greater western sydney
Greater Western Sydney
Regional Economic Summary Access Business. Access Innovation. Access Lifestyle.
GREATER WESTERN SYDNEY Greater Western Sydney provides the right combination of people, environment and infrastructure for global excellence in an international marketplace.
Greater Western Sydney encompasses the fourteen local government areas of Auburn, Bankstown, Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Hawkesbury, Holroyd, Liverpool, Parramatta, Penrith and Wollondilly. Within the 8,000 square kilometres of Greater Western Sydney lie the world heritage listed Blue Mountains, the mighty HawkesburyNepean river system and the headwaters of Sydney Harbour. Government and business recognise the need to find a balance between the preservation of the region’s natural resources, and ongoing residential and industrial development with the aim of delivering a healthy, productive, diverse and most of all sustainable environment for all residents and businesses. HAWKESBURY
BAULKHAM HILLS BLUE MOUNTAINS
BLACKTOWN PENRITH
PARRAMATTA
HOLROYD FAIRFIELD AUBURN LIVERPOOL WOLLONDILLY CAMDEN
BANKSTOWN
CAMPBELLTOWN
NEW SOUTH WALES
SYDNEY
AUSTRALIA
1
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Greater Western Sydney is one of the fastest growing and largest economic regions in Australia. The region generated more than $49 billion in economic output in 2003, accounting for 29.8% of the GRP for New South Wales and making its economy one of the largest in Australia. The manufacturing, property and business services, and finance and insurance industries contribute significantly to the local economy, while industries including advanced manufacturing, information and communication technology, biotechnology, business services and retail trade are growing at much faster rates than the national average. From its origins as the food and manufacturing heartland of Sydney, it is now regarded as a global centre for trade, innovation and learning. Competitive land prices, access to road infrastructure and telecommunications networks, and market proximity all help attract companies to Greater Western Sydney. The combination of education and culture, however, holds the most promise. The region’s culturally diverse population, who have solid language skills and a highly educated workforce make it an ideal location for multinational organisations to expand their activities. To date, more than 150 of Australia's top 500 companies are located in Greater Western Sydney. Greater Western Sydney provides the right combination of people, environment and infrastructure for global excellence in the international marketplace. The Greater Western Sydney Economic Development Board represents the business, government and community interests of the fourteen local government areas, which form the Greater Western Sydney Region. The role of the Board is to assist in creating a platform for sustained levels of jobs growth and economic development in Greater Western Sydney by initiating and supporting a diverse range of projects designed to create employment, trade and investment opportunities for the region's residents and businesses. The Board is supported by the NSW Department of State and Regional Development, and works in partnership with government agencies, councils and other regional organisations with an interest in progressing employment growth and economic, community and cultural development within Greater Western Sydney.
REGIONAL ECONOMIC SUMMARY A summary of recent statistical indicators for Greater Western Sydney and also an overview of the demographic characteristics of the region.
