April 30, 2018/ News
Western Sydney is on the come up. With Western Sydney's economy currently booming and expected to remain strong in the foreseeable future, investment from a variety of industries are rolling in.
The main industries driving growth in this region over the past few years have been from the services sector, such as health care and social assistance, education, and public administration. This has mainly been spurred by Australia's ageing population, and the rise in demand for jobs related to this demographics trend.
However, construction is also set to be a major contributor, due to the significant growth in residential construction and public infrastructure that is taking place. One of the most prominent infrastructure projects that will do wonders for the West, is the construction of the Western Sydney Airport.
Western Sydney Airport (WSA)
The construction of the Western Sydney Airport has finally been given the go-ahead after what seems like lightyears of public debate. Despite, some of the doubts expressed by residents concerning the site of the airport and its viability, the benefits that will be reaped from the development of the Western Sydney Airport will far outweigh them. The 3 main benefits that the Western Sydney Airport will deliver, include job creation, increased economic activity for surrounding local communities, and increased capacity for air traffic in the Sydney area.
The sheer scale of the Western Sydney Airport Project, will require all hands on deck. Tens of thousands of jobs are expected to stem from the establishment of this new airport, which will come as very welcome news for local residents. Currently, swarms of Western Sydney residents leave local areas to work in more job dense locations, such as Sydney CBD, North Sydney, and Macquarie Park. However, with a swell of jobs expected to come from this major infrastructure project, as well as the promise of ongoing work once it has been completed, it will help to prevent Western Sydney from losing talented and skilled individuals.
Direct jobs will be created to facilitate the construction and operations of the Western Sydney Airport, as well as growth in indirect jobs from the expected influx of businesses and tourism in surrounding communities.
The construction of the Western Sydney Airport alone will generate approximately 11,000 construction jobs. This will prove to be a rich source of employment for a number of construction workers, labourers, and tradespeople. Once construction is complete, there will be thousands of full-time positions for operating and maintaining the airport, as well as general job growth related to the inevitable boost in business activity in nearby communities.
Urban Infrastructure Minister, Paul Fletcher, has also shown a continued commitment to empowering Western Sydney locals, by promising to prioritise candidates from the Liverpool area for the roles being offered.
Increased Economic Activity
As touched on earlier, the construction of the Western Sydney Airport will help to significantly boost economic activity for suburbs in Sydney's West. The Western Sydney Airport holds incredible potential in terms of the economic benefits that it will have for the region, since it will effectively improve accessibility and make it a more viable option for commerce to take place. Deloitte estimates that between 2020 and 2050, the Western Sydney Airport could contribute $9.2 billion to $15.6 billion to the Western Sydney economy, and $15.7 billion to $25.6 billion to the overall economy of Sydney.
The Western Sydney Airport will help to increase the visibility of this region on a global-scale, and encourage international investments in a range of industries, such as manufacturing and logistics, retail, health services, education, etc. This is because the Western Sydney Airport will enable direct connections with overseas markets, and reduced transportation times and costs. The WSA will be Western Sydney's gateway to international business opportunities and the rest of the world.
The Western Sydney Airport will also be extremely beneficial for Sydney's tourism industry and the communities that rely on the revenue that comes from it. Landmarks and notable destinations further west, like the Blue Mountains, will be much more accessible to a large pool of people, as well as new audiences. The increased traffic enabled by the WSA, is expected to boost Western Sydney's tourism industry to $10.2 billion.
Increased Aviation Capacity
The most obvious benefit that the Western Sydney Airport will deliver is the expanded aviation capacity it will create. According to Commonwealth Bank's estimates, Kingsford Smith Airport (KSA) will reach capacity in 2025. The Sydney Airport Corporation has a much more generous forecast regarding KSA's capacity, with an estimate 0f 2045. Regardless of which estimate you believe to be more accurate, the need for a second airport is inevitable.The Tourism and Transport Forum (TTF) released a report firmly indicating that a new airport will be required by 2035, in order for Sydney to keep up with the significant growth in demand for both international and domestic travel. This aligns with timeline of the WSA, since it is expected to be open and fully operational by 2026.
The WSA will help to alleviate the pressure being caused by the bottlenecking of air traffic movements currently being experienced at Sydney's only airport - Kingsford Smith Airport.
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