Taranaki industry projections
Table 4.29 Tourism summary indicators, 2006
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Table 4.29 Tourism summary indicators, 2006 Tourism FTEs % GDP (06$m) % Business units % Tourism-characteristic industries 1,170
73.7
1.7% 242
1.9% Tourism-related industries 500
24.5
0.6% 110
0.9% All non-tourism-related industries 777
81.0
1.9% 229
1.8% Taranaki 2,447 5.4% 179.2 4.1% 580 4.5% New Zealand 115,694 6.4% 8,295 5.3% 23,566 5.3% source:BERL Regional Database, Tourism Satellite Account
Tourism accounts for approximately 5.4 percent of employment in Taranaki, or 2,450 FTEs, slightly below the national average of 6.4 percent. Around 4.1 percent of regional GDP, or $179 million, is directly contributed by the tourism sector, compared to 5.3 percent at a national level. Around 580 business units, or 4.5 percent of the regional total, are directly related to the tourism sector. This is a similar proportion to the 5.3 percent contribution of the tourism sector seen nationally. Figure 4.1 shows what portions of total tourism employment, GDP and businesses are contributed by each of tourism-characteristic, tourism-related and all other industries.
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Taranaki Industry Projections 2006-2026 Venture Taranaki November 2007
Figure 4.1 Contributions to employment, GDP and business units FTE Share 31.8%
47.8% 20.4%
GDP Share 45.2%
13.7% 41.1%
Business Units Share 18.9%
39.5% 41.6%
Tourism-characteristic industries Tourism-related industries All non-tourism-related industries
Tourism-characteristic industries provide almost half of all direct tourism employment in the region, with one-fifth provided by tourism-related industries and one-third by other industries. Interestingly, non-tourism-related industries provide the largest share of regional tourism GDP, at 45 percent, and almost as many business units as tourism-characteristic industries, at 40 percent. Table 4.30 presents the recent performance of the tourism sector in Taranaki and New Zealand. Table 4.30 Recent performance of tourism sector, 2001 – 2006 Indicator 2001 2004 2005 2006 2005 2006 2001 to 2006 Employment (FTEs) Taranaki
2,128 2,322
2,401 2,447
3.4 1.9 2.8 New Zealand 97,587 108,679
110,685 115,694
1.8 4.5 3.5 Value added or GDP ('06, $m) Taranaki
157 173
178 179
3.0 0.8 2.7 New Zealand 6,894 7,792
8,140 8,295
4.5 1.9 3.8 Business units Taranaki
505 562
571 580
1.7 1.6 2.8 New Zealand 19,200 22,302
23,092 23,566
3.5 2.1 4.2 source:BERL Regional Database, Tourism Satellite Account %pa change
While growth in tourism in Taranaki has been lower than the New Zealand average across all three indicators, its increasing importance is clear from the fact that tourism growth has exceeded Taranaki growth as a whole. Growth in tourism employment in Taranaki over the last five years was higher than for the regional economy overall, at 2.8 percent per annum compared with 2.4 percent per annum. While this was below national tourism employment growth (3.5 percent per annum).
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Employment growth within the tourism-characteristic industries has been very strong, particularly in hospitality, which has achieved 5.2 percent per annum since 2001. Similarly, tourism GDP growth has averaged 2.7 percent per annum over the five years, compared to average GDP growth for Taranaki of 1.7 percent per annum. The hospitality industry in particular, achieved 4.6 percent per annum GDP growth since 2001. The number of businesses engaged primarily in tourism-linked activity has grown at 2.8 percent per annum over the five years, the same rate as overall business numbers in the region. Again, most growth has been in the hospitality industry.
