Structural Economic Changes in Parramatta City between 2001 and 2011 – Research Paper Example

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The paper "Structural Economic Changes in Parramatta City between 2001 and 2011" is a perfect example of a research paper on macro and microeconomics. Parramatta City is one of the key cities in the economic growth of Sydney and New South Wales. Significant structural change has taken place between 2001 and 2011. A shift-share data analysis of Parramatta city indicates that the change percentage in Parramatta industries is higher compared to that of the nation, especially in mining, electricity, gas and water services and retail trade industries. In addition, the change percentage is also higher in technical, scientific, and professional services; administrative and support services; rental, hiring and real estate services; health and social assistance; and art and recreation services. There is significant growth in employment in these sectors as well as the materialization of a vibrant 24-hour inner-city economy. This report recommends increasing the capacity of local firms and industries to grow, specialize and employ; educating, retaining and attracting quality labor; prioritizing infrastructure development. In addition, increasing funds for developing the transport infrastructure and gaining support from all government tiers is also important. These strategies will help to develop the economy of Parramatta and the larger Western Sydney.

Introduction

This report focuses on the structural economic changes of Parramatta City that has taken place from 2001 to 2011 and makes various recommendations on the economic weaknesses and strengths identified. The findings, analysis, and recommendations are based on the Shift-share analysis undertaken throughout the computer workshops. The shift-share data is based on industries of employment of persons living in Parramatta City relative to the national data. Academic literature will also be used to provide background and justifications the findings and recommendations. The report will report on the town population as well as their occupations.

Literature Review

About Parramatta

Parramatta is the leading regional city as well as the central connecting point for Sydney (Parramatta City Council 2011). It is the gateway to Western Sydney and one of the six main regional cities important to the economic growth of New South Wales. It is located 24km from Sydney central business district. As the geographical, cultural, and commercial capital of Western Sydney, the city is the six largest in Australia and the second largest in Sydney. The city of Parramatta comprises four interconnected activity centers that are predominantly high value-adding industry enabling the city to create more jobs (Parramatta City Council 2011). It also has a well-developed transport infrastructure system that enables it to play an important regional role in the transport of millions of residents each day via its integrated network of road, rail, ferry, and bus services. Its centrally located, and this means that the city is an important center for financial, legal, medical, professional, and educational services (Parramatta City Council 2011). It has more than 174,000 residents. In 2006, the city of Parramatta provided employment for 79,360 people and was ranked second in Sydney (Australian Bureau of Statistics 2006). The economic development strategy of the city is aligned with the Metropolitan plan emphasis on the city CBD and Westmead; Camellia and Rydalmere are regarded as the two strategic centers as they are potential jobs-rich area and residents can access the CBD core within ten minutes (Parramatta City Council 2011). The four areas will generate large numbers of high-skilled knowledge-based jobs concentrated in various sectors. Parramatta’s vision entails being the driving force as well as the centre of most important economic regions in Australia; a center of excellence in enterprise, education, and research and a vibrant home for different communities to flourish. The city seeks to be the driving force behind new wealth generation in Western Sydney and to be the center of high-value adding employment.



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