Sydney is booming. Last year, Sydney’s GDP of $400.9 billion represented almost a quarter of national GDP. Sydney’s GDP growth rate of 4.5 per cent was the highest in over 15 years. Sydney contributed 38.6 per cent of national GDP growth, the highest in 25 years. The housing boom continued to drive rapid growth in the Real Estate Service and Construction industries, with the Construction Industry achieving a record growth rate. This has resulted in a booming housing market and GDP per capita reaching $80,000 - $10,600 higher than the national average.
However this growth is not evenly distributed across Sydney. While the Financial & Insurance and Media & Telecommunications industries based in the inner suburbs are thriving, traditional Manufacturing areas are struggling. Manufacturing’s share of Sydney’s economy has hit a record low of 5.7 per cent.
SGS has produced estimates of GDP for each region within Sydney and the rest of New South Wales to understand how each local economy is performing.
In our latest seminar series, launched in Parramatta and Sydney CBD yesterday, Terry Rawnsley and Alison Holloway discussed Sydney's growing economy, and who is being left behind. To address the questions of who is being left behind, SGS developed two interactive maps - one showcasing Greater Sydney’s Socio-Economic Advantage and Disadvantage and the other highlighting student access to tertiary education in Sydney.