I’m sure readers recall the inquiry by Labour, Greens, NZ First and Mana into what they called the crisis in manufacturing. They traveled up and down the country trying to dredge up stories of doom and gloom.
Well today the Herald reports:
Whatever the attractions of the virtual economy, manufacturing is the star in New Zealand’s high-tech sector this year.
The annual Technology Investment Network TIN100 report was launched on Wednesday, and TIN managing director Greg Shanahan says one of the strongest trends has been the resurgence of the manufacturing sector, with strong growth seen this year as well as a number of manufacturers making it into the two Top 10 lists.
In perhaps the most positive year seen since the TIN100 report began in 2005, manufacturing, ICT and biotech are all on the rise.
The success of manufacturing is a strong indicator that the tech sector in general is recovering from the effects of the global financial crisis, as manufacturing has been an area of concern over the past few years, with the sale or closure of companies such as Navman, Provenco and VTL resulting in significant job losses, and major companies including Fisher & Paykel Appliances moving manufacturing overseas.
This year, however, manufacturing is the success story of the three sectors with revenue of $5.1 billion, helped by larger companies including Fisher & Paykel Healthcare with revenue growth of 12 per cent, BCS Group (revenue up 68 per cent) and NDA Group (32 per cent). The smaller TIN100+ manufacturing companies have also been helping boost this trend, with growth of 7 per cent overall, and companies such as Metalform, RML Engineering and Escea all feature in the Hot Emerging Companies list.
This has all happened, without the Government having to try and waste billions of dollars in forcing the level of the NZ dollar down.Tags: manufacturing