Business in Newcastle
Newcastle boasts a diversified commercial, cultural, trade and industrial economy. This robust economy ensures Newcastle continues to cement its position as one of Australia’s key business destinations.
The 2009 Hunter Investment Prospectus (10.7Mb pdf) provides an overview of the strengths of the Hunter Region as a business investment location. The Prospectus is produced by the Hunter Economic Development Corporation to encourage investment in our region.
Economy at a Glance
Newcastle is a growing city of over 140 000 people serving a catchment of 560 000 people in the Hunter Region of New South Wales. Newcastle is the economic hub of the Hunter Region and accounts for approximately 30% of the Hunter’s developed industrial space.
While Newcastle’s industrial sector continues to play an important role in the economic strength of the city, Newcastle is no longer simply a ‘steel city’. A substantial and growing portion of Newcastle’s economy is now based around education and health services. Other major growth sectors are tourism, retail and hospitality.
Workforce
Newcastle’s workforce is now 70,000 strong. The job losses from the closure of the Newcastle steelworks in the 1990s have been offset by major growth in other industries. The region’s occupational structure has undergone significant upskilling, with an increase in professional, associate professional and clerical employment.
Business profile
While Newcastle boasts large employers such as Hunter New England Health Service and the University of Newcastle, in general there has been a shift from large-scale to smaller enterprises. In fact, small firms employing less than 10 people account for 84% of Newcastle’s 7500 enterprise.
Accessible
The port of Newcastle provides easy access to international markets while direct flights to seaboard capital cities and the city’s close proximity to Sydney reinforce Newcastle’s reputation as a central and enviable place to do business.
Attractive
Newcastle is a thriving city offering prime investment opportunities and an unsurpassed quality of life. Newcastle continues to offer individuals and families the option of a hassle-free city living, relaxing seaside abodes or rural retreats.
Affordable
Newcastle’s residential property is 30% more affordable than Sydney’s, while industrial land is typically less than half the cost of Sydney.
More information
For more information contact Council's Economic Development Unit on 02 4974 2841.
