22/10/2024
ou love stats here are some very interesting numbers in the property space:
In the decade from 2012 to 2022, the property industry's direct contribution to gross domestic product (GDP) has soared to $50.2 billion, marking a remarkable increase of $25.4 billion since 2012. This figure now accounts for 15 per cent of the country's total GDP.
The sector has had a massive impact, with property surpassing other major GDP contributors agriculture, forestry, and fishing at 6 per cent, and health at 7 per cent.
Property has a direct economic impact of $50.2 billion on its own, while all other industries have a combined impact of $279.2 billion.
The key segments of the property pie are real estate services ($329.4 billion), construction services ($19.3 billion), and scientific, architectural, engineering and technical services ($8.5 billion).
In 2022, the broader economic influence of the property industry was a staggering $142.7 billion. This includes a direct impact and additional economic activities from suppliers and employees.
It's the second biggest employer, accounting for 10 per cent of total employment. More than 235,000 people are employed across the entire sector, while construction services are the largest sub-contractor, with 48 per cent of all employment โ 112,030 employees.
Average earnings in the sector are $79,200 a year. This is higher than the average of $73,800 across all industries. About 17 per cent of jobs are taken up by workers aged 15-24, each earning $52,700 a year.
Across the country residential property is valued at $1,902 billion; commercial property is valued at $350 billion. Listed property companies account for 20 per cent of the New Zealand Stock Exchange, with a total market capitalisation of $32 billion.
Kiwis are unconscious property investors via their KiwiSaver schemes, with $3.6 billion, or 3.3 per cent, invested. Retirement homes and villages have provided the highest cumulative total return over the past 12 years at 259 per cent.
There's no hiding from the fact that the property industry as a whole is huge and it is easy to see where is almost a national obsession with property prices.