Summary of Recent Statistical Indicators Reference Period
Level
Annual % Change
POPULATION Greater Western Sydney Greater Western Sydney
2003 2026
1,815,347 2,217,178
+0.9 -
GROSS REGIONAL PRODUCT ($’000) Greater Western Sydney Sydney SD New South Wales
2003 2003 2003
49,051,100 118,625,900 173,407,800
-
EMPLOYMENT Trend Unemployment Rate (%) Trend Unemployed Persons Trend Labour Force
Reference Period March Qtr 2004 March Qtr 2004 March Qtr 2004
Level 5.1 58,172 1,145,451
Quarterly % Change -3.6 +0.7 +4.5
PRIVATE CONSUMPTION No. of Dwelling Approvals Value of Dwelling Approvals ($’000) Value of Non-Dwelling Approvals / Construction ($’000) Average Weekly Retail Spending ($)
Reference Period March Qtr 2004 March Qtr 2004 March Qtr 2004 June 2001
Level 2,846 525,611 343,523 862.00
Annual % Change -14.1 -3.0 +7.5 -
PROPERTY MARKET Median House Prices (Non-Strata) ($’000) Median Flat & Unit Prices (Strata) ($’000) Rent: 2 bedroom dwellings Rent: 3 bedroom dwellings
Reference Period Dec Qtr 2003 Dec Qtr 2003 Mar Qtr 2004 Mar Qtr 2004
Level 417 281 195 243
5 Year % Change +15.7 +14.0 +1.9 +2.6
TRANSPORT M2 Average Daily Vehicle Numbers M5 Average Daily Vehicle Numbers East Hills Train Line (Passenger Numbers) West Train Line (Passenger Numbers)
Reference Period Year to June 2004 Year to June 2004 Year to June 2004 Year to June 2004
Level 852,878 1,177,707 7,797,024 32,287,394
Annual % Change +7.1 +10.4 +2.2 +0.4
Source: ABS 3218.0, DIP&NR 1999, AECgroup, DEWR, ABS 8731.3, ABS Business Register, 2001, NSW Department of Housing, Airservices Australia, NIEIR Spendinfo, 2001, RailCorp NSW, Macquarie Infrastructure Group, The Hills Motorways Ltd
Greater Western Sydney Demographic Profile Greater Western Sydney
New South Wales
Indicator
2001
1996
Change(a)
2001
1996
Change(a)
Males (%)
49.4
49.4
+0.0%
49.4
49.4
+0.0%
Females (%)
50.0
50.2
-0.2%
50.6
50.6
+0.0%
Average age (years)
33.5
32.5
+1.0yrs
36.5
35.5
+1.0yrs
Born in Australia (%)
61.7
65.2
-3.5%
70.5
73.3
-2.8%
Speak English only (%)
62.3
67.3
-5.0%
75.7
78.7
-3.0%
Married (%) Avg. weekly income ($) Qualification (%)
53.7
55.1
-1.4%
51.7
53.2
-1.5%
480.08
381.63
+98.45
498.78
396.15
+102.63 +4.2%
44.6
40.8
+3.8%
48.5
44.3
Unemployment rate (%)
7.4
9.0
-1.6%
7.2
8.8
-1.6%
Employment: Retail Trade
14.5
17.9
-3.4%
14.2
13.3
+0.9%
Employment: Manufacturing
16.0
6.3
+9.7%
11.5
12.2
-0.7%
8.2
18.9
-10.7%
6.9
6.4
+0.5%
10.5
25.4
-14.9%
12.2
10.6
+1.6%
Employment: Construction Employment: Property and Business Source: ABS 1996 and 2001 Censes
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POPULATION & EMPLOYMENT Over the past five years the population of Greater Western Sydney grew at a higher rate than both Sydney and New South Wales. While the region has aged at the same rate as the State between 1996 and 2001, it boasts a younger average age as the State as a whole. Greater Western Sydney is projected to grow at an average rate of 0.9% through to 2026. Population Profile Greater Western Sydney
Sydney
New South Wales
Level 2003
1,815,347
4,201,493
6,686,644
Level 1998
1,690,029
3,969,649
6,339,071
Projection: 2006
1,878,631
4,325,690
6,864,626
Projection: 2011
1,978,211
4,512,448
7,130,360
Projection: 2016
2,066,301
4,686,313
7,377,900
Projection: 2021
2,146,685
4,853,334
7,608,143
Projection: 2026
2,217,178
5,014,900
7,815,122
Annual Change (2002-03)
+0.9
+0.8
+0.8
5 Year Average Annual Change (1998-2003)
+1.4
+1.1
+1.1
Average Annual Change (2003-2026)
+0.9
+0.8
+0.7
Source: ABS 3218.0, DIP&NR, AECgroup
According to the 2001 Census, manufacturing is the largest employer in Greater Western Sydney, accounting for 16.0% of total employment. Retail trade (14.5%) and property & business services (10.5%) are the next largest employers, followed by health & community services (8.3%) and construction (8.2%). Employment By In dustry Great er Wes tern Syd ney Mining
