Sydney’s west is set to become an economic hub and major retail centre, according to a new report from professional services firm, PricewaterhouseCoopers (PwC).
According to the report, the suburb of Parramatta is set to see economic growth double over the next five years and become a leading financial hub. The research also found that the economy of Sydney’s dual CBD will grow by $7 billion by 2021, to $30 billion.
Within five years it is forecast that an additional $1.2 million will be spent on retail each day by workers, residents and visitors in Parramatta and commercial floor space is set to increase by more than one third compared to current levels, with an additional 232,000 square metres to become available in the next five years.
“As one of the largest CBDs in Australia Parramatta is already a significant economic hub and a major employment and retail centre, and the completion of projects such as Parramatta Square will take our City to the next level,” said City of Parramatta Interim general manager, Greg Dyer.
“Over the next the five years our CBD will grow to be one-third larger than it is today and the retail sector is expected to reap the benefits of this growth, with an additional $3 billion in turnover estimated during that period.
‘Parramatta 2021’ was commissioned by the City of Parramatta council to assess the impact of unprecedented levels of public and private investment in the City. The Council said over the next five years, Parramatta will benefit from over $10 billion worth of investment in economic and social infrastructure, and private commercial and residential development.
By 2021 it is estimated Parramatta will have a total workforce of 186,000, up by 29,000 from 2016, with almost three-quarters of the jobs growth coming from the financial services, health and government sectors. Most of the growth will be concentrated in financial and insurance services.
Parramatta is also set for a significant population boom. An additional 41,000 people will call the City home by 2021, with Parramatta’s population expected to grow at nearly double the national rate.
“Our location in the geographic and demographic heart of Sydney means that 2.3 million people live within 45 minutes of Parramatta by either car or public transport. Increasingly more and more people are also attracted to live in our vibrant, activated City, which is the sporting and cultural capital of Sydney’s west,” said Dyer.
PwC Economics and Policy Partner Jeremy Thorpe said the next five years will undoubtedly be a period of growth and realignment for Parramatta as it becomes a more significant and sustainable place to live, work and do business.
“A balanced investment strategy is paying dividends for Parramatta. By 2021 there will be more people, more jobs, better infrastructure and considerably more opportunities driven by the health, financial services and government sectors.”
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