A recent economic impact report quantified what we already knew; aquaculture is a major employer and provides important economic benefit to the Coromandel and the wider region.
New Zealand aquaculture exports alone generated NZ$309 million in earnings during the year ending September 2011 (approximately 20.2% of total seafood export revenues).
The industry has a target goal of reaching $1 billion in sales by 2025.
Here's a snap shot of some of the Coromandel and regional numbers:
- Total production: 31,000 tonnes of mussels and 400 tonnes of oysters
- Total output of the industry within the region: $72 million (total value of sales).
- Contribution to the regional domestic product (mussels and oysters): $31 million ($15 million from farming, $16 million from processing)
- Contribution to the nation’s GDP: $77 million ($24 from farming, $53 from processing)
- Direct regional employment: 297 (121 in farming, 176 in processing)
- Total employment in the region including indirect and induced jobs: 432 (158 from farming, 274 from processing).
- National direct employment: 551
- National total employment: 1193
- Contribution to regional household income (wages) is $10.6 million (indirect and induced household income is another $6 million).
- Contribution to household income nationally is $18.9 million (indirect and induced household income is another $23 million).
"Global consumer demand for seafood will almost double from 45 to 85 million tonnes by 2015"
By 2025 the report forecasts that the mussel and oyster industry will contribute:
- More than $60M in GDP to the regional economy
- An extra 354 regional jobs
- A finfish industry will generate over $34M per annum in GDP ($56 in turnover) within the region.
- Nationally, the Coromandel finfish industry would bring in $45 million in GDP, and create 473 new jobs.
Image source: Teara.govt.nz