2001
1996
Non-classifiable economic units Electricity, Gas & Water Supply Agriculture, Forestry & Fishing Cultural & Recreational Services Not stated Communication Services Government Admin & Defence Personal and Other Services Accom, Cafes & Restaurants Finance and Insurance Transport and Storage Education Wholesale Trade Construction Health and Community Services Property and Business Services Retail Trade Manufacturing
Persons
0
20,000
40,000
60,000
80,000
100,000 120,000
Employment Profile (%) Industry
3
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Sydney
New South
Sydney
Wales
Agriculture, Forestry and Fishing Mining Manufacturing Electricity, Gas and Water Supply Construction Wholesale Trade Retail Trade Accommodation, Cafes and Restaurants Transport and Storage Communication Services Finance and Insurance Property and Business Services Government Administration and Defence Education Health and Community Services Cultural and Recreational Services Personal and Other Services Non Classifiable industry Not Stated Source: ABS 2001 Census
Source ABS 2001 Census
Greater Western
0.9 0.1 16.0
0.6 0.1 12.2
3.4 0.5 11.5
0.7 8.2 6.9 14.5
0.6 6.9 6.1 13.4
0.7 6.9 5.6 14.2
3.9 5.1 2.4 5.0
4.8 5.0 2.4 6.1
5.2 4.6 2.0 4.8
10.5
14.4
12.2
3.6 5.8
3.4 6.4
3.8 6.8
8.3
8.9
9.4
1.8
2.8
2.5
3.6 0.6 2.1
3.6 0.6 1.8
3.6 0.5 1.8
GROSS REGIONAL PRODUCT The Gross Regional Product (GRP) of Greater Western Sydney was estimated at $49.1 billion in 2003.
Greater Western Sydney is a major economic hub for both the Sydney and New South Wales economies, with the region contributing 41.3% and 29.8%, respectively, to the gross regional products of the Sydney Metropolitan Area and New South Wales. With regard to industry, the manufacturing industry contributed approximately 18.7% of the total GRP for Greater Western Sydney, significantly higher than the industry’s average for Sydney and NSW, indicating a higher dependence on the manufacturing sector. The property and businesses services (13.1%) and finance and insurance industries (11.8%) are the next highest contributors to GRP. When benchmarked against Sydney and New South Wales, Greater Western Sydney has proportionately larger contributions to GRP from the agriculture, forestry and fishing, mining, manufacturing, construction, wholesale trade, transport and storage and communication services industries. Forecasts for the next five years indicate that the dominant industries within the region will grow steadily in line with national trends. Solid annual growth forecasts up to 2008 are expected for the manufacturing (3.2%), property and business services (4.0%), finance and insurance (3.0%), communication services (5.5%) and transport and storage (3.9%) industries.
Gross Regional Product, Industry Contribution (%) Industry
Greater Western Sydney
Sydney
Agriculture, Forestry and Fishing 0.6 Mining 0.6 Manufacturing 18.7 Electricity, Gas and Water Supply 2.0 Construction 7.7 Wholesale Trade 9.0 Retail Trade 5.9 Accommodation, Cafes and Restaurants 2.2 Transport and Storage 5.8 Communication Services 4.1 Finance and Insurance 11.8 Property and Business Services 13.1 Government Administration and Defence 3.9 Education 4.1 Health and Community Services 5.8 Cultural and Recreational Services 1.7 Personal and Other Services 2.5 Non Classifiable industry 0.6 Total GRP ($m)
$49,051
New Avg . South Ann. Wales Forecast Growth 2004-08
0.4 0.5 13.9
2.0 2.3 13.6
3.6% 4.9% 3.2%
1.8 6.3 7.8 5.4
2.6 7.2 6.8 6.1
2.9% 2.2% 2.9% 2.4%
2.6 5.5 4.0 14.2
2.8 5.4 3.4 11.3
2.2% 3.9% 5.5% 3.0%
17.8
15.8
4.0%
3.6 4.5
4.1 4.8
2.6% 3.0%
6.1
6.9
3.1%
2.6
2.5
3.3%
2.4 0.6
2.5 0.0
3.1% n.a.
