Employment forecast to grow by 153,000 over the next three years.
The Short-term Employment Forecasts: 2017 - 2020 report was released today by the Ministry of Business, Innovation and Employment.
Some of the key stats from this release include:
- Employment across sectors and regions is forecast to grow by 2 per cent per annum or 153,000 over the three years to March 2020.
- Highly skilled occupations such as managers and professionals are forecast to grow faster than overall employment growth, at 2.9 per cent or 31,600 per year.
- Business services is forecast to make the largest contribution to employment growth, up 33,300, with construction and utilities close behind up 19,400, and health care and social assistance up 15,500.
- All regions are forecast to grow over the next three years – with growth strongest in the Auckland and Waikato regions.
- Rural regions including Marlborough, Tasman, and the West Coast are forecast to grow at a faster rate, with all summing up to 6,500 more workers to the projected growth in 2020.
- Low skilled workers will account for 29 per cent of the overall employment growth by 2020.
- The unemployment rate is forecast to decline to 4.1 per cent by 2020.