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5 Industry Projections Economic development is a long-term exercise. Changes in business and consumer behaviour evolve over lengthy periods of time. Similarly, changes in inter-industry, regional and global relationships have gradual impacts on the characteristics of a regional economy. In addition, changes in the policy environment – whether favourable or otherwise – can have further effects on the long-term composition of business activity in a region. Within this context, BERL presents a scenario based on the assumption that economic development in Taranaki is likely to be similar in the future to what it has been in the recent past, compared with national economic development trends and global demand (see appendix – section 6.2). Some modifications to the region’s recent relative economic performance have been included where we believe recent development patterns are unlikely to continue. These modifications are discussed in greater detail in the Appendices. 5.1 Employment projections Table 5.1 presents a forecast of employment growth in Taranaki to 2011, 2016 and 2026. Table 5.1 Forecast employment growth in Taranaki Industry 2006 2011 2016 2026 2006 to 2011 2011 to 2016 2016 to 2026 2006 to 2026 Agriculture 7,307
Forestry
119 126 136 167 1.0 1.6 2.0 1.7 Fishing
34 37 40 51 1.3 1.7 2.5 2.0 Mining (O&G) 817
Food processing 3,785
Engineering 2,753
Other manufacturing 1,794
Utilities 237
Construction 3,680
Wholesale & retail trade 6,803
Hospitality 1,757
Transport & storage 1,414
Communications 402
Business, finance & property svs 5,253
Government administration 877
Education 2,518
Health & community svs 3,664
Cultural & recreational svs 731
Personal svs 1,275
Regional employment growth is expected to average around 2.0 percent per annum over the next 20 years. This would take employment from its 2006 level of 45,200 FTEs to 49,400 FTEs in 2011, 54,100 FTEs in 2016, and 67,000 FTEs in 2026. Growth in employment is
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expected to be above the 1.9 percent per annum experienced nationally over the same period. The most employment growth is expected to occur in mining (almost exclusively oil and gas- related). Over the 20 years, employment in the industry is expected to quadruple, to around 3,360 FTEs. This assumes rapid growth over the next few years with the current projects under development, with slower (but still substantial) growth from 2011 through to 2026. Over the period to 2011, strong growth is also expected in construction (5.8 percent per annum), engineering (4.2 percent per annum), other manufacturing (3.5 percent per annum) and transport and storage (2.9 percent per annum). Meanwhile employment in agriculture, food processing, health and community services and utilities is likely to fall by a total of around 600 FTEs over the five-year period. Between 2011 and 2016, oil and gas is likely to be the leader in employment growth again. However, other industries such as other manufacturing, at 5.2 percent per annum, engineering, at 5.0 percent per annum, transport and storage, at 3.2 percent per annum, and hospitality, at 2.6 percent per annum, will also experience accelerated growth. Declines in agriculture and food processing employment will slow. From 2016 to 2026, employment is expected to grow faster than in New Zealand as a whole. Other manufacturing employment is expected to surge 6.3 percent per annum, with engineering employment growing 5.2 percent per annum. Hospitality and transport and storage will also see growth of over 3.0 percent per annum. Meanwhile, both food processing and agriculture employment growth will return to positive territory.
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5.2 GDP projections Table 5.2 presents a forecast of GDP growth in Taranaki to 2011, 2016 and 2026. Table 5.2 Forecast GDP growth in Taranaki Industry 2006 2011 2016 2026 2006 to 2011 2011 to 2016 2016 to 2026 2006 to 2026 Agriculture 415
Forestry
30 37 45 67 3.9 4.1 4.1 4.0 Fishing
3 3 4 6 4.2 4.2 4.5 4.4 Mining (O&G) 741
Food processing 432
Engineering 240
Other manufacturing 171
Utilities 115
142
175 2.2 2.1 2.1 2.1 Construction 207
293
343 4.2 2.9 1.6 2.6 Wholesale & retail trade 459
Hospitality 55
Transport & storage 143
Communications 128
Business, finance & property svs 718
Government administration 103
Education 130
Health & community svs 201
Cultural & recreational svs 49
Personal svs 38
The economy of the region is expected to undergo strong gains in GDP over the three periods under consideration, with GDP growth of 4.7 percent per annum to 2026. This could see GDP rise to $5.47 billion by 2011 from its 2006 level of $4.38 billion, and on to $6.77 billion by 2016 and $10.9 billion by 2026. This would grow the region’s share of national GDP to 3.9 percent in 2026 from 2.8 percent in 2006. One primary assumption driving this projection is that both employment and labour productivity will surge in the oil and gas industry. This industry is characterised by particularly high labour productivity (GDP per FTE) already, at $907,000 per FTE, compared with $96,800 per FTE for the region as a whole. As a result, strong growth in this industry would push up Taranaki’s average labour productivity very rapidly. This would produce the strong GDP growth projected in our model. The most startling consequence of such growth in the oil and gas industry is that it could well account for 38 percent of all GDP in Taranaki by 2026, from its current level of 17 percent. In the period from 2006 to 2011, strong employment growth coupled with above-average labour productivity growth could see oil and gas GDP grow by 11.4 percent per annum, adding almost $530 million in GDP. While this figure dominates gains in other industries,
