MEDIA RELEASE - Macarthur's Economy Remains Resilient
The Gross Regional Product (GRP) of the Macarthur region, a measure of the level of economic activity, grew by 11.1% to $7.1 billion during the 2007/08 financial year.
Campbelltown remains the region’s economic powerhouse, accounting for $4.3 billion of the GRP or 60.6% of the total. Manufacturing continues to be the mainstay of the regional economy, contributing $1.2 billion or 16.4% of the regional value added.
MACROC President, Cr Anoulack Chanthivong, said that the figures were a positive sign, despite the global economic climate.
“The increase in the regional GRP is pleasing, it shows real growth in the economy after accounting for inflation,” Cr Chanthivong said.
The positive impact of economic growth can also be seen in the flow through to the labour market, where the number of people employed increased by 1.7% during the 12 month period to June 2008. Consequently, the unemployment rate in Macarthur fell to a low point of 4.9% in the June quarter. There were 6,624 jobless persons in the June quarter, but this number was 27.6% less than the figure 12 months ago.
“There is a certain softness in the property market in Macarthur as evidenced by declining median house prices in the June quarter, but I do not expect this to be exacerbated in any significant way as a result of the global financial meltdown. Indeed, I remain optimistic that Macarthur will rebound strongly because of the expected increase in population planned for this area,” Cr Chanthivong said.
Each quarter, MACROC publishes the Macarthur Economic Profile to keep businesses and residents informed of current economic conditions and emerging trends in the Macarthur region. The document can be downloaded from the MACROC website at www.macroc.nsw.gov.au (under Reports/Projects, Quarterly Economic Reports).
Cr Anoulack Chanthivong
Mobile: 0412 413 377
File: MEDIA RELEASE - Macarthur's Economy Remains Resilient
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