12 May City of Greater Bendigo in the news using REMPLAN
City of Greater Bendigo – using REMPLAN to promote the region and industry strengths
REMPLAN recently completed a report on behalf of the City of Greater Bendigo. The report was commissioned to understand the value of residential building construction within the region.
The report contained data relating to the economic contributions of the residential building construction sector in terms of output, employment, wages and salaries and value-added. The data was compared to the City of Ballarat and City of Greater Geelong to highlight the relative economic contributions of this sector across these regions.
In addition to economic data, obtained from “REMPLAN Economy”, the report provides an analysis of residential building approvals (number and value) from the City of Greater Bendigo’s Online Economic Profile.
The report also identifies the distribution of residential building construction by location (based on ABR data provided by Council), as well as a residential market analysis including median price trends and home ownership.
Not only has the report provided City strategy manager Trevor Budge with region specific analysis to make the following statement, “the data confirmed that a strong and adaptable residential construction sector is crucial to the city’s future development”; it has also provided insights for the Urban Development Institute of Australia.
Construction Works Hard For City
“Bendigo’s construction industry contributes about $922 million to the city’s total economic output”
According to REMPLAN research, more than $260 million comes from the residential building construction sector.
The Residential Building Construction Economic Analysis, gave estimates about the economic contributions of residential building construction in terms of output, employment, wages and salaries, and value-added.
The data found 6.7 per cent of local are employed in construction with an additional 659 people employed in residential building.
The analysis will be unveiled tomorrow and will discuss ways the industry can adapt and meet the requirements of the city’s housing sector.
City strategy manager Trevor Budge said the data confirmed that a strong and adaptable residential construction sector is crucial to the city’s future development.
“From 2001 to 2013, the number of residential building approvals increased 16 per cent, the majority of which were ‘new houses’,” Mr Budge said.
“The result of this rapid growth also has flow-on affects to the wider Greater Bendigo economy- residential building construction in Greater Bendigo makes a greater relative contribution to the region’s annual output compared with that of other regional cities Ballarat and Greater Geelong.
“To encourage and accommodate development, it is important local industry meets this demand with high quality, affordable and diverse housing options.”
Urban Development Institute of Australia board member Damien Tangey said the residential development sector would need to shift its mindset to ensure the city’s growth.
“Greater Bendigo will experience significant demographic change in the next decade – households are forecast to become smaller and we’re going to live longer – so local engineers, surveyors, developers, real estate agents, builders and others associated with the urban development sector will need to identify how they can work together to vary their housing products to meet these more diverse community needs,” he said.
Council commissioned the research to understand the real value of residential building construction in the region. For more information, please contact REMPLAN.
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