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there are also likely to be significant increases in GDP in engineering (5.7 percent per annum), other manufacturing (5.0 percent per annum), construction (4.2 percent per annum) and transport and storage (4.2 percent per annum). Between 2011 and 2016, GDP growth in oil and gas is expected to slow somewhat, but will remain strong, at 8.0 percent per annum. Robust growth in other manufacturing and engineering will continue. The fastest overall regional growth is expected between 2016 and 2026. Oil and gas GDP is expected to continue to rise dramatically, while other manufacturing will almost match oil and gas growth in percentage terms, reaching 7.6 percent per annum. Engineering (6.5 percent per annum), hospitality (4.6 percent per annum) and transport and storage (4.6 percent per annum) are expected to grow rapidly as well. According to the Tourism Research Council, total tourism visitor nights in the Taranaki region are expected to rise at a rate of 1.6 percent per annum, to reach 2.59 million in 2013. The share of total visits to the region accounted for by international visitors is expected to rise from 31.3 percent to 35.5 percent. Total visitor expenditure is expected to rise at a faster 3.2 percent per annum, partly as a result of the increase in overseas visitors, who tend to spend more per visit. By 2013, total tourism expenditure is expected to reach $300 million per year, up from its current $241 million.
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5.3 Summary of projections The oil and gas story is the most significant in this projection. The Taranaki region is inextricably linked to the oil and gas industry, with the industry’s importance to employment and GDP (especially) in the region expected to rise dramatically over the next 20 years. The sector is forecast to make up almost 40 percent of the region’s GDP by 2026 from 17 percent in 2006. These effects will flow through to engineering, which exhibits growth of 6.3 percent per annum over the forecast period. Regional employment growth is expected to lead national growth, especially over the ten years from 2016 to 2026. Moreover, regional GDP growth is expected to be significantly higher than national, driven by the oil and gas sector as well as growth in other high productivity sectors such as manufacturing. Almost all industries are likely to experience gains in employment over the next 20 years. GDP increases will be even more solid across the board, as even industries with slow employment growth improve labour productivity. For example, agriculture is likely to see GDP rise by 2.3 percent per annum despite flat employment growth. Health and community services is the only industry likely to see a decline, and a relatively small one at that, falling 0.2 percent per annum. In other industries, GDP growth rates are expected to vary between 1.3 percent per annum for food processing and 9.0 percent per annum in oil and gas out to 2026.
Taranaki Industry Projections 2006-2026 Venture Taranaki November 2007
6 Appendices 6.1 Multiplier analysis method This multiplier analysis uses multipliers derived from inter-industry input-output tables for the Taranaki region. The Taranaki region input-output tables have been derived from the national input-output tables and other data by Butcher Partners, Canterbury - a recognised source for regional input-output tables and multipliers. 6 Multipliers allowed us to identify the direct, indirect and induced effects in terms of Full Time Equivalent (FTE) employment. Employment Impact multipliers Employment impact multipliers determine the number of FTE roles that are created for every $1 million spent in an industry for one year. It provides a measure of total labour demand associated with Gross Output. An FTE is the percentage of time an employee works represented as a decimal. A full-time position is 1.00; a part-time position is 0.50. Direct, indirect and induced effects The underlying logic of multiplier analysis is relatively straightforward. An initial expenditure (direct effect) in an industry creates flows of expenditures that are magnified, or “multiplied”, as they flow on to the wider economy. This occurs in two ways: • The industry purchases materials and services from supplier firms, who in turn make further purchases from their suppliers. This generates an indirect effect. • Persons employed in the direct development and in firms supplying services earn income (mostly from wages and salaries, but also from profits) which, after tax is deducted, is then spent on consumption. There is also an allowance for some savings. These are the induced effects.
6 For a discussion on regional input output tables and the validity and reliability of the Butcher input output tables see Statistics New Zealand (2003) Regional Input Output Study.
