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Dunedin's economic history began in 1770, when Captain James Cook stood off the Otago Peninsula and saw seals. The sealers arrived at the beginning of the 19^th century and Dunedin hasn't looked back since.

In 1852, Dunedin had become the capital of the Otago province, an event shortly followed by the discovery of gold at Gabriel's Gully. The ensuing gold rush saw Dunedin become New Zealand's first city, with a population made up of Irish, Chinese, German, Italian, Jewish, and, of course, Scottish immigrants.

This time of prosperity led to the establishment of many institutions and businesses and Dunedin was seen as the obvious location for industry start up, including coal mining and refrigerated transport. Some well-known companies that originated in Dunedin include Arthur Barnett, Cottonsofts, Donaghy, Fletchers, Fisher & Paykel, Fulton Hogan, Hallensteins, NZI, Ravensdown, Wests, Whitcoulls, and Wrightson.

After a gentle ebb and flow of economic growth, including the recession of the 1880s, Dunedin regained strength after World War II, although as New Zealand's fourth main centre. By the late 1990s, it became recognised as a centre of excellence in tertiary education and research as well as a renowned tourist destination.

Dunedin has flourishing niche industries including engineering, software engineering, bio-technology and fashion.