THE City of Sydney last week said around 2,000 new jobs a year will be created off the back of the council's record $1.94 billion infrastructure program, which includes major financial commitments for projects at Green Square, George Street, Barangaroo and Harold Park.
Lord Mayor Clover Moore said the 10-year corporate plan included more than 400 projects across the City's local government area that would provide a boost to the city's economy, businesses and employment.
"For the past 10 years the City has delivered budget surpluses. Through sensible financial management we have secured the money needed to invest in the kind of services and facilities our community deserves," the Lord Mayor said.
"Over the next 10 years these projects will generate tens of millions of dollars in new contracts with large, medium and small businesses, in turn creating and supporting jobs.
"The City will be investing in a range of new and upgraded infrastructure, facilities, buildings, parks and other community services, so all kinds of businesses will benefit from our strong financial position," Cr Moore said.
The statistics are based on a methodology developed by the NSW Treasury for State Government infrastructure, which estimated that for every $1 million spent on infrastructure, 10 full-time equivalent jobs are created.
These 10 jobs include four jobs created directly, and six jobs created as a result of the flow-on effects of the infrastructure spending, meaning more materials are produced and therefore more jobs created.
The City's record $1.94 billion infrastructure program includes:
- $220 million for the transformation of Central Sydney as light rail is installed;
- $440 million to provide community facilities, roads and drainage works for the new Green Square town centre; and
- Almost $40 million to help integrate Barangaroo with the surrounding areas.