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Hence, for any amount spent in an area (direct effect), the actual output, and therefore employment, generated from that spend is greater once the flow on activity generated (indirect and induced effects) is taken into account. Leakages Generally the more developed, or self sufficient, an industry in a region is, the higher the multiplier effects. Conversely, the more reliant an industry is on supply inputs from outside the region, the lower the multipliers. These outside factors can be referred to as “leakages”. To put this another way, if a house was purchased in The Taranaki region, and all the materials and labour were sourced in The Taranaki region, and all the materials and labour that went into making the housing materials were made in The Taranaki region and so forth, and then the labour spent their wages or salaries in The Taranaki region, again on goods or services produced solely in The Taranaki region, then all the multiplier effects would be captured by The Taranaki region. Where inputs or outputs come from outside The Taranaki region, leakages are said to exist, and the multiplier effect is reduced. Limitations of multiplier analysis Partial equilibrium analysis Multiplier analysis is only a “partial equilibrium” analysis, assessing the direct and indirect effects of the development being considered, without analysing the effects of the resources used on the wider national and regional economy. In particular, it assumes that the supply of capital, productive inputs and labour can expand to meet the additional demand called forth by the initial injection and the flow on multiplier effects, without leading to resource constraints in other industries. These constraints would lead to price rises and resulting changes in overall patterns of production between industries. To assess inter-industry impacts in full would require economic modelling within a “general equilibrium” framework. Applying such models becomes more relevant where the particular development is considered significant within the overall economy.
The smaller or less defined a region and its boundaries, the less accurate the multiplier analysis will be. Similarly, the easier it is to move across boundaries, the less accurate the analysis will be. For example, at the national level, the multipliers will be very accurate as it is easy to determine the inputs and outputs crossing through the New Zealand borders.
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Similarly, it would also be more accurate to determine a north island/south island split. As smaller regions without obvious geographic boundaries are selected, a higher level of assumptions needs to be made and the multipliers become less accurate. For example, an individual could work in the Auckland region but live in the Waikato region and spend a large proportion of his/her recreation money in the Bay of Plenty region. For any regional analysis the level of accuracy will have to be accepted. As a rule of thumb, the larger and more defined the region, the more accurate the analysis will be. 6.2 BERL projections method 6.2.1 National projections This section summarises the main assumptions and projection results used in this report. The projections are based on the economic environment in 2006, and assume that the environment will develop out to 2011, 2016 and 2026 in a similar way to the recent past. That is, the projections reflect the recent past and do not anticipate that any major departures from the current environment will have a substantial impact over the projected horizons. Table 6.1 summarises FTE employment, GDP, projected employment, and GDP growth from 2006 out to the 2011, 2016 and 2026 horizons. The national economy is projected to continue expanding, growing by 3.2 percent per annum between 2006 and 2011, before drifting down to 3.0 percent per annum growth to 2016 and 2.9 percent per annum to 2026. These projections capture the effects of an expansion in New Zealand’s capital stock, population growth and an increasing labour supply.
Employment (FTEs) 1,809,041
Value Added or GDP ('06 $m) 156,088
The expansions are driven by growth in the consumption, investment and export components of output. Nominal consumption is projected to climb from a 2006 base of 94.3 percent of disposable income to 97.1 percent in 2011, where it plateaus out to 2016 before falling back to 94.3 percent in 2026. This implicitly assumes that policies such as Kiwi Saver will not have any net impacts on consumption over the timeframe, as increased saving may be offset by lower taxes.
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Real investment climbs from 23.9 percent of real GDP to 25.2 percent in 2011 and 25.4 percent in 2016. The increase over the next ten years is driven by a substantial investment programme by the government in transport infrastructure and construction. As the initial impact of the programme flows through, real investment is projected to ease to 21.4 percent by 2026. Export volume and price growth are expected to combine to drive up export receipts by 5.3 percent per annum to 2011, 5.8 percent per annum between 2011 and 2016 and 6.0 percent per annum between 2016 and 2026. The higher growth rate out to 2026 reflects New Zealand’s increasing global competitiveness as the skilled labour force and capital base expand. Below the macroeconomic level, growth in export volumes for particular industries varies. For example, volumes within primary industries such as wool producers, and among manufacturers, are projected to expand at a modest rate of 1.2 percent per annum to 2011. In contrast, tourism-related exporting industries are projected to expand by 4.5 percent per annum. Similar variation can be expected to 2016 and 2026. Overall, employment levels will track the growth projected for the economy and for the particular industries influenced by this expansion. FTE employment is projected to expand by approximately 192,000 over the five-year period between 2006 and 2011, which equates to an average annual rate of 38,500 or 2.1 percent per annum. Employment in primary industries, such as agriculture, is expected to remain static or decline. Growth in government investment and exports will drive ahead employment in fabricated manufacturing, building and government, education and health industries. Over the 20-year period, employment growth is expected to average 1.9 percent per annum growth. The range across industries will vary from 0.6 percent per annum in the primary sector, to 2.2 percent per annum in manufacturing and 1.9 percent per annum in services. 6.2.2 Regional Projections Population growth in Taranaki has been below the national average over the last five years, but is assumed to grow in line with Statistic New Zealand’s high growth projection out to 2026.