$118,626
$164,333
Source: AECgroup
GRP by Industry, Greater Western Sydney, 2003 Mining Agriculture 1% 1%
Electricity, Gas & Water 2%
Manufacturing 19%
Construction 8% Wholesale Trade 9%
Non Classifiable 1% Personal & Other Services 2%
Retail Trade 6%
Cultural & Recreational Services 2%
Accomm, Cafes & Restaurants 2%
Health & Community Services 6% Education 4% Govt Admin
Transport & Storage 6% Communication Services 4%
& Defence 4% Property & Business Services 13%
Finance & Insurance 12%
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INDUSTRY ANALYSIS The manufacturing sector in Greater Western Sydney offers excellent investment opportunities resulting from its use of high-tech engineering and its capacity to add value to customers in the global marketplace.
Greater Western Sydney
Access Business. Manufacturing
Property and Business
The manufacturing sector in Greater Western Sydney offers excellent investment opportunities resulting from its diversity and size, use of high-tech engineering and its capacity to add value to customers and its success in a global market place. The region also hosts some of the world's largest pharmaceutical manufacturers with major growth in the biotechnology industry.
The property and business services sector contributed $6.4 billion or 13.1% towards gross regional product in Greater Western Sydney in 2003, making it the second largest industry in the region.
The total value of turnover in the manufacturing industry in the Sydney Statistical Division amounted to almost $58.9 billion in 1999-2000. Food, beverage and tobacco manufacturing together with petroleum, coal, chemical and associated product manufacturing were the most significant contributors to total manufacturing turnover in the Sydney Statistical Division in 1999-2000.
The ABS business register identified 21.9% of businesses in Greater Western Sydney as operating in the property and business industry. The housing market has continued to strengthen in the region, with median prices for houses and flats and units increasing in annual terms. Over the year, the strongest local government areas in terms of median house, flat and unit price growth were identified as Wollondilly and Fairfield. While the number and value of dwelling approvals declined over the year, the market outlook still looks strong.
Education Greater Western Sydney’s education industry contributed $2 billion. In 2001, the education industry employed 5.8% of total employed persons in Greater Western Sydney and accounted for 2.1% of the number of businesses in the region. The University of Western Sydney is the dominant university in the region. In 2003, the university recorded over 36,000 enrolments in 2003, of which 22.6% were international students. Since 1998 total enrolments at the University of Western Sydney have increased by 27.2%.
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INDUSTRY ANALYSIS Information and communication technology, finance and banking are emerging growth industries in Greater Western Sydney, complimenting traditional industries such as manufacturing and construction.
Information and Communication Technology Greater Western Sydney has the capabilities to provide knowledge and technology support to the global community. Greater Western Sydney hosts Australia's largest regional gathering of IT small enterprises . In 2003, the communications industry contributed $2 billion to the Greater Western Sydney economy, accounting for 4.1% of total gross regional product.
Finance Greater Western Sydney has seen a significant rise in the number of banking and financial services, with a particular growth in the Parramatta CBD in 2003. Accessibility to large numbers of small to medium businesses in Greater Western Sydney provides strong support for industry growth. The finance and insurance industry contributed $5.8 billion or 11.8% to gross regional product in Greater Western Sydney in 2003, making it the third largest industry.
Greater Western Sydney
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Construction The construction industry contributed almost $3.8 billion or 7.8% to gross regional product in Greater Western Sydney, making it the fifth largest industry. The construction industry in the region accounted for almost 50.0% of construction output for Sydney and 33.1% for New South Wales. In addition, the construction industry is the largest industry in Greater Western Sydney in terms of business numbers. In the year to the March Quarter 2004, the value of construction investment in Greater Western Sydney strengthened when compared to the previous year.
Tourism The region’s abundance of natural beauty provides a growing source of employment in the tourism, recreation and leisure sector. Niche industries such as 'conferences and weddings', 'adventure sport' and 'eco-tourism' are among those expected to add millions of dollars to the local economy over the coming decades.
Agriculture In 2003, the agriculture industry contributed around $273.8 million (or 0.6%) towards the Greater Western Sydney gross regional product, equivalent to 61.7% of the total agricultural production in Sydney and 7.5% in New South Wales.
