A new report has reaffirmed Parramatta’s reputation as Australia’s next economic powerhouse.
The city’s economic growth is set to almost double in the next five years, according to the report produced by PricewaterhouseCoopers (PwC).
The Parramatta 2021 report commissioned by City of Parramatta Council, forecasts the local economy to grow by $7 billion by 2021 to $30 billion.
An additional $1.2 million will be spent on retail each day in Parramatta, while commercial floor space to increase by 232,000 square metres.
It’s estimated Parramatta will have a workforce of 186,000 within five years, while an additional 41,000 residents will call Parramatta home.
There’s also an investment boom of more than $10 billion, thanks to projects such as Parramatta Light Rail, the Powerhouse Museum relocation and the Parramatta North Urban Transformation.
The report findings were presented to more than 200 business representatives at Parramatta Town Hall on Thursday.
“This is a once in a generation economic boom,” council general manager Greg Dyer told the forum.
Greater Sydney Commission chief commissioner Lucy Turnbull welcomed the findings.
“This part of Sydney will see the most change and become one of the most liveable places in Sydney,” she said.
“The stars are aligned to Parramatta’s benefit.”
PwC economics and policy partner Jeremy Thorpe the city was starting to punch above its weight with the Sydney CBD.
The Parramatta you used to know is not the Parramatta of today or what we want to it be in the future,” he said.
“It’s no longer the daggy, way out west place some people have branded it in the past.”
Mr Dyer admitted the city’s rapid growth will bring challenges.
“There will be a lot of building and construction activity that needs to be managed efficiently as it will impact on people’s daily lives,” he said.
“The impact will be quite intense as Parramatta will be a construction zone for the next 5-10 years.”
Mr Thorpe told the Sun:
“The disruptions will be a negative but it will ultimately mean more jobs and opportunities.”
More in next week’s edition of the Parramatta Holroyd Sun.