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Health

The City of Parramatta’s $2.4 billion health care sector is thriving. It’s the City’s largest employment sector, providing more than 27,000 jobs in 2017-18.  The health sector is largely concentrated in the Westmead Health Precinct, just three minutes by train from the Parramatta CBD. It services more than a million patients each year for 10% of Australia’s population.  With four existing hospitials and three research institutions in Westmead, Health Care has had the largest employment growth among all other industries in Parramatta.Most of this growth is due to investment in the Westmead health precinct including a $3.4 billion dollar commitment from the NSW Government, University and private sector upgrades to expand health services and public transport infrastructure in Westmead. 

More than 3400 students are studying at the University of Sydney and Western Sydney University campuses in Westmead. Both universities are planning to expand in Westmead. Total investment for these plans is worth almost $1 billion.  Student numbers in Westmead are forecasted to grow to 8500 over the next 10 years. 

The health sector is expected to grow from 18,000 jobs in 2016 to 50,000 full-time staff jobs by 2036. Deloitte Access Economics projects that the increase in employment by 2036 will deliver $2.8 billion of extra economic output per year. With the number of people working in Westmead set to grow, so too will the number of people living and socialising in the area. More than 3000 new dwellings will be built.  

A total of $5.8 billion of investment is underway in Westmead at various stages over the next decade. This includes $2.4 billion potential development and $3.4 billion currently being delivered or under planning

The NSW Government has committed more than $900 million for Stage One of the Westmead Redevelopment project, which includes the construction of a new acute services building that will link Westmead Hospital to The Children’s Hospital. 

The NSW Government has committed to building a new light rail service that will run from Westmead through to Carlingford, via the Parramatta CBD. Construction is scheduled to start in 2020 and it’s expected to be completed by 2023.  As part of the Sydney Metro West project, the NSW Government has also committed to building a new underground metro station at Westmead, which will improve access to health services and facilities in the area. 

More information
Download the Health Care Sector flyer.
 

Financial Services

The finance and insurance services sector is the largest industry in the City of Parramatta by output. It generated $9.09 billion in 2017–18. It’s the 4th largest employing industry in the City, generating 17,000 jobs.  It has also been the fastest growing industry in absolute terms. Output has increased by $3.6 billion since 2007–08.  The City of Parramatta is home to a range of banks, insurance providers and financial advice firms.

Banks in Parramatta include ANZ, Commonwealth Bank, HSBC, St. George/Westpac, NAB  is expected to relocate to Parramatta Square in 2020.  Insurance groups in Parramatta include QBE, AON and IAG. Financial services in Parramatta include GE and AMP.

Future growth of the financial services sector
Fast growth in the finance and insurance services sector is expected to continue with PwC projecting that the sector will generate 3600 new jobs and an additional $2.2 billion of output by 2021. Demand for office space in Parramatta is forecast to triple over the next three years. NAB will relocate 3000 employees to 3 Parramatta Square by 2021. QBE is set to lease office space in a new office tower at 32 Smith Street in the Parramatta CBD. Office space in Parramatta is almost half the cost in the Sydney CBD at $520 per square metre versus $1030 per square metre.

A world-class business district
The supply pipeline of prime office space will provide leading financial institutions with attractive spaces to help solidify their presence in Western Sydney.  Over the next four years, Parramatta will become a 1 million square metre CBD as 300,000 square metres of office space is added. This will provide much-needed relief to one of the tightest prime office markets in the country where the prime office space vacancy rate in Parramatta remains stable at 1%.

More information
Download the Financial and insurance services fact sheet.

Government

The NSW Government will relocate more than 4200 public service roles from the Sydney CBD to Western Sydney by 2021 as part of its ‘Decade of Decentralisation’ initiative. More than 1800 public sector roles have already relocated since 2011.

Securing office space in Parramatta
The Government wants to secure up to 45,000 square metres of leased office space in Parramatta from 2022 to accommodate more than 4000 workers under an initial 10-year lease.  The Government has leased 25,000 square metres of office space at 105 Phillip Street, Parramatta, for the Department of Education.  In late 2019, a further 65,000 square metres of office space at 4 Parramatta Square will be occupied by the Department of Planning & Environment, Department of Industry, Department of Finance, Services and Innovation

Local economy boost
The flow-on benefits from the relocation will be many. It will have a positive impact on local business, stimulating Parramatta’s economy. And by bringing jobs closer to home, it will reduce congestion on roads and public transport.  There are also significant cost savings in leasing office space away from the Sydney CBD. Recent Property Council of Australia data shows Parramatta office rents are as much as half of those in the Sydney CBD. 

Moving agencies away from the Sydney CBD
The Government’s office footprint in Parramatta could match the Sydney CBD by 2022. Under the Decade of Decentralisation policy, the Government has committed to reducing its CBD office space holdings by at least 100,000 square metres by 2021. It’s CBD office space will reduce as jobs and government agencies relocate to other metropolitan and regional areas such as Parramatta.  The Government currently leases around 147,000 square metres of office space in Parramatta compared to about 285,000 square metres in the Sydney CBD. 

