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TARANAKI REGIONAL FOCUS 2008

With a commodity focused economic base, a host of lifestyle advantages and a growing reputation as a major events centre, both the short and long term future for the Taranaki region is bright with the local economy forecast to outperform that of the country as a whole over the next 20 years.

The recent boom in commodity prices, which has resulted in the value of dairy and petroleum products escalating, has insulated the Taranaki region from the worst of the economic downturn currently affecting the general economy. In addition, the region’s skilled engineering workforce is highly sought after on both a national and international scale.

The lifestyle benefits of living in Taranaki have long been appreciated. Few other regions give such a wide range of lifestyle opportunities, from skiing in the winter to surfing in the summer, easy access to national parks, a stunning coastline and picturesque countryside. These lifestyle benefits have been bolstered over recent years as the region has attracted a growing number of national events, ranging from major sporting occasions to music and cultural events.

The region has also gone a long way towards throwing off its reputation of being isolated with improvements to the roading infrastructure and increased numbers of flights to other major centres within New Zealand.

The combination of these factors has brought more optimism and people to the region as evidenced by the 2006 census which showed the region to have reversed the previous trend of a falling population.

The feeling of optimism is well placed according to the results of a report commissioned from Business and Economic Research Limited (BERL) which has forecast continued significant growth in a majority of the eight primary sectors of the Taranaki economy over the next 20 years.