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New research has quantified the community and economic benefits of resident attraction programs that encourage capital-city dwellers to relocate to a new life in a regional city.
The research has found that, just by relocating, a household moving to a regional city can help to directly boost the economy of their new city by an average of almost $95,000 annually.
A newly relocated household also helps to lift median incomes, encourage business growth, increase tourism, and growing participation rates in local community groups, as well as increase flow-on spending across the economy in their new city.
The research was undertaken by the coalition of seven regional NSW cities who launched the Evocities resident attraction program in 2010, to quantify the value and benefits that new residents have brought to their regions.
The Evocities program primarily targets Sydney people to make a ‘city change’ and move to a quality life where a wide range of opportunities exist for personal and professional growth. The seven Evocities are Albury, Armidale, Bathurst, Dubbo, Orange, Tamworth and Wagga Wagga.
The research found that the 505 households that moved to one of these seven cities as part of Evocities have generated almost $48 million in additional annual direct spending alone for the participating regional cities.
Evocities spokesperson James Treloar said the findings presented several implications for regional cities that are looking to attract new residents.
‘New residents are lifting the skills base of the cities as we are particularly attracting people with professional qualifications and experience across a range of professions including lawyers, medical specialists, architects, and consultants,’ he said.
‘By attracting above-average income earners, we are increasing economic activity as these higher incomes are spent and flow through the economy.
‘Almost a quarter of new residents have started their own business, many of them start-ups, which may lead to further employment and population growth.’
The research also paints an interesting picture about the type of household relocating. They are most likely to be:
- two adults, most likely aged 31–35, with no children
- both working, most likely as professionals, either in a professional firm or in the healthcare sector
- household income of $90,000 to $100,000, which is above the current adjusted median income of all the Evocities
- Most have purchased a home, joined a sporting or community club, and hosted visitors in their new city.
See more at http://www.evocities.com.au/.