Parramatta’s economy outshines NSW and Australia

Recent economic data shows the local Parramatta economy is out-performing NSW and the nation across a range of key measures as the City experiences record jobs and business growth, and a significant increase in building approvals. City of Parramatta Council commissioned ID Consulting to analyse several economic indicators to track progress on Council’s five-year Economic Development Plan (EDP). In the 12 months to June this year, economic activity (GDP) in the Parramatta Local Government Area grew by 3.1 per cent, compared to the 2.4 per cent for NSW and 1.8 per cent nationally.

According to Australian Bureau of Statistics figures 3,600 new jobs were created over the 12 months, contributing towards an unemployment rate of 3.6 per cent – well below the NSW rate of 5 per cent and the national rate of 5.6 per cent. The period to June 2017 also saw the City record a 63 per cent increase in building approvals, while 2,125 new businesses opened in the Parramatta LGA compared to just over 1,000 businesses a year, five years ago. City of Parramatta Lord Mayor Cr Andrew Wilson said the strong economic conditions in Parramatta coincide with a record boom in infrastructure investment, including projects such as Parramatta Light Rail, the new Western Sydney Stadium and the $2 billion-plus Parramatta Square development.

“There is a great deal of confidence in the future of our City and these figures underline Parramatta’s growing role as the Central City and the future growth centre of Global Sydney,” Cr Wilson said. “Parramatta is in the midst of an economic boom as unprecedented levels of public and private investment transform the City. By 2021 we expect the local workforce will grow by 22,000 people as the CBD expands with the development of Parramatta Square.” Cr Wilson said a recent economic study found an extra 10,000 jobs would be created with Council’s decision last month giving Walker Corporation the option to develop a commercial office tower rather than a residential building at 8 Parramatta Square.

“The commercial tower option will create a real commercial heart for our City. It recognises the groundswell of demand for premium office accommodation in the Parramatta CBD and will bring the total commercial development in the urban renewal precinct to 250,000 square metres of prime A-grade office space. “Parramatta’s overall office vacancy rate is at a historical low of 4.3%, with virtually no A-Grade space available in the CBD, so this new supply will be welcomed by businesses looking to locate in Sydney’s Central City,” Cr Wilson said. National Australia Bank and a number of State Government Departments have already announced they’ll be taking up tenancies in Parramatta Square which is due for completion in 2021. The move to relocate 4,000 staff from the Department of Planning and Environment, the Office of Environment and Heritage, the Environment Protection Authority and the Department of Finance is the largest ever government agency leasing commitment in Western Sydney.