MEDIA RELEASE - Unemployment Declines in Macarthur
22 May 2008
Unemployment in Macarthur fell by 0.4 percentage point in the December Quarter 2007 to 5.8%, a 1.1 percentage point decline over a 12-month period.
MACROC President, Cr Rob Elliott, said it was pleasing to see the unemployment rate fall despite the increase in the size of the labour force.
“This is an unmistakable sign that the Macarthur region’s economy is growing strongly, thanks to the inflow of more investment,” Cr Elliott said.
“The Gross Regional Product (GRP), which is the sum of total value added associated with all economic activity in the Macarthur region, increased by 5.9% during 2006-07 to an estimated $6.4 billion. The region contributed 1.9% to the total NSW Gross State Product.
“Campbelltown remains the main economic powerhouse of the region, with a GRP of $4 billion, followed by Camden and Wollondilly who contributed approximately $1.2 billion each to the total.
“Manufacturing remains the most important generator of economic activity in the region, contributing approximately $1.1 billion or 17.5% of the GRP, followed by Property and Business Services (9%).
“The Macarthur region has become a significant economic unit which is likely to get even stronger with the anticipated growth of population in the coming years.“
Every 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.
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