Greater Western Sydney
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Regional Economic Summary Access Business. Access Innovation. Access Lifestyle.
GREATER WESTERN SYDNEY Greater Western Sydney provides the right combination of people, environment and infrastructure for global excellence in an international marketplace.
Greater Western Sydney encompasses the fourteen local government areas of Auburn, Bankstown, Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Hawkesbury, Holroyd, Liverpool, Parramatta, Penrith and Wollondilly. Within the 8,000 square kilometres of Greater Western Sydney lie the world heritage listed Blue Mountains, the mighty HawkesburyNepean river system and the headwaters of Sydney Harbour. Government and business recognise the need to find a balance between the preservation of the region’s natural resources, and ongoing residential and industrial development with the aim of delivering a healthy, productive, diverse and most of all sustainable environment for all residents and businesses. HAWKESBURY
BAULKHAM HILLS BLUE MOUNTAINS
BLACKTOWN PENRITH
PARRAMATTA
HOLROYD FAIRFIELD AUBURN LIVERPOOL WOLLONDILLY CAMDEN
BANKSTOWN
CAMPBELLTOWN
NEW SOUTH WALES
SYDNEY
AUSTRALIA
1
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Greater Western Sydney is one of the fastest growing and largest economic regions in Australia. The region generated more than $49 billion in economic output in 2003, accounting for 29.8% of the GRP for New South Wales and making its economy one of the largest in Australia. The manufacturing, property and business services, and finance and insurance industries contribute significantly to the local economy, while industries including advanced manufacturing, information and communication technology, biotechnology, business services and retail trade are growing at much faster rates than the national average. From its origins as the food and manufacturing heartland of Sydney, it is now regarded as a global centre for trade, innovation and learning. Competitive land prices, access to road infrastructure and telecommunications networks, and market proximity all help attract companies to Greater Western Sydney. The combination of education and culture, however, holds the most promise. The region’s culturally diverse population, who have solid language skills and a highly educated workforce make it an ideal location for multinational organisations to expand their activities. To date, more than 150 of Australia's top 500 companies are located in Greater Western Sydney. Greater Western Sydney provides the right combination of people, environment and infrastructure for global excellence in the international marketplace. The Greater Western Sydney Economic Development Board represents the business, government and community interests of the fourteen local government areas, which form the Greater Western Sydney Region. The role of the Board is to assist in creating a platform for sustained levels of jobs growth and economic development in Greater Western Sydney by initiating and supporting a diverse range of projects designed to create employment, trade and investment opportunities for the region's residents and businesses. The Board is supported by the NSW Department of State and Regional Development, and works in partnership with government agencies, councils and other regional organisations with an interest in progressing employment growth and economic, community and cultural development within Greater Western Sydney.
REGIONAL ECONOMIC SUMMARY A summary of recent statistical indicators for Greater Western Sydney and also an overview of the demographic characteristics of the region.
