Top growing industries in New Zealand
New Zealand has been home to plenty of iconic business ventures – the buzzy bee, the no.8 wire and TipTop ice-cream are as Kiwiana as our national bird. In the past, agriculture was the major national industry. Sheep numbers peaked in 1982, with 22 sheep per person in New Zealand! While these industries still have their place, other industries are paving the way in a changing business landscape. So, what’s changed? We look at the 2017 Deloitte Fast 50 to identify the top growing industries in New Zealand.
Technology
Recent MBIE data reports a “thriving and growing digital sector”. And there’s plenty of numbers to back it up. In 2017, the NZ tech sector saw 7.9% annual revenue growth, surging investment and rapid company size growth. Technology is now the country’s 3rd largest export sector, and in 2016 it contributed to 8% of New Zealand GDP.
The Deloitte Fast 50 list, which recognises the country’s booming companies, featured a whopping 14 tech industry companies in 2017. Top of the 2017 technology list is financial software company PushPay. The company experienced a huge 4600% growth in 2016 and 914% in 2017.
Construction
The construction industry has been strong in New Zealand for a while now. This has been partly in response to a housing crisis, population growth and Christchurch earthquakes. Total value of consents in 2016 was $19b which was 30% more than the previous peak last decade, with inflation adjusted terms.
However, for the first time, a construction company has topped the 2017 Deloitte Fast 50. ZB Homes (BOP) experienced an impressive 1583% revenue growth. ZB Homes wasn’t the only construction company experiencing extraordinary growth. The industry featured in Deloitte Fast 50 with 8 companies (only second to technology).
Education
International education is now NZ’s 5th largest export earner, contributing 5.1% to total exports. However, it’s not just international education exports experiencing success.
Crimson Education featured third in the Deloitte Fast 50 list, with 1005% revenue growth. The education consultancy company was started in 2013 by 22-year old Jamie Beaton and helps students win entry to the world’s elite universities through tutoring and other services.
Education as a whole was the third fastest growing industry in New Zealand, with four businesses featuring in the Deloitte Fast50 2017.
With ever changing markets and easier access to the global stage, New Zealand businesses seem to be reaching success in entirely new sectors. If you’re looking to take your business further, no matter the industry, Sprint Capital can help with Working Capital and Asset Finance – Apply Now.
