William Buck Director, Greg Travers, said the positive trend is pleasantly surprising and reflected firms expected growth, business sentiment, employee intent and profit.
The average growth rate for western Sydney over the next 12 months is 8.63% while the nation-wide figure is between 3-4% according to Greg.
More than 85 percent of large businesses interviewed in the bi-annual Making Western Sydney Greater research expect to grow their business within the coming year, while 66 per cent of SME businesses recorded a similar expectation.
The research is a collaborative project between William Buck, St.George, the University of Western Sydney and Western Sydney Business Connection.
The latest research report drew on responses from over 200 business owners and senior management personnel involved with businesses in Western Sydney.
Greg said that the positive trend in western Sydney had a massive impact on businesses in the region. “It is interesting to note that the business sentiment amongst large businesses has improved significantly.”
He said in the SME demographic there was a small decrease in business sentiment, but overall it remained positive.
“Both SME and large businesses are forecasting that they will exceed their revenue and profit targets. Capital expenditure is expected to be maintained for SMEs, and marginally increased for large businesses.”
He said the SME business sentiment results was unexpected, but presented an opportunity to “dig into in the next research”.
St George Executive Manager for Western Sydney, Matthew Kelly said: “Overall, the research indicates a real strength in the Greater Western Sydney economy which reflects what I’ve been hearing from St.George business customers in the region.
“It’s positive to see a big proportion of businesses expecting to grow. Many have taken concrete steps to plan and implement this growth. There are also some businesses that appear to be at the front end of their growth cycle and have not yet planned for future growth - these businesses are facing huge potential to expand their workforce and invest in the future.”
Developing the Parramatta CBD is a central focus of the State Government’s policy for the region. Special attention of the research was on business attitudes towards this strategy.
Of the businesses based outside the Parramatta LGA, 60% thought the redevelopment would directly benefit them, and 90% felt it would be valuable for the region.
Greg said: “Look at the amount of money spent on development in this area, we have never seen anything like it. It reflects how people are thinking about the area and how it impacts them.”
Three priorities to ensure the success of Parramatta as the second CBD:
• Creating improved public transport connections with surrounding Western Sydney centres.
• Increasing the number of financial and professional service businesses.
• Ensure Parramatta is developed as a “living city” by having a mix of residential, commercial, entertainment and open spaces.
