Albury has experienced a significant increase in gross regional product according to AlburyCity's most recent Economic Indicators Report.
The report, presented to Council at its 25 November meeting, shows gross regional product for Albury was $5.02 billion as at June 2023, an increase of 11.8% from June 2022.
The combined GRP for the Albury and Wodonga local government areas was $9.24 billion for the same period, an increase of 11.1% on the previous financial year.
AlburyCity has produced the Economic Indicators Report for the past 15 years to provide an overview of the city's economic, demographic and development indicators and trends.
It is compiled from a range of sources, including the Australian Bureau of Statistics, the Council's own construction statistics, Charles Sturt and La Trobe universities and the National Property Group.
Other notable statistics in the report include:
- Significant increases in value-add growth in the education and training (+62%), administrative and support services (+53%) and accommodation and foods services (+40%) sectors over the previous financial year.
- As at June 2024, Albury's labour force was 33,601.
- An average population increase of 1.3% per year in Albury since 2018, faster than the regional NSW average of 0.90%. The report projects that Albury's population is expected to reach 72,443 by 2040.
- A 15.6% increase in university student enrolments across Albury and Wodonga to 4,562 in 2024.
- The 2023-24 value of construction for Albury was estimated at $147.2 million, 23% lower than the prior five-year average.
- 518 construction certificates were issued in 2023-24, with residential projects (484) outweighing commercial projects (34).
- An 8% increase in residential property sales compared with the previous financial year, with the city recording 939 house sales with a median house price of $590,000, an increase of 7%.
Albury Mayor, Cr Kevin Mack, said, "Despite disruptions in both the national and international economies, the report underscores the strength of Albury's economy."
"The consistent growth in our gross regional product reflects the diversity and resilience of our industries and reinforces why Albury remains one of Australia's premier regional centres for business investment.
"We are also witnessing a steady increase in the number of people choosing to live in Albury, a positive sign and strong indicator of a thriving community.
"However, we also acknowledge the ongoing challenges of housing availability and affordability, as evidenced by a decline in residential construction and the rise in median house prices."
The full Economic Indicators Report can be read here.