By and large, the projections assume that regional industries will maintain the same growth rates relative to national growth as seen over the past five years. Where this is unlikely to be the case, further assumptions have been introduced.
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• Oil and gas performance is particularly hard to forecast, as it depends on the level of exploration and success thereof. The industry is likely to experience substantial growth over the next few years, but there is little certainty that this growth will continue unabated to 2026. We have therefore slowed expected growth rates, particularly between 2011 and 2026. • Printing, publishing and recorded media; and machinery and equipment manufacturing in Taranaki have both seen growth substantially higher than the national average in recent years. This is assumed to slow somewhat. • Rubber and plastic products manufacturing; other manufacturing; electricity generation and supply; water supply; water and rail transport; communications services; finance and insurance; education; and hospitals, nursing homes, aged accommodation and other community care are assumed to grow at the national rate. Some of these industries have been growing faster than the national average in Taranaki, and others have been growing at a slower pace in the recent past.
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6.3 Taranaki business units Business units has not been included in the main report. However, it is likely to be of use for policy analysis and has been added here for that purpose and for completeness. Taranaki had 12,800 business units in 2006 across all sectors, or around 2.9 percent of the national total. Figure 6.1 shows the proportion of businesses within different industries in Taranaki. Figure 6.1 Taranaki business units, 2006 Agricult ure 34.7% Communications 0.8% Educat ion 2.0% Cult ural and recreational 2.1%
Personal 3.1%
Forestry 1.4%
Fishing 0.1%
Const ruct ion 7.5%
Hospitalit y 2.3%
Government admin 0.4%
Bus, f inance & propert y 23.5%
Transport & st orage 2.0%
Ot her mf g 1.8%
Food processing 0.4%
Health & communit y 3.5%
Ut ilities 0.2%
Engineering 2.2%
Wholeale & retail 11.5%
M ining (O&G) 0.4%
Business units BERL Regional Database, Statistics NZ
Agriculture accounted for 35 percent of all businesses. Business, finance and property services provided one-quarter of businesses, while wholesale and retail trade had 11 percent. The three manufacturing industries – food processing, engineering and other manufacturing, together represented just 4.4 percent of Taranaki businesses. This indicates that the average business size within manufacturing is relatively large, as the sector accounts for 18 percent of regional employment.
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Figure 6.2 compares the proportion of businesses accounted for by each industry in Taranaki with the national situation.
0.1
0.4 1.8
0.8 3.5
2.1 3.1
1.3 0.1
2.2 0.1
10.2 14.8
3.0 31.9
1.9 2.0
0.4 23.5
2.0 2.3
11.5 7.5
0.2 2.2
0.4 1.4
34.7 3.7
2.9 3.8
0.4 0.8
3.1 2.7
0.5 0.4
16.1 0 9 18 27 36 Ag ric
ul tu re Fo re st ry Fi sh in g M in in g (O &G ) Fo od p ro ce ss in g En gi ne er in g O th er m fg U til iti es C on st ru ct io n W ho le al e & re ta il H os pit al ity
Tr an sp or t &
s to ra ge C om m un ic at io ns Bu s, fi na nc e & pr op er ty G ov er nm en t a
dm in Ed uc at io n H ea lth & c om m un ity C ul tu ra l a nd re
cr ea tio na l Pe rs on al Sector B u s ine s s uni ts (% of tota l) Taranaki
New Zealand
The relative importance of agriculture is clear in that it accounted for double the proportion of businesses in Taranaki as in New Zealand as a whole. On the other hand, the business, finance and property services industry makes up a far larger portion of all businesses nationally than in Taranaki. Table 6.2 summarizes the change in the number of business units within each industry in Taranaki over the last five years. It also shows overall New Zealand business units growth.
