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15 Nov 2017
The release of WREDA’s 2016/17 Annual Report today shows the agency delivering tens of millions of dollars in new income, jobs and investment to the Wellington region.
Download link (2MB): Wellington Regional Economic Development Agency FY17 Annual Report
Interim Chief Executive Derek Fry says Wellington is enjoying greater economic momentum than it has for many years.
“Last year WREDA’s work resulted in at least 295 new jobs created, a $52m increase in visitor spending, $103m worth of screen production facilitated, conference bids won worth $25m and 34 new companies launched via Creative HQ.
We generated $5.4m worth of promotional media coverage in Australasia, attracted 4.3 million visits to WellingtonNZ.com, hosted well over half a million locals and visitors in the venues we manage, and helped local companies access $2.7m in Regional Business Partnership funding.”
“More than 657,000 people attended the major events we support, resulting in a return on the region’s investment of more than 20:1.”
WREDA’s operating budget for the year was just under $30m.
Mr Fry said he was especially pleased with WREDA’s performance in a year adversely affected by the November 2016 earthquake.
“November’s earthquake could easily have put a serious dent in our economy, across tourism, events and business growth. The response from the team, and Wellingtonians in general, meant our economy showed tremendous resilience.”
Mr Fry said highlights included the success of LookSee Wellington, Creative HQ’s business acceleration programmes, leveraging the Singapore Airlines new ‘Capital Express’ flight, and the DHL New Zealand Lions Series, which saw WREDA play the leading role in operational planning for the region.
“WREDA’s sole purpose is to help Wellingtonians succeed. Our results are always due to partnership with many others in the region’s business, academic and government communities.
Together, WREDA and Wellington will build on this momentum, and set our sights even higher.”
Alongside the Annual Report, WREDA has set out its ‘Big 6’ priorities for current financial year.
“The ‘Big 6’ makes it very clear what we’re focussed on. These are the areas I believe WREDA can make the most positive impact for the region this year. I’m inviting Wellingtonians to talk with us about how their own plans and strategies for the year align with the Big 6 and our core programmes. We’re here to help you – let’s work together.”
From a financial standpoint, it has also been a successful year for WREDA. Higher than expected revenue, lower administrative costs and timing of expenditure results in an $1.05m accounting surplus for the year, which will be utilised for projects in 2017/18.