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ECONOMY



Science Minister Steven Joyce with Lower Hutt Mayor ray Wallace. CREDIT: Hutt City Council

Hutt City Economic Growth
Monday 20 February 2012, 1:48PM
By Hutt City Council
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Hutt City businesses are showing a tentative step in the right direction amid the gloom of the global recession and Euro financial turmoil, says Mayor Ray Wallace.

He told the Minister of Science and Technology that the economy within Hutt City had picked up in the past year with the latest BERL (Busines and Economic Research Limited) economic report, recording a 2.24 per cent increase in GDP.

“This is really encouraging and includes growth of 4.8 per cent within the high tech sector alone,” said Mayor Wallace.

The Minister met with the Mayor of Hutt city and the President of the Hutt Valley Chamber of Commerce, Helen Down, as part of a familiarisation visit in his new Ministerial role today ( 17 February).

“Our future prosperity is strongly linked to science and innovation which currently accounts for more than 800 businesses, 3500 full time equivalents and the generation of GDP totalling $360 million.”

High tech industries now account for 8.6 per cent of all business within Hutt City and provide 8.4 per cent of all employment, the Mayor said.

“Hutt city has a strong science core and is poised to make a significant contribution to the national economy through future growth in new technology business.

“We are currently considering introducing a business stimulus plan as part of our long term plan with the aim of spending more than $1 million to encourage new business to the city.

“Science and technology enterprises which add high value jobs to the city may benefit from the proposed plan.

“Our city is keen to take advantage of the government’s focus on encouraging growth in industry – led development of high tech industry within New Zealand,” the Mayor said. 






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