Timaru 2013 Economic Profile
Timaru's Economy in Good Shape
The ADBT commissioned Timaru District Profile 2013 by BERL takes an in-depth look at the Timaru economy.
In 2013, approximately 21,390 full time equivalents (FTEs) were employed in Timaru District in 5,330 businesses. Together, these businesses generated $2.37 billion in GDP, 3.4% growth from 2012. The three major contributors to GDP in the Timaru District are the manufacturing sector (28%), business services (16%), and social services (15%) sectors. Employment growth in the Timaru District was stronger year-on-year than the national average, and an additional 380 FTEs were employed in this District.
Berl chief economist Dr Ganesh Nana said Timaru's economy seemed well balanced. "A lot of other economies are overly reliant on one sector, but Timaru has a good crossover between manufacturing, primary produce and health," he said.
Top 10 largest contributors to GDP, Timaru District, 2013
ADBT Chief Executive Wendy Smith said "It is important to note the strength of our food manufacturing sector accounting for 16.5% of the district’s GDP and demonstrating the value created by processing and manufacturing. Linking this sector with agriculture and the associated road transport sector clearly strengthens Timaru’s proposition as a leading agricultural manufacturing town. With our strong employment figures, stronger than the national average year on year, Timaru is a great place to establish a business, grow your business or simply choose to live due to the excellent opportunities and employment choices."
Strong Business Confidence
Both Timaru district and New Zealand recorded large increases in non-residential consents in the December 2013 year, but it was the Timaru district that saw the largest increase with an increase of 76.5% or $37m consented over the last year. A rise in consents is generally considered an indicator of business confidence.
PDF downloads available here: - ADBT commissioned Timaru District Profile 2013