Opinion: A snapshot of Newcastle’s economic profile

17/07/2019 Posted by admin

THE council is pleased to be able to provide Newcastle businesses, community organisations, schools and other interested people access to the latest economic data for the City of Newcastle.

The fantastic online tool features information about all facets of our local economy and is accessible from any computer.

The council has subscribed to this product for 12 months and it will be able to use the data to inform potential investors, prospective new residents, researchers, students and media organisations about the economic health, growth and future potential of the city.

The Newcastle economic profile provides data on key economic indicators such as employment, output, wages and salaries, exports, imports and value added.

The profile allows comparison of data for Newcastle with state and national data as well.

It will greatly enhance our capacity to respond to economic development initiatives, grant applications and reporting on economic issues.

Some of the ways the data can be used are to:

■ add weight to funding and grant applications, media releases and feasibility studies;

■ generate detailed local economic data and maps to promote the area;

■ analyse the economic impacts of potential developments or industry closures;

■ identify the economic contribution of existing business and industries;

■ understand the spatial distribution of industries across the area;

■ identify opportunities for import replacement and value adding and;

■ generate economic profiles for sub regions.

Some interesting facts about the community:

■ Estimated resident population of the Newcastle LGA: 158,553

■ Estimated number of people who are employed in Newcastle: 87,849

■ Estimated gross regional product: $13.587 billion.

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