INDEPENDENT NEWS

New Economic Impact Study into America’s Cup

Published: Mon 21 Oct 2002 07:37 AM
18 October, 2002 Media Statement
Taskforce and New Economic Impact Study into America’s Cup
A new economic impact study is to be carried out into the spin-offs to the economy and local businesses from the Louis Vuitton and America’s Cup regattas, Minister for the America’s Cup Trevor Mallard and Tourism Minister Mark Burton announced today
The study is jointly funded by the America’s Cup leverage fund and Auckland City Council, and is a repeat of a 1999/2000 study which estimated that $640 million in extra economic activity was generated by the last America’s Cup racing.
“It’s important that research like this continues that can pinpoint the wins made, and give us information as to how best to maximise the benefits to New Zealand as a whole, and to other agencies and businesses associated with the Cup,” Trevor Mallard said.
The minister was speaking at the launch of the Base Club ambassadors programme at the Viaduct Basin in Auckland – another event designed to maximise economic gains from the Cup through networking between local business and overseas VIPs.
Trevor Mallard also announced he had reached an agreement in Auckland earlier today, to form a taskforce which will examine the issue of bases for the 2006 America’s Cup.
“Because of commercial development it is clear that additional bases will be necessary. The taskforce will consider options and will be privately funded,” Trevor Mallard said.
Tourism Minister Mark Burton said reports already received show that over the 2000-02 period extra spending is estimated to have reached $73 million, generating $65 million in added value to the national economy - even before the defence has begun.
An estimated 1470 full-time job equivalents have been created in the build-up period alone, mostly in construction, commercial accommodation and hospitality, marine services, retail, entertainment and transport.
“The America’s Cup impacts on the entire country, and the long-term spin-offs for tourism are enormous. A comprehensive study such as this one means that Tourism New Zealand will be better equipped to realise this potential. It will provide the data necessary to analyse the value added to the economy, as well as evaluate issues of employment and infrastructure within the sector.”
The full economic impact study will use information collected through the International Visitor Survey and the Domestic Travel Survey to capture travel behaviours and spending of domestic and international visitors.
Over the next five months there will also be surveys of a wide range of local and national business, from travel agents to marine suppliers, from events organisers to infrastructure developers.
The results will be available in the second half of next year.
ENDS

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