enhances economicwellbeing. New Zealand's average gross domestic product per capita growth for thelast six decades has been lower than all other Organisation for Economic Co-operationand Development (OECD) countries. New Zealand’s gross domestic product per capitaremains lower than the OECD average and much lower than Australia’s.The present Government’s driving goal is to build a more competitive andinternationally-focused economy with less debt, more jobs and higher incomes.The Government considers that a strong economy in turn provides the resourcesnecessary to protect the vulnerable in society, maintain the rule of law, provide highqualitypublic services, look after the environment, and provide opportunities for youngpeople.1Waikato Regional Council (2011k).2Waikato Regional Council (2012, p. 37).Doc # 2069885Page ix