Economic development and regeneration overview
Summary of indicator
| Indicator Name | Economic development and regeneration |
| Indicator Type | Supplementary |
| User Outcome | Local opportunities |
Objective
To understand contributions to economy across places in NSW.
Application guidance
Economic value can be measured directly in higher property values, urban regeneration, the turnover of local businesses, and vacancy rates. Economic value can also be indirect, such as creating places that attract global talent or delivering health benefits from active transport options.
This indicator will support practitioners to understand the potential economic development and regeneration by assessing employment growth, population growth, land use changes and major projects that have been considered in the Government pipeline. Based on the outcome of the assessment, practitioners can determine how fast economic development is expected to grow over the next 20 years.
Practitioners can use the employment growth metric to measure the employment growth rate in 2036 from 2016.
Practitioners can use the population growth metric to measure the population growth rate in 2036 from 2016.
Metrics
Related indicators
 | Amenity and Use Public space |
 | Green and Blue |
Recommendation
- A better indicator would be gross regional product (GRP) in $ value terms. However, GRP data is not available on a small area basis. This metric is not additive across travel zones to regions however defined. The metric for NSW equals 100%
- Practitioners should consult DPIE Major Projects to assess the presence of major projects within the study area, which will impact on the economic development and regeneration of that area. Practitioners will need to use their own judgement to determine the level of potential impact a major project may have on their project/study area. DPIE Major Projects can be viewed here
- Practitioners should also consider future land zoning changes to determine whether any planned intensification or changes to existing land uses are expected to impact on their project/study area. Practitioners will need to assess and use their own judgement to determine the potential impact. Land zoning data can be found using the Environmental Planning Instrument, Land Zoning link.