The 2021 Summer edition of Taranaki Trends, produced by Venture Taranaki, is now available. The data set and metrics provided in the report explore how our regional economy is tracking, with insights into the impacts from the COVID-19 pandemic, particularly on how the New Zealand Government’s COVID-19 containment measures have been a driver of economic change.

"Taranaki Trends is an important component of Venture Taranaki’s regional intelligence activity. We produce it six-monthly, from a range of statistical sources, and it is an important insight into our region’s economic dynamics and progress," says Venture Taranaki Chief Executive Justine Gilliland.

"The data from this edition of Trends shows that Taranaki has remained buoyant and resilient across our core sectors, despite the uncertainty brought about by COVID-19 throughout 2020-2021," says Justine.

"Our strong food and energy sectors have helped our region to retain high GDP per capita; however, the constraints of international trade channels are affecting both supplies coming into, and exports from, the region."

Retail spend remains strong, as locals and visitors alike are continuing to support local business. Total retail spend within Taranaki for the year 2021, ending September, was $15 billion, an increase of 8.%.

Visitor spend by region recorded a 14% growth for Taranaki, keeping the region among the top four regions within New Zealand in terms of percentage change in visitor spend.

"New Plymouth is still riding the wave of pride from the recent international award of the most liveable city, and it is promising to see consistent growth in the retail and visitor sectors across Taranaki," says Justine.

"We also appear to be making positives strides in employing and training youth with low Not in Employment, Education or Training (NEET), and also low unemployment figures across Taranaki. There remains a significant skills gap, with employers struggling to find people to fill their needs."

Taranaki experienced a peak in NEET rates during 2019; however, this dropped back over 2020, and was below the national average by year-end September 2021.

"It certainly appears that this drop in NEET rates correlates directly with the extension of the ‘Fees Free’ government initiative to trade training that was introduced in January 2018. The initiative seems to have had a significant impact in reducing the NEET rate in Taranaki," explains Justine.

Unemployment rates grew significantly towards the end of 2020, up to 6.3% in December, following a period of low unemployment over the previous 12 months. The rate has since dropped significantly and remains steady around 4% (quarterly rates). The average annual rate for Taranaki for the year is 5%, due to coming off the 6.3% peak in December 2020.

"The fact that job listings across Taranaki are up 60% from this time last year indicates that many of our enterprises are feeling the skills shortage pinch, and are keen to fill those jobs as soon as possible," continues Justine.

The number of jobs filled in Taranaki had a big drop in the lockdown in 2020 but the numbers recovered steadily and peaked in December for 2020. The numbers kept growing in the year 2021 overall. There were 54,125 filled jobs in Taranaki by September 2021.

"We also include a focused section on the healthcare sector in this edition. This sector is a major employer in Taranaki, accounting for approximately 10% of the total workforce. It is already beginning to be documented in the media about the pressure our healthcare sector is currently under to fill positions, with GP practices reporting significant growth in the number of unfilled roles across the region," says Justine.

After construction, healthcare is the sector most predicted to grow, with 740 new healthcare workers needed in Taranaki by 2030.

"Should borders start to open up in 2022, and migration restrictions be eased, Taranaki is well positioned as an attractive destination for new residents, with an abundance of job opportunities and a lifestyle like no other. The priority will be ensuring well-paid, meaningful jobs and homes for everyone across our region and communities," concludes Justine.

To read the full Taranaki Trends Summer 2021 edition, visit www.venture.org.nz/regional-intelligence/taranaki-trends/

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