Parramatta is the ideal choice for relocation
Significant investment in major infrastructure such as the Parramatta Light Rail, Sydney Metro West project, the new Museum of Applied Arts & Sciences, Bankwest Stadium, and its geographic location makes Parramatta and ideal place to establish a hub for public sector workers to live, work and play.  

Learn more about the Government’s Decentralisation Policy. 


 

Education

The City of Parramatta’s education and training sector is a $1.2 billion industry. It employed more than 12,000 workers in 2017—18. It has been one of the fastest growing industries in Parramatta for employment, growing by almost 70% over the last 10 years.  The NSW Department of Education relocated to Parramatta in 2018, bringing 1800 jobs into the City and leasing 25,000 square metres of office space at 105 Phillip Street. Parramatta has a strong culture of education, research and development. Australia’s largest concentration of health, education and research facilities will continue to expand with significant investment planned in the education sector. 


Western Sydney University and the University of New England (UNE) have campuses in the Parramatta CBD. Parramatta is seeing a shift towards a modernised and integrated core of educational precincts in the heart of the City. Leading this is the educational hub at 1 Parramatta Square, which creates opportunities for collaboration and industry-focused research between Western Sydney University students, PwC and Sydney Water.  The planning of future education and training precincts are set to follow this model of collaboration between industry and academia with hubs being incubated within the CBD, Rydalmere and Westmead. One such hub in the Parramatta CBD is the $280 million world-class 19-storey engineering innovation hub joint venture between Western Sydney University and the University of NSW, scheduled to open in 2021.  

Tertiary education and research sector in the City of Parramatta
With more than 9 university campuses, colleges and graduate schools, the City has a strong culture of education, research and development. Campuses and future campuses include: Western Sydney University, University of Sydney, University of New England, University of New South Wales, Charles Sturt University, Sydney Graduate School of Management, Raffles College of Design and Commerce.

Future growth of the education precinct in Westmead
The City has Australia’s largest concentration of health, education and research facilities at Westmead with four hospitals, two universities, two large research institutes and many allied health centres. More than 3400 students study at the University of Sydney and Western Sydney University campuses in Westmead. Both universities are planning to expand in Westmead. Total investment for these plans is worth almost $1 billion. Student numbers in Westmead are forecasted to grow to 8500 over the next 10 years. Key investments in Parramatta’s education and training industry are set to continue this trend of significant growth as several leading academic institutions are expanding into Parramatta over the next two decades.  In the longer term, the University of Sydney Parramatta-Westmead campus proposal’s $500 million investment will create space for an extra 25,000 students, generate 20,000 jobs and add $13 billion to the economy by 2050. 

Primary school education sector in Parramatta
Primary education options are broad. The culturally-rich Parramatta Public School accepts 97% enrolments from non-English language backgrounds. Parramatta’s residents more qualified at the postgraduate level than the average Sydneysider. The area’s highly-educated parents are keen to give their children quality learning experiences too.  High school education sector in Parramatta
Quality education in high school is also evident. James Ruse Agricultural School has achieved the number one ranking in the NSW Higher School Certificate for more than 20 years. Other schools such as the prestigious The King’s School and Tara Anglican School for Girls are recognised as high achieving, non-selective schools.  The new high-rise, vertical campus for Arthur Phillip High School in the heart of the Parramatta CBD will open in 2020.  

More information
Download the Education and training flyer. 

Professional Services

The professional services sector in the City of Parramatta is a $3.02 billion industry. Parramatta continues to transition into a knowledge-based economy. The professional services sector has grown by more than $1 billion over the past decade.  As the composition of the City’s economy continues to change, the demand for a diverse range of professional services in Parramatta has been growing. The professional services sector in Parramatta includes a range of services professional, technical and scientific services, and legal services, architects, engineers and accountants. 

Public sector growth in Parramatta
As the NSW Government relocates its agencies to the city, and together with the private sector corporations and the construction boom in the City, the appetite and client base for various professional advisory services has expanded. 

Expansion of accounting firms in Parramatta
Deloitte, KPMG and PwC are some of the leading professional services firms that have responded to the dynamic conditions of the economy in Parramatta. They have expanded to, maintained and bolstered their presence in Parramatta.  They are offering a suite of consulting services beyond their traditional accounting practices. These services include engineering, economics and management consulting. They aim to offer holistic professional services to the Greater Western Sydney market.

Legal services in Parramatta
Parramatta’s Legal Services industry has the highest concentration of law courts and jobs outside the Sydney CBD. There are more than 1000 legal professionals practicing in the City of Parramatta. The Parramatta Justice Precinct is at the heart of Parramatta’s legal services sector, which houses key courthouses and corporate headquarters that provide essential judicial and administrative functions across NSW.

