Future Proofing the Tweed Economy
The Tweed Economic Development Corporation (TEDC) has adopted a proactive approach to managing future population growth projections by developing and promoting initiatives and strategies, that encourage job generating investment growth across a broad and diverse economic base, as part of a process necessary to future proof the region as it comes to terms with the challenges of growth over the next twenty years.
The TEDC has identified the need to create 25,000 new jobs by 2031 if the Tweed is to achieve a work participation rate of 50% by 2031, which is a substantial increase on the current level at 42%.
Economic diversification including promoting and facilitating growth in Master Planned Estates and Business Parks with specific mix use precincts including commercial office space, technology, health and education, recreation and residential as well as the more traditional industry sectors. Promoting and facilitating growth in tourism by promoting tourism product development to assist the Tweed to capitalize on its natural assets and scenic amenity, and building on the point of difference which differentiates the Tweed from our competition.
TEDC research shows 92% of the regions output comes from the services sector, the Tweeds major employer. The Tweed has traditionally been “locked in” with low-income jobs for locals and there has been little happening to broaden the economic base of the area to encourage new knowledge-based and professional employment opportunities. One of the key elements to achieve economic diversification is the TEDC’s strategy to “future proof” the economy by the inclusion and provision of fibre-optic telecommunications infrastructure to all new master planned business parks and communities.
This kind of forward planning allows people to live close to where they work and enjoy recreational and lifestyle facilities close to home with good connecting transport links. The TEDC aims to make the Tweed one of the best places to LIVE, WORK, and PLAY into the future.
Various initiatives include the $350 million Industry Central at Murwillumbah designed to provide up to 2000 new jobs when fully occupied, and two other major master planned estates are all projects which are a necessary component to future proofing the Tweed.
