Property remains Aotearoa New Zealand’s largest industry according to new data released by Property Council New Zealand this week.
The New Zealand Property Industry Impact Report, released every three years, provides a snapshot of the scale, impact and economic contribution of the property sector to the New Zealand economy.
In the latest report, the property industry is signalled as having a $50.2 billion ‘direct impact’ (caused by property industry activity) on the national economy in 2022. It also had an ‘indirect impact’ (from increased supplier activity) of $48.7 billion and an ‘induced impact’ from employee spending of $43.7 billion, creating a total impact of $142.7 billion.
So, what makes up our $50.2 billion impact?
The key segments of the property pie are Real Estate Services ($329.4 billion), Construction Services ($19.3 billion), and Scientific, Architectural, Engineering & Technical Services ($8.5 billion).
These figures put property ahead of the pack, with it’s direct contribution accounting of 15% of total GDP. The industry’s closest rivals, Manufacturing (10% of GDP) and Owner-Occupied Property Operation (8% of GDP) simply cannot compete with the 19% growth ($25.4 billion) of the property sector between 2012 and 2022.