Tamworth Regional Council - Economic Overview
Economic Development Strategy | Economic Profile | Tamworth Regional Dairy Group
Tamworth is a vibrant and growing destination. It is the largest inland NSW city west of the Great diving range, located 400km from Sydney and 600km from Brisbane on the inland corridor route. In December, Tamworth was awarded the title of best country town by Traveller magazine (part of Fairfax media) as one of their chosen ‘perfect’ towns in Australia. The Tamworth region is in a strong economic position with a Gross Regional Product (GRP) estimated at $2.8 billion, representing 0.6% of the state's Gross State Product (GSP).
Annual GRP has shown continued steady growth for the past 10 years.
Growing annually at a steady rate of 1.3%, the Tamworth region has a population of over 61,000 people (85% of which is based in Tamworth itself) that has made the region an attractive destination for business and investment. The region has a population catchment with over 200,000 people living within 2 hours of Tamworth.
The region has significant capital investment on the cards and currently underway. Based on reported ‘intention’ to develop, there is over $700m in Capital Projects being talked about and in development for the Tamworth region within the public sphere (registered DA’s, media announcements and other).
As at June 2015, the region plays host to 27,298 jobs and sits at a 7.45% unemployment rate, which has remained consistent since 2011. What has been traditionally dominated by agriculture, the economy is starting to transition to other industries, with retail trade now being the region’s largest industry employer with 13.9% of the region’s employment, followed by health care & social assistance (12.5%) manufacturing (10.5%) and most recently, construction (10%) due to the region’s economic development.
The region has in excess of 5,250 businesses and one of the largest Business Chambers in NSW.
It is a diverse economy, with a variety of industry and sectors. Total exports exceed $860 million, including;
Tamworth has strong destination awareness, strengthened by the annual Tamworth Country Music Festival. The festival has been going on 45 years and the economic benefit to the regionl is significant, generating an estimated $50m of economic benefit to the community. The festival receives approximately 50,000 visitors every year, making it Australia’s largest Country Music Festival and one of the largest Country Music Festival’s in the world.
With countless events and an array of experiences across the year, Tamworth receives over 1.1million visitors every year. In 2014, tourism alone for the Tamworth region generated over $239m towards the economy.
For further details:
Director Business & Community
Sources : Informed Decisions, ABS, Tamworth Regional Council.