Future growth of the professional services sector
More than 4200 public service roles will be operational in Parramatta by 2022 across the following four government agencies: NSW Department of Education, NSW Department of Planning & Environment, NSW Department of Industry, NSW Department of Finance, Services & Innovation. Demand for professional services is expected to continue to grow with the expansion of the City, as government infrastructure projects and blossoming business districts create a market for professional services. $10 billion public and private investment is driving demand for engineering and architectural services.  Together, these growth drivers are expected to create an extra 1700 professional jobs in Paramatta by 2021. 

More information
Download the Professional Services Flyer. 
 

Small Business

Small business is the backbone of any city’s economic success. It’s no different in the City of Parramatta. The greater Parramatta region has more than 20,000 small businesses across a range of industries including a flourishing retail and hospitality sector, health and administrative services.  The combination of steady population growth, a thriving CBD and increased investment from government, means Parramatta offers small businesses the right environment for success. 

Small business seminars and workshops
Running a business requires a broad set of skills. The Council partners with government agencies and teaching institutions to provide programs and initiatives that support new and existing small businesses. These include practical seminars and workshops on Developing your businessImproving employment skillsUnderstanding regulations and permit requirements. The Council was Service NSW’s first partner with their ‘Easy to do Business’ program, which is a NSW Government program aimed at reducing red tape and other complications when starting or growing a business. 

Opportunities for small business in Parramatta
The City continually looks for opportunities to further develop Parramatta into a city that welcomes and nurtures small business. It’s important that affordable commercial spaces are available to attract, retain and grow more diverse small businesses and broaden the city’s economic base. Large development and urban renewal projects throughout the City in the following precincts are presenting small business with numerous opportunities within the Parramatta CBD, Parramatta Square, Parramatta North, Sydney Olympic Park, Auto Alley, Epping, Camellia, Rydalmere, Westmead, Silverwater, 

More information
Visit the Council’s website for more information on setting up and running a small business or visit Service NSW.
 

Retail and Commercial

The City of Parramatta’s retail trade sector is worth $1.3 billion. It employed 10,560 workers in 2017–18. With more 200,000 square metres in retail floor space and the equally largest Westfield in New South Wales, Parramatta is already a major retail destination. More than half of Parramatta’s retail trade sector opportunities are outside food and beverage, and fashion retailing. Food and beverage retailing comprise 27% of the retail trade industry while fashion retailing captures the remaining 19%.  Parramatta’s retail strips extend beyond Westfield and into the CBD and surrounding neighbourhoods. Destinations such as Eat Street on Church Street, Carlingford Court and  Winston Hills generate significant retail activity for the City.  Although employment in Parramatta’s retail sector has declined over the last 15 years, this is on par with trends across New South Wales. Factors such as online shopping have impacted consumer behaviour globally.  Despite this, output over the same time period has increased steadily. Parramatta’s growing population, increasing visitor economy, expanding workforce and investment boom are driving the retail trade industry.

The visitor economy in Parramatta
Around 1.28 million people visit Parramatta each year. This provides significant retail opportunities in the City.  Major music festivals, sporting fixtures, cultural venues and recreational activities already make Parramatta an attractive tourist destination. This includes the 11 major Council-sponsored events that are estimated to have brought in 265,000 visitors in 2016 which are: Parramatta Lanes, Naidoc, Winterlight, Loy Krathong, Parramasala, Sydney Festival, Tropfest, Christmas, New Year’s Eve, Australia Day
Lunar New Year. 

Future growth of the retail sector in Parramatta
Parramatta’s retail trade sector is projected to remain a robust and growing industry due to three key drivers of growth being population and employment growth and city devleopment. By 2021, these growth drivers will create an extra $3 billion in retail turnover in the city centre. This equates to an extra spend of 1.2 million per day. 

Population growth in Parramatta
In 2016, Parramatta had 240,000 residents. By 2036, this figure is expected to increase to 416,000. Western Sydney’s population was 1.9 million in 2016. By 2036, this figure is expected to increase to 3 million. 

Employment growth
An extra 22,000 workers are expected to be employed in Parramatta by 2021. In the short term, this will create 2000 retail and wholesale employment opportunities, supported by construction workers who are also consumers.  In the longer term, 72% of all employment growth (or 16,000 jobs) will be distributed among white-collar industries, which creates a demand for a diverse retail mix.  By 2036, 113,000 extra jobs are expected to be created in the Parramatta region. 

City developments
The City of Parramatta is undergoing unprecedented growth. Here are some of the major developments in the City that are expected to impact and stimulate the local economy:Museum of Applied Arts and Sciences (MAAS) is expected to bring in more than 1 million visitors per annum by 2022
The University of Sydney and University of New South Wales campuses will attract a young and vibrant student population
Bankwest Stadium successfully opened in April 2019 with sell-out events attracting 30,000 visitors to the City 
Riverside Theatre redevelopment to expand and upgrade the existing theatre offering in Parramatta
Light rail, Metro West and WestConnex infrastructure developments improving accessibility into and within Parramatta
More than 21 mixed-use developments are in the development pipeline, which would add an extra 170,000 square metres of commercial space to the CBD, of which, 5-10%  could have retail use

More information
Download the Retail Trade flyer.