Wednesday, March 5th, 2014

Jobs in the City of Sydney area are increasing at twice the rate of the rest of metropolitan Sydney.

And over the past five years, 40 per cent of all jobs growth across metropolitan Sydney took place in the City of Sydney area.

Evidence of the strength of the local economy comes from a major new survey of all 21,644 businesses in the area, carried out by the City and from the census done by the Australian Bureau of Statistics.

The City’s Floor Space and Employment Survey illustrates the resilience of  the area’s economy with the biggest growth in the professional and business services sector which has added 748 new businesses.

Despite the impact of the global financial crisis, which began in late 2007, the workforce in the city area  grew by 13.6 per cent, an extra 52,306 workers. The number of businesses grew by 2,065, or 10.5 per cent.

Lord Mayor Clover Moore said the study showed business numbers were growing in all ten of the villages that make up the City of Sydney.

“We work very hard to make the city attractive for business and this study shows our efforts are reaping rewards with more than 50,000 jobs created in   the past five years,” the Lord Mayor said.

“Pyrmont and Ultimo alone had 47 per cent jobs growth, which shows how the City of Sydney is the destination of choice for many businesses wishing to set up or expand.

“Digital businesses, education and tourism are just some of the areas which are booming and providing jobs for people across Sydney.”

The number of businesses and jobs outside the city centre has also grown   strongly, with Pyrmont and Ultimo seeing a 46 per cent leap in jobs. The area around Glebe had a 38 per cent rise in employment and Chinatown and Haymarket rose by 23.4 per cent.

The 26-square kilometres that make up the City of Sydney area is also the fastest growing residential area in NSW with the population increasing by 37 per cent in the ten years from 2002 to 2012.

Increasingly, city residents are choosing to work near their homes. Around 65   per cent of working residents are now employed by businesses located within  the City of Sydney boundaries, up from less than 50 per cent five years ago.

Details of the city’s economic health are in the most comprehensive survey of   its type compiled after 20 City representatives spent nine months visiting   every business in the area, recording activity and employment in 700,000   separate work and other spaces.

Some areas of the city have seen dramatic levels of growth including the Pyrmont and Ultimo area which had an increase of 37 per cent in the number of businesses over five years.

After the professional and business services sector, the biggest increases   were in the food and drink category with 540 additional businesses. The   retail and personal services sector was next with 286 more establishments.

Research Manager for the City of Sydney, Steven Hillier, said the study provided vital information to help the City plan for the future and   illustrated the resilience of the City’s economy despite varying economic conditions.

“The city economy has weathered the global financial crisis and the data has shown, when compared with the latest ABS Census, that the City is the State’s economic powerhouse,” he said.

Snapshot of business in the City of Sydney area 2007-2012:

• Approximately 20 per cent of all employment in metropolitan Sydney is in the City of Sydney area;
• The workforce has grown from 385,421 to 437,727;
• Professional and business services added most new workers – 21,920, up 39.7 per cent;
• Food and drink sector added second most number of jobs with 9,474 workers, up 44.7 per cent;
• Finance and financial services remains the largest employer with 22 per cent of all workers. Employment in this sector grew 6.1 per cent with 5,553 new jobs.
• Around 60 per cent of metropolitan Sydney hotel rooms are in the city with around 80 per cent of all backpacker beds;
• There was a12.3 per cent increase in hotel rooms from 18,072 to 20,299 and a 19 per cent increase in serviced apartments from 3,814 to 4,541; and
• There was a 60.9 increase in backpacker beds from 3,867 to 6,223.

Reports http://www.cityofsydney.nsw.gov.au/learn/research-and-statistics/surveying-our-community/floor-space-and-employment-survey/2012-fes-overview-and-summary-reports