Economic Sustainability

Economic sustainability ensures that your business and its actions can achieve long-term growth without depleting natural resources, harming the environment, or compromising the well-being of current or future generations of people. In short it means we can all get a fair slice of the pie, and that there’s plenty of pie to go around.

The basics

Economically sustainable businesses prioritise long-term value over short-term gains - focusing on efficient use of resources, equal sharing of wealth, and building resilience against economic shocks, such as earthquakes, droughts, or cyclones.

We know that sometimes it can feel like walking a tightrope balancing economic, environmental, and social outcomes, but it’s a worthwhile pursuit. You also don’t have to do everything all at once. Sustainability is a journey, so just tick off one thing at a time.

You can improve your economic sustainability by investing in:

renewable energy
green technologies
sustainable infrastructure that reduces environmental harm while creating economic value
fair wages
ethical labour practices
equitable access to opportunities - because economic growth should benefit all members of society

While governments play a critical role in economic sustainability by implementing policies that promote sustainable practices (such as carbon pricing, subsidies for renewable energy, or minimum wages), it’s important to remember that individuals and businesses have a significant impact as well.

How we decide to purchase products, what we pay our staff, and valuing long-term business relationships over short-term profit and loss can all make businesses more economically sustainable.

Putting it into practice

What does economic sustainability look like for the construction and demolition industry? Aside from being fiscally responsible, making sure you’ve got enough money set aside to carry you through the peaks and troughs of the industry, there are a few other things you can do to support your team and your business to be more economically sustainable.

Regular staff training

Recruiting and training new staff costs both time and money. It makes good economic sense to invest in your staff, so they feel valued and appreciated and, more importantly, keep working for you.

This could be as simple as ensuring they’re signed up and earning Licensed Building Practitioner points throughout the year. This not only keeps your staff engaged, but it ensures they’re across any changes or trends within the industry.

Some of our Mitre 10 Trade events can even add to your LBP points, and your team will get a free feed.

Low-emissions vehicles

Tradies are ever-reliant on their vehicles, but that doesn’t have to mean a diesel-guzzler anymore. As your vehicles come up for lease or replacement, consider switching to low-emissions alternatives – either fully electric or plug-in hybrids.

Renewable energy

If you have a permanent office site, you could consider adding solar panels or water-harvesting infrastructure to your building. Alternatively, even making sure your power supplier uses renewable energy sources will make a difference.

Go digital

There are heaps of online tools out there now to make your job as a builder easier and more efficient. Most of the time all you need is a Wi-Fi or data connection. Embrace technology and say goodbye to stacks of paper.

Extra for experts

New Zealand’s economic activity is largely based on its natural environment. For example, agriculture, tourism, and power generation all depend upon the health and wellbeing of our environment. There is an ongoing debate on how we balance the country’s goals for growth and wellbeing, against the health and preservation of the environment. As with most issues, the answer is seldomly simple. Some of the below articles include a more nuanced viewpoint.