Summary of Recent Statistical Indicators Reference Period
Level
Annual % Change
POPULATION Greater Western Sydney Greater Western Sydney
2003 2026
1,815,347 2,217,178
+0.9 -
GROSS REGIONAL PRODUCT ($’000) Greater Western Sydney Sydney SD New South Wales
2003 2003 2003
49,051,100 118,625,900 173,407,800
-
EMPLOYMENT Trend Unemployment Rate (%) Trend Unemployed Persons Trend Labour Force
Reference Period March Qtr 2004 March Qtr 2004 March Qtr 2004
Level 5.1 58,172 1,145,451
Quarterly % Change -3.6 +0.7 +4.5
PRIVATE CONSUMPTION No. of Dwelling Approvals Value of Dwelling Approvals ($’000) Value of Non-Dwelling Approvals / Construction ($’000) Average Weekly Retail Spending ($)
Reference Period March Qtr 2004 March Qtr 2004 March Qtr 2004 June 2001
Level 2,846 525,611 343,523 862.00
Annual % Change -14.1 -3.0 +7.5 -
PROPERTY MARKET Median House Prices (Non-Strata) ($’000) Median Flat & Unit Prices (Strata) ($’000) Rent: 2 bedroom dwellings Rent: 3 bedroom dwellings
Reference Period Dec Qtr 2003 Dec Qtr 2003 Mar Qtr 2004 Mar Qtr 2004
Level 417 281 195 243
5 Year % Change +15.7 +14.0 +1.9 +2.6
TRANSPORT M2 Average Daily Vehicle Numbers M5 Average Daily Vehicle Numbers East Hills Train Line (Passenger Numbers) West Train Line (Passenger Numbers)
Reference Period Year to June 2004 Year to June 2004 Year to June 2004 Year to June 2004
Level 852,878 1,177,707 7,797,024 32,287,394
Annual % Change +7.1 +10.4 +2.2 +0.4
Source: ABS 3218.0, DIP&NR 1999, AECgroup, DEWR, ABS 8731.3, ABS Business Register, 2001, NSW Department of Housing, Airservices Australia, NIEIR Spendinfo, 2001, RailCorp NSW, Macquarie Infrastructure Group, The Hills Motorways Ltd
Greater Western Sydney Demographic Profile Greater Western Sydney
New South Wales
Indicator
2001
1996
Change(a)
2001
1996
Change(a)
Males (%)
49.4
49.4
+0.0%
49.4
49.4
+0.0%
Females (%)
50.0
50.2
-0.2%
50.6
50.6
+0.0%
Average age (years)
33.5
32.5
+1.0yrs
36.5
35.5
+1.0yrs
Born in Australia (%)
61.7
65.2
-3.5%
70.5
73.3
-2.8%
Speak English only (%)
62.3
67.3
-5.0%
75.7
78.7
-3.0%
Married (%) Avg. weekly income ($) Qualification (%)
53.7
55.1
-1.4%
51.7
53.2
-1.5%
480.08
381.63
+98.45
498.78
396.15
+102.63 +4.2%
44.6
40.8
+3.8%
48.5
44.3
Unemployment rate (%)
7.4
9.0
-1.6%
7.2
8.8
-1.6%
Employment: Retail Trade
14.5
17.9
-3.4%
14.2
13.3
+0.9%
Employment: Manufacturing
16.0
6.3
+9.7%
11.5
12.2
-0.7%
8.2
18.9
-10.7%
6.9
6.4
+0.5%
10.5
25.4
-14.9%
12.2
10.6
+1.6%
Employment: Construction Employment: Property and Business Source: ABS 1996 and 2001 Censes
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POPULATION & EMPLOYMENT Over the past five years the population of Greater Western Sydney grew at a higher rate than both Sydney and New South Wales. While the region has aged at the same rate as the State between 1996 and 2001, it boasts a younger average age as the State as a whole. Greater Western Sydney is projected to grow at an average rate of 0.9% through to 2026. Population Profile Greater Western Sydney
Sydney
New South Wales
Level 2003
1,815,347
4,201,493
6,686,644
Level 1998
1,690,029
3,969,649
6,339,071
Projection: 2006
1,878,631
4,325,690
6,864,626
Projection: 2011
1,978,211
4,512,448
7,130,360
Projection: 2016
2,066,301
4,686,313
7,377,900
Projection: 2021
2,146,685
4,853,334
7,608,143
Projection: 2026
2,217,178
5,014,900
7,815,122
Annual Change (2002-03)
+0.9
+0.8
+0.8
5 Year Average Annual Change (1998-2003)
+1.4
+1.1
+1.1
Average Annual Change (2003-2026)
+0.9
+0.8
+0.7
Source: ABS 3218.0, DIP&NR, AECgroup
According to the 2001 Census, manufacturing is the largest employer in Greater Western Sydney, accounting for 16.0% of total employment. Retail trade (14.5%) and property & business services (10.5%) are the next largest employers, followed by health & community services (8.3%) and construction (8.2%). Employment By In dustry Great er Wes tern Syd ney Mining
