Mayoral Memo - 8 May 2024
In these times of heightened economic uncertainty, where the cost-of-living pressures loom large across the nation, Dubbo's economic resilience shines as a beacon of stability and growth. Dubbo residents are certainly not immune to these cost pressures but our strong local economy and robust economic health deliver advantages to our residents to help combat a variety of external pressures.
At the forefront of our economic indicators is Dubbo's employment data. We have a strong labour force participation rate of 63.3 per cent along with an impressive unemployment rate of 2.8 per cent. This is much stronger than the national average of 3.9 per cent. This low unemployment rate is a testament to our strong job market and the effectiveness of our local economic strategies, reflecting a community where those seeking work can indeed find meaningful employment. It also demonstrates what I am often told anecdotally – employers are crying out for more employees!
The diversification of Dubbo’s economy plays a pivotal role in its economic health. The top five employment sectors are Health Care & Social Assistance; Construction; Retail Trade; Education & Training and Public Administration & Safety. Recently, Construction has nudged ahead of Retail Trade, a sign of the dynamic nature of our local economy and the significant development activity currently underway.
There are many other key indicators to show the strength of our economy. The numbers through our airport obviously took a huge hit during the pandemic but year to date we have had 194,674 passengers through the airport, an increase of 11.8 per cent over the previous 12 months and on track for 200,000 this financial year.
The Western Plains Cultural Centre is a popular destination for locals and tourists alike. Over the last 12 months we have seen 141,513 visitors – an increase of 18.5 per cent year on year, underlining a flourishing cultural scene.
Approved development applications are on track this year to hit a total value of $321 million, a 3.7 per cent increase over the last financial year. This growth is mirrored in our real estate market where median house and unit prices have climbed to $514K and $339K respectively. To give you an indication of some of these developments, keep an eye out for the following major developments: A mixed use development at 40 Cobbora Road; a commercial development at 99-103 Macquarie Street; a new school building at 141 Sheraton Road; a shopping centre on the corner of Boundary Road & Stream Avenue; 164 units for seniors housing at 2 Capstan Drive and a function centre & accommodation at Taronga Western Plains Zoo.
As we continue to foster growth and development, Dubbo stands as a testament to what a city can achieve with a clear vision and strong economic fundamentals. Let’s continue to embrace these opportunities and build an even brighter future for Dubbo.
Councillor Mathew Dickerson
Mayor of Dubbo Regional Council
Last Edited: 07 May 2024