New Zealand’s Ministry of Business, Innovation and Employment (MBIE) released a summary of a report on Tuesday saying that an Auckland-based America’s Cup campaign could have a potential economic impact between NZ$1.2bn to NZ$1.8bn on New Zealand’s economy from 2018 to 2021. It could also represent an employment boost between 4,700 and 8,300 during that period.
The report was released just as the Auckland Council is trying to sort out where the 36th America’s Cup bases will be positioned on its waterfront. Emirates Team New Zealand have also released a radical new potential Cup racing boat that is a monohull with foils and no keel.
The MBIE report said that the cost benefit range reflects different assumptions around the number of syndicates competing, visiting superyachts, international tourists and the costs of hosting. The report said it would have a positive impact on the country’s service and manufacturing (mainly around boat building and super yacht refits) sectors, as well as tourism, including food, retailing and accommodations.
The study’s authors said it did not include environmental considerations. “It makes no assumptions around location or whether there are any incursions into the harbour or not,” said the summary. “It does not, therefore, take account of any loss of value from reducing the available harbour space. At the time of commissioning, the location was undetermined.”
The study, its authors concluded, is just one element of a larger decision about where to hold the America’s Cup. “This study is consistent with Treasury guidelines for studies of this kind,” wrote the authors. “This is one input into the discussions between government, Auckland Council and Emirates Team New Zealand (ETNZ). Any decision needs to stack up for ETNZ and the New Zealand ratepayers and taxpayers.”