2001
1996
Non-classifiable economic units Electricity, Gas & Water Supply Agriculture, Forestry & Fishing Cultural & Recreational Services Not stated Communication Services Government Admin & Defence Personal and Other Services Accom, Cafes & Restaurants Finance and Insurance Transport and Storage Education Wholesale Trade Construction Health and Community Services Property and Business Services Retail Trade Manufacturing
Persons
0
20,000
40,000
60,000
80,000
100,000 120,000
Employment Profile (%) Industry
3
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Sydney
New South
Sydney
Wales
Agriculture, Forestry and Fishing Mining Manufacturing Electricity, Gas and Water Supply Construction Wholesale Trade Retail Trade Accommodation, Cafes and Restaurants Transport and Storage Communication Services Finance and Insurance Property and Business Services Government Administration and Defence Education Health and Community Services Cultural and Recreational Services Personal and Other Services Non Classifiable industry Not Stated Source: ABS 2001 Census
Source ABS 2001 Census
Greater Western
0.9 0.1 16.0
0.6 0.1 12.2
3.4 0.5 11.5
0.7 8.2 6.9 14.5
0.6 6.9 6.1 13.4
0.7 6.9 5.6 14.2
3.9 5.1 2.4 5.0
4.8 5.0 2.4 6.1
5.2 4.6 2.0 4.8
10.5
14.4
12.2
3.6 5.8
3.4 6.4
3.8 6.8
8.3
8.9
9.4
1.8
2.8
2.5
3.6 0.6 2.1
3.6 0.6 1.8
3.6 0.5 1.8
GROSS REGIONAL PRODUCT The Gross Regional Product (GRP) of Greater Western Sydney was estimated at $49.1 billion in 2003.
Greater Western Sydney is a major economic hub for both the Sydney and New South Wales economies, with the region contributing 41.3% and 29.8%, respectively, to the gross regional products of the Sydney Metropolitan Area and New South Wales. With regard to industry, the manufacturing industry contributed approximately 18.7% of the total GRP for Greater Western Sydney, significantly higher than the industry’s average for Sydney and NSW, indicating a higher dependence on the manufacturing sector. The property and businesses services (13.1%) and finance and insurance industries (11.8%) are the next highest contributors to GRP. When benchmarked against Sydney and New South Wales, Greater Western Sydney has proportionately larger contributions to GRP from the agriculture, forestry and fishing, mining, manufacturing, construction, wholesale trade, transport and storage and communication services industries. Forecasts for the next five years indicate that the dominant industries within the region will grow steadily in line with national trends. Solid annual growth forecasts up to 2008 are expected for the manufacturing (3.2%), property and business services (4.0%), finance and insurance (3.0%), communication services (5.5%) and transport and storage (3.9%) industries.
Gross Regional Product, Industry Contribution (%) Industry
Greater Western Sydney
Sydney
Agriculture, Forestry and Fishing 0.6 Mining 0.6 Manufacturing 18.7 Electricity, Gas and Water Supply 2.0 Construction 7.7 Wholesale Trade 9.0 Retail Trade 5.9 Accommodation, Cafes and Restaurants 2.2 Transport and Storage 5.8 Communication Services 4.1 Finance and Insurance 11.8 Property and Business Services 13.1 Government Administration and Defence 3.9 Education 4.1 Health and Community Services 5.8 Cultural and Recreational Services 1.7 Personal and Other Services 2.5 Non Classifiable industry 0.6 Total GRP ($m)
$49,051
New Avg . South Ann. Wales Forecast Growth 2004-08
0.4 0.5 13.9
2.0 2.3 13.6
3.6% 4.9% 3.2%
1.8 6.3 7.8 5.4
2.6 7.2 6.8 6.1
2.9% 2.2% 2.9% 2.4%
2.6 5.5 4.0 14.2
2.8 5.4 3.4 11.3
2.2% 3.9% 5.5% 3.0%
17.8
15.8
4.0%
3.6 4.5
4.1 4.8
2.6% 3.0%
6.1
6.9
3.1%
2.6
2.5
3.3%
2.4 0.6
2.5 0.0
3.1% n.a.
