CCBR Business Review

Population and other demographic data Economic Pro le GrossRegional Product Headline Gross Regional Product (GRP) is a measure of size or net wealth generated by the local economy. Changes in this figure over time can represent changes in employment, productivity or the types of industries in the area. Over the ten years from 2008 to 2017 the Central Coast’s Headline GRP increased by 12.77% Local Industry GRP shows the value of the local economy, generated by the local workers within the area regardless of where they live, after taxes and dividends leave the area. It is best thought of as GRP produced by local industries. Over the ten years Local Industry GRP has increased by 16.48%. Local Residents GRP refers to the economic output of the residents of the area regardless of where they work. It is best thought of as the income received by people in the Region. If the Residents GRP is high relative to the Local Industry GRP, this indicates that residents are contributing their economic productivity to other areas (most likely commuting out). Over the ten years Local Residents GRP increased by 16.94% FY Headline GRP $m Local industry GRP $m Local residents GRP $m 2017 13,718 13,013 16,414 2016 13,497 12,658 15,885 2015 12,888 12,286 15,437 2014 12,683 11,903 14,998 2013 12,651 11,698 14,757 2012 12,529 11,956 15,125 2011 12,580 11,848 14,929 2010 12,324 11,195 14,095 2009 12,180 10,995 13,840 2008 12,165 11,172 14,036 Source: economy.id and National Institute of Economic and Industry Research (NIEIR) Employment bySector The largest employing sectors in the Central Coast region in 2016 was Health Care and Social Assistance with 18,868 persons or 12.5% of those employed, Retail Trade with 13,563 persons, Accommodation and Food Services with 9,910 and Construction with 8,642 persons. Health Care and Social Assistance grew by 14.7% over the previous five years. Retail Trade declined by 6.2% in this period and Accommodation and Food Services grew by 12.5%. Significantly, the Construction sector grew by 32.2% over the five which reflects a positive change in policies of the Gosford and Wyong Councils in that period. Manufacturing numbers declined by 1,744 or 19.5% a reflection of the number of larger manufacturers that closed or relocated from the region in the period. Central Coast – Employment bySector Industry 2016 2011 No. No. Agriculture, Forestry and Fishing 953 805 Mining 509 460 Manufacturing 7,218 8,962 Electricity, Gas, Water & Waste Services 1,130 1,259 Construction 8,642 6,536 Wholesale Trade 2,054 2,772 Retail Trade 13,563 14,473 Accommodation & Food Services 9,910 8,807 Transport, Postal & Warehousing 3,187 2,982 Information, Media & Telecommunication 1,355 1,281 Financial & Insurance Services 2,378 2,111 Rental, Hiring & Real Estate Services 2,016 1,772 Professional, Scientific & Technical Services 4,752 4,553 Administrative & Support Services 3,188 2,902 Public Administration & Safety 5,779 5,785 Education & Training 8,878 8,081 Health Care & Social Assistance 18,868 16,442 Arts & Recreation Services 1,521 1,421 Other Services 4,547 4,082 Industry not specified 4,272 2,117 Total persons 104,720 97,606 The Central Coast Ultimate Guide to Business 2018-19 39