Tweed Economy Looks Good page image

Tweed Economy Looks Good

According to the latest update of the Tweed Economic Model the Tweed economy has experienced a steady growth of 1.4% over the two years ending June 2008. This is less than the New South Wales average at 3.5%, but is a commendable result for a region without the large inflows of mining investment prevalent in other centres.

An examination of the Tweed Shire’s key economic drivers for place of employment indicates;

  • The Tweed economy’s Gross Regional Product (GRP) is valued at $1,364 million;
  • Household income is valued at $694 million; and
  • The region employees 19,294 full time equivalent positions.

The model indicates the region’s economic structure remains relatively unchanged since 2005. Above average growth has been delivered by the hospitality industry and food manufacturing which each grew by 1.9% per annum and construction which grew at 1.5% per annum.

In terms of industry sectors, greatest value added occurred in the healthcare and social service sector ($196 million). This was followed by retail trade ($135 million) and public administration ($117 million). The greatest contributor to household income was the healthcare and social services sector ($112 million) followed by retail trade ($99 million) and education and training ($79 million). Employment was concentrated in the retail trade (3052 FTE), healthcare and social services (2612 FTE) and construction (1702 FTE) sectors.

The various updates of the model since its inception in 2005 have shown the Tweed’s remarkable stability at a regional level. This stability is underpinned at the micro level by the TEDC approach to encouraging, promoting and facilitating new investment and industry development initiatives and opportunities. The economic modelling tool has been used by TEDC to assist and facilitate these initiatives by measuring and monitoring the economic benefits, impacts and effects on the Tweed economy.

The Tweed and Northern Rivers Economic Model, is an award winning, best practice computer based inter-industry model of the Tweed Shire’s economy. The model was first developed in 2004 for the Tweed Economic Development Corporation. This latest update by the Western Research Institute, maintains a currency in model analysis of the Tweed economy and due to the stable structural integrity underpinning the Tweed economy, will continue to be used as an indispensable tool to assist and monitor the development of sustainable strategic planning policy development into the foreseeable future.