Section 13: Economic Recovery

Whakaara Tahua

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Nāu te rourou, nāku te rourou, ka ora te iwi.
“By your food basket and mine, we all will be satisfied.”
Cooperative enterprise succeeds where individual efforts are insufficient.

Economic wellbeing is essential to a high quality of life. In addition, the productivity of greater Christchurch contributes significantly to the economic output and wellbeing of the whole country and of the South Island in particular.

The foundations needed for economic growth include:

  • a high-performing education sector;
  • an active research and innovation environment;
  • business-friendly and enabling institutions and services;
  • effective investment capital and insurance markets;
  • high-quality infrastructure;
  • a healthy and plentiful natural resource base;
  • a diverse productive and resilient business sector;
  • collaborative and effective leadership;
  • national and international connectivity;
  • an attractive environment and social and cultural community;
  • effective development of the areas of competitive advantage; and
  • a highly skilled workforce and sufficient labour supply.

Together these foundations create an attractive environment for investors, businesses and individuals. They also help to create a flourishing commercial sector in which there are high-value opportunities for employment and business.

Economic recovery involves two streams of activity that depend on each other:

  1. reconstruction of the central city and other damaged areas such as Lyttelton and Kaiapoi; and
  2. economic stimulus to encourage sustainable growth in the local economy.

The reconstruction of greater Christchurch has already begun. Development activity will increase during 2012 as building projects get underway. Investment in reconstruction is driving short-term growth in local and national construction markets, and will enable long-term sustainable growth by providing the built environment greater Christchurch needs for the future. Modern technology and communications infrastructure such as ultra-fast broadband are attractive to businesses as they enable growth opportunities in the technology sector and support business productivity.

Reconstruction and private sector investment will stimulate the economy. A stronger economy will enable local businesses to grow and develop, attract new businesses, create new jobs and add value to the local economy.

Local and central governments have important roles in economic recovery and are making significant investments. However, the bulk of the financial investment will come from the private sector. Therefore economic recovery must be collaboratively planned to establish solid foundations for economic growth. Investing in greater Christchurch must be both a sound commercial decision and achieve quality outcomes for people.

13.1 Economic goals

2. Revitalise greater Christchurch as the heart of a prosperous region for business, work, education, and increased investment in new activities - by:

  • 2.1 planning for a well-functioning Christchurch central city, thriving suburban centres, flourishing rural towns and a productive rural sector;
  • 2.2 leading and working with strategic partners and both the public and private sector;
  • 2.3 restoring the confidence of the business sector and the insurance and finance markets to enable economic recovery and growth;
  • 2.4 renewing the region’s brand and reputation as a safe, desirable and attractive place to live, study, visit and invest;
  • 2.5 identifying and facilitating increased opportunities for early and substantial local and international investment;
  • 2.6 ensuring a range of employment options to attract and retain a high-calibre, appropriately skilled workforce;
  • 2.7 collaborating with the private sector and government agencies to address obstacles to economic recovery and to match supply with demand for resources;
  • 2.8 enabling a business-friendly environment that retains and attracts business;
  • 2.9 aligning provision of education and training to support long-term economic growth;
  • 2.10 ensuring science, technology and innovation supports recovery and growth; and
  • 2.11 facilitating the recovery and development of the Central Business District.

13.2 Implementation

Economic Recovery is led by CERA in partnership with economic stakeholders. Together they are working to ensure the foundations for economic wellbeing and growth are in place and to create the conditions that give greater Christchurch the strongest competitive advantage.

The Partnership for Economic Prosperity and Recovery (PEPR) brings together a team of central government, strategic partners and business representatives to guide the development of the economic recovery programme. The programme will make the best use of the existing plans and capabilities of greater Christchurch’s economic agencies and community organisations.

Economic recovery will include the following programmes.

Capital Investment Programme

  • Investment retention and attraction will provide early and commercially attractive investment options for existing and new investors. This will include the compelling investment story, our brand and prospectus.
  • Anchor projects and significant projects will identify and support a few significant projects that will stimulate other investment, as well as projects that will support long-term economic returns.
  • Assistance for the CBD Recovery Plan is helping to implement the Recovery Plan for the CBD.
  • Insurance liaison includes CERA and Treasury engaging with insurers and reinsurers to facilitate the resolution of any barriers to timely claim settlements and to monitor trends in the insurance landscape; and encourage sound risk management principles for recovery.

Business Environment Programme

  • Worst-affected sectors recovery will work with industry sectors hardest hit by the earthquakes to assist them to recover and adapt.
  • Growth sectors will focus on areas of competitive advantage and sectors that could increase their productivity for example through better use of modern technology and communicaitons.
  • Business support and networks is ensuring businesses have access to responsive support and are well networked.
  • Business-friendly environment is ensuring that local and central government services are smart, responsive and helpful to business and commercial activity while maintaining quality regulation.
  • Innovation and knowledge environment includes ensuring the conditions are in place to encourage and support innovation, entrepreneurship and technology transfer to support growth.
  • Monitoring, evaluation and reporting is ensuring that economic wellbeing, conditions, barriers and opportunities are constantly monitored and reported. Where necessary, it will see that plans, projects and programmes are reviewed and adjusted.

Labour Market Programme

CERA is facilitating the Labour Market Programme along with stakeholders. Its purpose is to ensure that citizens have high-value employment opportunities and a skilled workforce is available to support business and growth. The programme will retain, attract, educate and train the skilled workforce needed for the rebuild and ongoing economic growth. It will also identify and remove any obstacles or barriers to the labour supply required for the rebuild.