MEDIA RELEASE

Property industry creates jobs and pays local wages


The property industry is the largest employer in NSW, creating jobs and providing income for thousands of families across Western Sydney and in growing suburbs.

Data, prepared by economics consultants AEC, shows suburbs that are growing and are experiencing change and development are also benefiting from thousands of new jobs and growing economic activity.

“If we are to look at our changing suburbs and the development occuring, then we also need to look at the economic story – the story of jobs, wages and economic activity,” Property Council NSW Executive Director Jane Fitzgerald said today.

“The numbers are huge and provide a new angle in the story of change and growth – in the Hills, over 9,000 direct property jobs, in Blacktown, over 12,000 direct jobs and $697m in wages and in Canterbury Bankstown, over 12,000 direct jobs and more than a billion dollars in economic activity.

“Construction sites across Western Sydney are currently providing jobs to electricians, builders, plumbers, planners, engineers and project managers – these people are relying on those jobs to pay mortgages, school fees, health bills and for groceries and utilities.

“This in turn contributes to growing local businesses and provides the State Government with more tax revenue, growing our State economy,” Ms Fitzgerald said.

“We owe it to the community to talk about the whole story; that with the change you are seeing in your suburb also creates jobs. The inverse of this scenario is obviously less building, less construction and fewer jobs for local people.  

“This economic wealth can be put at risk if a flattening residential market is combined with policies that stop residential development and as a direct consequence, stop local jobs and wages.

 “This is the whole story for our growing suburbs and something that must be made clear to the community,” Ms Fitzgerald said.

“That is why planning and investment should come first. We must support the Greater Sydney Commission to implement their plans, engage the community in our city’s growth and continue the investment in social and transport infrastructure.      

“We should also drive a renewed policy focus for housing by developing an evidence-based NSW Housing Strategy and funded action plan to increase the supply of social, affordable, key worker and at market housing including build-to-rent.

“We need constructive solutions to our city’s growth and development for a sustainable, productive and liveable future.”

The Property Council of Australia’s election platform can be read here .

Media contact:  William Power| M 0429 210 982 |   E wpower@propertycouncil.com.au


Suburb

Construction Jobs, wages and economic activity

Housing approvals, July – Nov 2018

The Hills

9,635 direct local jobs, $593m in wages, $1,374m in economic activity

1230

Blacktown

12,111 direct local jobs, $697m in wages, $1478m in economic activity

2159

Penrith

8,169 direct local jobs, $481m in wages, $1061 in economic activity

815

Liverpool

6,600 direct local jobs, $385m in wages, $901m in economic activity

1039

Camden

4,192 direct local jobs, $240m in wages, $529m in economic activity

1081

Campbelltown

4,576 direct local jobs, $272m in wages, $596M in economic activity

967

Canterbury/Bankstown

12,715 direct local jobs, $745M in wages, $1,688M in economic activity

903

Ryde

7,931 direct local jobs, $500m in local wages, $1,068 in economic activity

757

Cumberland

8,899 direct local jobs, $530m in wages, $1,200m in economic activity

854