Components of the West Coast economy.
The West Coast economy has historically been based on the utilisation of the region's natural resources: notably gold, timber and coal. Early this century farming came to occupy a pre-eminent place in the regional economy. Tourism, long established at the glaciers, but now developing rapidly elsewhere, has recently begun to rival this.
The past few years have seen the local economy expand in GDP and growth rates (5.6%) that exceed the New Zealand average. West Coast jobs have risen over 13% during a period when national growth was only 2%.
A comparison of the national and West Coast economies based on employment patterns in 1991 shows significant differences. Substantially higher than national percentages were employed within the region in primary industries (eg farming, forestry, fishing and mining) and slightly higher percentages employed in some service sectors (eg retail, accommodation and social services). Far fewer locally than nationally, were employed in manufacturing and business services.
Substantial deposits of coal, gold and industrial minerals are found in the region. Certain of these deposits are of national strategic and economic importance and contribute significantly to the region’s welfare by representing raw materials available for local consumption, direct employment and energy sources
The economic importance of tourism to the West Coast continues to increase and, alone, it is a major industry. The conservation estate which comprises the bulk of the region’s habitats and landscapes is a major economic contributor to tourism.