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WAGGA WAGGA'S ECONOMY AGAIN STRONGER THAN NSW ECONOMY!
The latest research on Wagga Wagga's economy commissioned by the Economic Development Division of Wagga Wagga City Council shows that Wagga Wagga's Gross Regional Product (GRP) increased by 3.3% in the year to June 2010 to $3.4 billion. Over the past four years the Wagga Wagga economy has experienced growth of 5.0% per annum - well above the State growth trends of 2.2% p.a. over the period.
In 2009-10, Wagga Wagga's top five sectors by contribution to Gross Regional Product were:
1. Public administration and safety, generated an estimated $349 million - over 12.1% of Wagga's industry contribution to industry value-add. The strength of this sector is primarily due to the military presence in Wagga Wagga in the form of the Kapooka army training facility and the Royal Australian Air Force base.
2. The manufacturing sector was Wagga Wagga's second largest sector ($309 million) in 2009-10, representing 10.8% of industry value-add. Food product manufacturing and machinery and equipment manufacturing activities are the major contributors to the economic activity of this sector. Cargill Beef Australia meat processing works (650 employees), Heinz Australia (123 employees) and Fonterra Riverina Fresh (100 employees) are major employees in the food processing sector based in Wagga Wagga. In addition to food processing Austrak, Australia's leading manufacturer of rail sleepers, is based at Bomen Business Park as is pipe manufacturer Vinidex.
3. Financial & insurance services was the third largest sector of the Wagga Wagga economy ($267 million).
4. Health care & social assistance was the fourth largest sector ($240 million), due to the presence of major public and private hospitals, allied health and aged and community care services in Wagga Wagga. In 2009-10 the sector generated 9.4% of total industry value-add.
5. Education & training was the fifth largest sector, ($225 million). The Wagga Campus of Charles Sturt University (CSU) is CSU's biggest campus with some 12,000 enrolled students and 806 EFT (Equivalent Full-time Staff). NSW TAFE Riverina Institute has 10,000 students and 421 EFT.
The chart attached shows contribution to Gross Regional Product by sector.
The next Economic Snapshot of Wagga Wagga is due out shortly.