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Table 6.2 Taranaki business units, 2001 – 2006 Industry 2001 2004 2005 2006 2005 2006 2001 to 2006 Agriculture 4,282 4,552
4,505 4,438
-1.0 -1.5
0.7 Forestry
192 191
181 174
-5.2 -3.9
-1.9 Fishing
22 23 23 19 0.0
-17.4 -2.9
Mining (O&G) 37 40 47 57 17.5 21.3 9.0
Food processing 41 40 42 50 5.0 19.0 4.0
Engineering 267
273 266
282 -2.6
6.0 1.1
Other manufacturing 231
236 244
236 3.4
-3.3 0.4
Utilities 25 24 21 20 -12.5 -4.8 -4.4
Construction 704
799 866
963 8.4
11.2 6.5
Wholesale & retail trade 1,414
1,444 1,457
1,465 0.9
0.5 0.7
Hospitality 242
286 296
297 3.5
0.3 4.2
Transport & storage 238
254 259
262 2.0
1.2 1.9
Communications 96 102 109 108
6.9 -0.9
2.4 Business, finance & property svs 2,081 2,799
2,861 3,011
2.2 5.2
7.7 Government administration 51 53
49 0.0
-7.5 -0.8
Education 254
255 254
256 -0.4
0.8 0.2
Health & community svs 404
420 427
442 1.7
3.5 1.8
Cultural & recreational svs 247
261 270
267 3.4
-1.1 1.6
Personal svs 332
372 378
397 1.6
5.0 3.6
Taranaki 11,160 12,424 12,559 12,793 1.1 1.9 2.8 New Zealand 368,080 421,468 432,613 443,369 2.6 2.5 3.8 Business Units (number) source:BERL Regional Database, Statistics NZ %pa change
The biggest growth in percentage terms in the number of business units over the five years occurred in mining (9.0 percent per annum, almost exclusively in oil and gas); business, finance and property services (7.7 percent per annum), construction (6.5 percent per annum); hospitality (4.2 percent per annum); and food processing (4.0 percent per annum). Only four of the 19 industries have seen the number of business units fall. These included utilities (-4.4 percent per annum), fishing (-2.9 percent per annum), forestry (-1.9 percent per annum); and government administration (-0.8 percent per annum). Figure 6.3 compares business unit growth rates for Taranaki and New Zealand over the period from 2001 to 2006.
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Taranaki Industry Projections 2006-2026 Venture Taranaki November 2007
Figure 6.3 Business units trend, 2001 – 2006 100
105 110
115 120
125 2001
2002 2003
2004 2005
2006 B u si n ess u n it s i n d ex 2001= 100 Taranaki
New Zealand Source: BERL
Overall, business unit growth has been quite similar in New Zealand and Taranaki over the last five years. Figure 6.4 compares annual growth rates for the number of business units in each industry in Taranaki and New Zealand for the period from 2001 to 2006.
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Figure 6.4 Comparison of business units growth by industry, 2001 – 2006 BERL Regional Databse; Statistics NZ -1.9
9.0 -4.4
6.5 2.4
7.7 -0.8
1.4 -3.2
1.8 0.8
1.7 2.6
5.5 2.9
0.5 3.4
4.2 3.6
1.6 1.8
0.2 1.9
4.2 0.7
0.4 1.1
4.0 -2.9
0.7 0.4
3.9 2.1
7.1 0.3
4.8 2.9
3.7 -5 0 5 10 Ag ric ul tu re Fo re st ry Fis hi ng M in in g (O &G ) Fo od p ro ce ss in g En gi ne er in g O th er m fg U til iti es C on st ru ct io n W ho le al e & re ta il H os pit al ity
Tr an sp or t &
s to ra ge C om m un ic at io ns Bu s, fi na nc e & pr op er ty G ov er nm en t a
dm in Ed uc at io n H ea lth & c om m un ity C ul tu ra l a nd re
cr ea tio na l Pe rs on al Sector B u s ine s s uni ts gr ow th 2 0 0 1 -2 0 0 6 (%pa ) Taranaki
New Zealand
63 Taranaki Industry Projections 2006-2026 Venture Taranaki November 2007
Growth in the number of business units exceeded the national average in mining; construction; business, finance and property services; food processing; communications; and agriculture. The number of business units fell most in utilities, fishing and forestry, while there was also a small decline in the number of government administration business units.
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Taranaki Industry Projections 2006-2026 Venture Taranaki September 2007 BERL reports are printed on 100 percent recycled paper using soy ink. Document Outline
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