Western Sydney is one of Australia’s largest and most diverse economies with an annual Gross Regional Product (GRP) of about $95.6 billion for 2010-11. This is nearly one third of the Sydney Metropolitan GRP.
Western Sydney remains one of Australia’s fastest growing regional economies.
Western Sydney is the industrial engine room of the NSW economy and Australia’s largest manufacturing region. A number of major multinational companies have operations in Western Sydney including BHP Billiton, Coca-Cola Amatil, Qantas, Sony and Canon.
Fifteen of the region’s 17 industry sectors each generate more than $1 billion a year.
Manufacturing alone contributed 16% (approx $13.4 billion) of total Western Sydney industry value-added in 2010-11. There were an estimated 161,260 actively trading businesses in Western Sydney at June 2011, accounting for more than a third of the businesses in the Sydney Metropolitan Region.
Construction accounted for one fifth of the total number of businesses in the Greater Western Sydney Region.
Greater Western Sydney’s 8,500 manufacturing companies represented almost half the Sydney Metropolitan Region’s total number of manufacturing businesses.
Nearly 60% of businesses operating in GWS are self employed companies, with more than a quarter of these employing less than 5 employees.
In addition, Western Sydney has a significant transport and logistics sector and is a strategic distribution hub for goods throughout Australia.
The region has a robust professional services sector located primarily in major commercial centres including Parramatta, Norwest and Penrith.
There is also strong representation in retail, health and social assistance, property and business services, finance and insurance, construction, transport and distribution and wholesale trade.
Finance and insurance, health and community services and transport and distribution sectors have been growing strongly in recent years.
Western Sydney is Sydney’s major future growth area with significant population and employment growth projected over the next 25 years.
The regional economy is fuelled by a resident labour force of over 915,000 people (as at September 2010) with all ranges of educational and vocational attainment.
Latest data released by the AECGroup estimates that 637,545 people were employed in Greater Western Sydney as at March 2012.
Over the past year, the region has recorded an employment growth rate 1.4% which is well above the Sydney Metropolitan Region average.
The GWS region currently accounts for over one third of all people employed in the Sydney Metropolitan region.