The property industry is the biggest creator of jobs in communities right across New South Wales with 2,500 property jobs in the communities of Ryde and Canterbury-Bankstown at risk if the State Government bans new housing being delivered in these suburbs.
“The Government’s decision to block residential development in Ryde and Canterbury-Bankstown will have economic ramifications as well as negatively impacting housing affordability in those communities,” Property Council NSW Executive Director Jane Fitzgerald said.
“From the tradies on building and construction sites through to real estate and building services and other professionals like engineers and architects, the property industry is creating hundreds of thousands of jobs across NSW and this decision puts these jobs at risk.
“Nearly 8,000 people have a job in the property industry in the Local Government Area of Ryde earning a total of $500 million in total wages.
“Property contributes more than $1 billion to economic activity in Ryde alone.
“Canterbury-Bankstown has nearly 13,000 people working in property earning a total of $700 million in wages with $1.68 billion added in economic activity in the LGA.
“Shutting down housing supply not only pushes up house prices it also puts jobs and local economies at risk.
“If residential development is shut down in these suburbs, the jobs of around 2,500 people who currently work in residential construction could be at risk.
“Property related economic activity also supports local businesses – shops, services and cultural institutions.”
Data released by the Property Council and compiled by global economy consultancy AEC Group, highlights the economic importance of the property industry in metropolitan and regional areas of New South Wales.
“The property industry also contributes approximately $13.3 billion to New South Wales Government tax revenues in 2015-16, 42.7 per cent of the total collected,” Ms Fitzgerald said.
“Through building the shopping centres where we shop, the CBDs and warehouses where we work, the places where we stay on holiday and the homes in which we live, the property industry is doing some heavy economic lifting for the community and the State. ”
Source: Property Council of Australia