As this decade comes to a close, it feels appropriate to reflect back on the past 10 years and consider what we can learn from the ups and downs of our economy.
I believe that
three important trends emerged this decade, which have laid the foundation for the next 10 years of economic development.
The first is growth. A number of indicators show that while Whanganui had a sluggish start to the decade, the past five years saw an acceleration of economic activity.
From 2014, our population grew by 9.2 per cent to a record high of 47,300. Our GDP grew by 12.6 per cent and annual consumer spending rose by 35.9 per cent. A very exciting story is visitor spend, which went up by 41.6 per cent from 2014.
Whanganui is increasingly a place where people want to live, shop, do business and visit. This momentum bodes well for the continued vibrancy and dynamism of our district.
Accelerated growth alone does not result in a resilient economy however, which leads to the second trend we noticed: the people and businesses that make up our economy are changing to meet the needs of the future.
READ MORE:
• Whanganui named New Zealand's most beautiful city at Beautiful Awards
• One dead in crash near Whanganui as holiday road toll climbs to two
• Premium - Whanganui pulled from MetService homepage map as part of new website
• Local Focus: Big plans for Whanganui port
Our people are gaining skills and capabilities, making our workforce more prepared and flexible in the face of changing demands. Data from Statistics NZ shows that between 2006 and 2018, the percentage of Whanganui residents with a qualification beyond secondary school increased by 13.2 percentage points.
Earlier this year, the NZ Productivity Commission issued a report about the changing nature of jobs from the 1970s to 2013. They found the number of manufacturing jobs had declined, while information-intensive sectors such as finance and professional and business services were expanding.