New jobs have already been created and economic benefits are already being felt from the America's Cup being held in Auckland in 2021, the Marine Industry says.
Peter Burling holds America's Cup after Team New Zealand won the event in Bermuda. Photo: RNZ / Rebekah Parsons-King
After months of delays and back and forth between the government, Team New Zealand, and Auckland Council, a plan for the cup's base has finally been locked in.
That plan, which will cost $212 million, only has one smaller wharf extention and will see bulk fuel storage tanks from two facilities on Wynyard Point removed.
Marine Industry Association director Peter Busfield said delays in the Cup base decision had been embarrassing, but the industry was relieved a plan had been locked in.
"With the America's Cup coming here we are already seeing an increase in boat sales, commercial entities looking to buy charter vessels and the syndicates are already looking at support vessels.
"I think there will need to be about 60 vessels required to be built to run the cup, so we are already seeing an increase in business from Invercargill to the Far North," he said.
Mr Busfield said the marine industry had hired 60 apprentices in the last few months and expected about 600 apprentices would be needed in the leadup to the cup.
He said the cost to the taxpayer and ratepayers was significant but would benefit everyday New Zealanders, not those just in the marine industry.
"Certainly the construction industry, the tourism industry, there was one super yacht in Bermuda that spend $300,000 on flowers over a couple months, so there is an opportunity for New Zealand businesses to find niche market and benefit from the cup."
Economic development minister David Parker said the new plan had the lowest practical cost of all options floated.
He was confident the Cup would pump millions into the country's economy.
Both the 2000 and 2003 America's Cups contributed about half a billion dollars into the economy.
Team New Zealand said it would not comment on the plan until it was signed off at a council meeting on Thursday.