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Macarthur Regional Organisation of Councils

Camden, Campbelltown, Wollondilly

 

MEDIA RELEASE - Strong Growth Signs for Macarthur

28 February 2008

Recent economic data indicates a strong growth in business investment and a recovery in the housing market in the Macarthur Region.
The value of non-residential building approvals across the region reached $80.4 million in the December quarter, representing an 11% increase on the previous quarter and a 209.3% increase compared to the same period in 2006.

MACROC President, Cr Rob Elliott said that the increase in non-residential approvals was reflective of the strong business investment in Macarthur.

"Businesses are clearly acknowledging that Macarthur is an ideal investment area, with strong growth prospects. The influx of new industry does much to support the growth of the area and will in time generate additional job opportunities for the residents of the region.
Demand for new houses recovered in the December quarter, with the number of approvals rising by 45% and their value increasing by 47%."

Although the number of approvals for flats and units fell in the December quarter, the annual growth to date across all dwelling types reflects a healthy 56% jump in approval numbers and a 50% increase in value.

"Despite recent interest rate rises, the residential property market in Macarthur is showing remarkable resilience, buoyed by a strengthening rental market and growth in housing prices, which still remain very competitive in the Sydney region," Cr Elliott said.

"In addition to the positive business and housing figures, a consistent decline in unemployment rates across the Macarthur suggests that the jobless rate for the region, which has trended higher than the NSW and Sydney Metro average since June 2005, may have peaked.
“However, rising grocery and petrol prices, coupled with higher interest payments pose a significant challenge to Macarthur businesses and residents, as indeed they do for the rest of the nation," said Cr Elliott.

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 documents can be downloaded from the MACROC website through the link below.

Media Contact:
Rob Elliott
President
Mobile: 0407191452

File: Macarthur Economic Profile - February 2008
Format/Size: PDF - 1.2 MB
Version: 27/02/2008

File: MEDIA RELEASE - Strong Growth Signs for Macarthur
Format/Size: PDF - 38KB
Version: 28/02/2008

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