Invest Parramatta News, March 2018 Economic Quarter Snapshot
As Sydney’s Central City, Parramatta is attracting record investment, with economic growth expected to more than double in the next four years. Parramatta’s economy is strong in all areas. City of Parramatta’s Gross Regional Product (GRP) is estimated at $25.15 Billion, which represents 4.6% of the state’s Gross State Product (GSP).
The number of jobs in the area is 165,980 and the number of local businesses 24,218. Our largest industry is Healthcare & Social Assistance (Westmead health precinct being the largest contributor to this category), and there are significant opportunities for growth in this sector and in education, retail, and tourism.
During 2018 the Parramatta Office Market has remained strong with a low total vacancy factor of 3.2% (compared to Sydney CBD at 9.2%). The vacancy rate remains well below the 10-year average of 7.5%.
New infrastructure including Parramatta Light Rail, Western Sydney Stadium, Sydney Metro West, Sydney University Campus and the Museum of Applied Arts & Sciences will continue to underpin strong economic growth in Parramatta.
At June 2017 the City of Parramatta LGA population was 243,276 and we will see an additional 41,000 people calling the City home by 2021 with our population is growing at nearly double the national rate.