It may lack the skyscrapers of Tweed or the style of Byron but Lismore’s economy grew twice as fast as the state average in 2010/11, despite the international and domestic economic downturn, with its Gross Regional Product reaching just over $2.4 billion.
The statistics feature in a new ‘Economic Snapshot’ prepared by Lismore City Council to assist the business community and prospective investors in their business planning.
Council’s business facilitator Mark Batten said the report captures a clear profile of the local economy and reveals significant growth over the past financial year.
‘There is investment and infrastructure activity to the value of $87.3 million going on, and that will mean benefits will be flowing through to the economy for years to come,’ Mr Batten said.
‘Projects include the Asia Pacific Football Institute ($5 million), retail expansion by major supermarket chains ($14.2 million), new accommodation and conference facilities ($12 million), housing projects ($7 million) and major expansion in the manufacturing industry ($30 million).
‘Critical infrastructure projects such as the Southern Trunk Main, which is an approximately $13 million project, are setting up the city to be able to absorb sustainable growth for the next quarter of a century.’
Lismore mayor Jenny Dowell said the report demonstrates that Lismore remains the service centre for the region as home to a high number of government agencies, a strong retail sector, major sporting facilities, and all major media outlets, as well as significant centralised health services and educational facilities.
‘This is a great city with an impressively diverse regional economy that is continuing to thrive despite the broader economic outlook. I am pleased Council’s business facilitator has developed such a valuable document that can give us, and potential investors, confidence in our local economy, both now and well into the future,’ Councillor Dowell said.