$118,626
$164,333
Source: AECgroup
GRP by Industry, Greater Western Sydney, 2003 Mining Agriculture 1% 1%
Electricity, Gas & Water 2%
Manufacturing 19%
Construction 8% Wholesale Trade 9%
Non Classifiable 1% Personal & Other Services 2%
Retail Trade 6%
Cultural & Recreational Services 2%
Accomm, Cafes & Restaurants 2%
Health & Community Services 6% Education 4% Govt Admin
Transport & Storage 6% Communication Services 4%
& Defence 4% Property & Business Services 13%
Finance & Insurance 12%
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INDUSTRY ANALYSIS The manufacturing sector in Greater Western Sydney offers excellent investment opportunities resulting from its use of high-tech engineering and its capacity to add value to customers in the global marketplace.
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The manufacturing sector in Greater Western Sydney offers excellent investment opportunities resulting from its diversity and size, use of high-tech engineering and its capacity to add value to customers and its success in a global market place. The region also hosts some of the world's largest pharmaceutical manufacturers with major growth in the biotechnology industry.
The property and business services sector contributed $6.4 billion or 13.1% towards gross regional product in Greater Western Sydney in 2003, making it the second largest industry in the region.
The total value of turnover in the manufacturing industry in the Sydney Statistical Division amounted to almost $58.9 billion in 1999-2000. Food, beverage and tobacco manufacturing together with petroleum, coal, chemical and associated product manufacturing were the most significant contributors to total manufacturing turnover in the Sydney Statistical Division in 1999-2000.
The ABS business register identified 21.9% of businesses in Greater Western Sydney as operating in the property and business industry. The housing market has continued to strengthen in the region, with median prices for houses and flats and units increasing in annual terms. Over the year, the strongest local government areas in terms of median house, flat and unit price growth were identified as Wollondilly and Fairfield. While the number and value of dwelling approvals declined over the year, the market outlook still looks strong.
Education Greater Western Sydney’s education industry contributed $2 billion. In 2001, the education industry employed 5.8% of total employed persons in Greater Western Sydney and accounted for 2.1% of the number of businesses in the region. The University of Western Sydney is the dominant university in the region. In 2003, the university recorded over 36,000 enrolments in 2003, of which 22.6% were international students. Since 1998 total enrolments at the University of Western Sydney have increased by 27.2%.
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INDUSTRY ANALYSIS Information and communication technology, finance and banking are emerging growth industries in Greater Western Sydney, complimenting traditional industries such as manufacturing and construction.
Information and Communication Technology Greater Western Sydney has the capabilities to provide knowledge and technology support to the global community. Greater Western Sydney hosts Australia's largest regional gathering of IT small enterprises . In 2003, the communications industry contributed $2 billion to the Greater Western Sydney economy, accounting for 4.1% of total gross regional product.
Finance Greater Western Sydney has seen a significant rise in the number of banking and financial services, with a particular growth in the Parramatta CBD in 2003. Accessibility to large numbers of small to medium businesses in Greater Western Sydney provides strong support for industry growth. The finance and insurance industry contributed $5.8 billion or 11.8% to gross regional product in Greater Western Sydney in 2003, making it the third largest industry.
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Construction The construction industry contributed almost $3.8 billion or 7.8% to gross regional product in Greater Western Sydney, making it the fifth largest industry. The construction industry in the region accounted for almost 50.0% of construction output for Sydney and 33.1% for New South Wales. In addition, the construction industry is the largest industry in Greater Western Sydney in terms of business numbers. In the year to the March Quarter 2004, the value of construction investment in Greater Western Sydney strengthened when compared to the previous year.
Tourism The region’s abundance of natural beauty provides a growing source of employment in the tourism, recreation and leisure sector. Niche industries such as 'conferences and weddings', 'adventure sport' and 'eco-tourism' are among those expected to add millions of dollars to the local economy over the coming decades.
Agriculture In 2003, the agriculture industry contributed around $273.8 million (or 0.6%) towards the Greater Western Sydney gross regional product, equivalent to 61.7% of the total agricultural production in Sydney and 7.5% in New South Wales.
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