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.
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.
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.
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.
File: Macarthur Economic Profile - February 2008
File: MEDIA RELEASE - Strong Growth Signs for Macarthur
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