New South Wales recently became the strongest economy in Australia, thanks to the housing construction business. Population growth and retail sales are also booming, making it the perfect time for investors and entrepreneurs to enter the market.
In 2010-2011 the Gross State Product of NSW was A$419.9. It is the most populous state in the country with an estimated 7.5M people living there.
The NSW economy has gone from last to first in the past six years - an incredible growth spurt in other words. It represents about on-third of Australia's total GDP. Also, it’s the home of Sydney and many international companies have their Australian headquarters in the Sydney CBD, so it’s a hub for large corporations.
Coal and products related to coal are the biggest exports of NSW, amounting to 19% of all exports, bringing in over A$5 billion.
In comparison to tourism the export of coal fades - tourism alone brings in more than A$25 billion, employing over 7% of the workforce in NSW.
The Property Industry
As mentioned there has a been incredible growth in property construction in the past couple of years in NSW. 39% of the property and business service industry is based in NSW, with 73% of their regional offices there.
Not surprisingly 46% of the finance and insurance service industry has its home in NSW, with 81% of Asia Pacific finance and insurance regional offices and 80% of domestic and foreign bank headquarters. It is also a media hub with 50% of Australia’s film and TV industry and an additional 33% of the communications industry, not to mention having most of the information technology companies based in Sydney (which are often heavily linked to media and communication companies in many ways). Biotech and pharmaceutical companies are also prone to having their head offices in NSW. In the Eastern two-thirds of NSW there is also a large agricultural center, producing 99% of all the rice grown in Australia, as well as oilseed, timber and sheep. Along the coast the fishing industry is thriving.
As you can see NSW offers a diverse economy with plenty of opportunities for investors and entrepreneurs alike.
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