The property industry is the largest employer in New South Wales, and not only creates jobs and provides income for families across Western Sydney and in growing suburbs – it also spurs economic activity in particular areas, according to the Property Council of Australia.
Data from economics consultants AEC revealed that developing suburbs are benefiting from the new jobs and growing economic activity.
“If we are to look at our changing suburbs and the development occurring, then we also need to look at the economic story – the story of jobs, wages and economic activity,” Property Council NSW Executive Director Jane Fitzgerald said.
The Hills recorded over 9,000 direct property jobs. In Blacktown, there were more than 12,000 direct jobs and $697 million in wages, while Canterbury Bankstown logged over 12,000 direct jobs and more than $1 billion in economic activity.
The report also found that construction sites across Western Sydney are currently sources of jobs for electricians, builders, plumbers, planners, engineers and project managers.
“This, in turn, contributes to growing local businesses and provides the state government with more tax revenue, growing our state economy,” Fitzgerald said.
The property council disclosed these data to explain the changes happening in some suburbs, noting that the inverse of this scenario will mean less building, less construction and fewer jobs for local people.
“This economic wealth can be put at risk if a flattening residential market is combined with policies that stop residential development and as a direct consequence, stop local jobs and wages. That is why planning and investment should come first. We must support the Greater Sydney Commission to implement their plans, engage the community in our city’s growth and continue the investment in social and transport infrastructure,” said Fitzgerald.
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