Port of Newcastle activity contributes $1.6 billion to the Lower Hunter economy and more than 9,000 jobs, a new report has shown.
The Report, Economic Impact of the Port of Newcastle 2016/17, was commissioned by Port of Newcastle to illustrate the importance of the many businesses and cargoes that use the port.
"We chose a leading provider, EconSearch, which has produced similar reports for Port Botany, Port Kembla and the Port of Geelong using a nationally recognised methodology," said Geoff Crowe, CEO.
"We wanted to show the Port's contribution to our community overall and per ship, as well as its contribution to the state and national economies.
"The willingness of port businesses and service providers to collaborate with EconSearch is greatly appreciated and has created a tool that we all use to promote our respective businesses."
The Port's contribution to the Lower Hunter economy in 2016/17 was:
- $1.6 billion to Gross Regional Product.
- 9,240 full time equivalent (FTE) jobs.
- Every dollar spent in the Port generated a flow-on benefit for the Lower Hunter economy of $0.84.
- Each ship visit contributed nearly $700,000 and 4 FTE jobs.
- The sectors that benefitted most from port-related activity in 2016/17 were: manufacturing; finance and insurance services; ownership of dwellings; transport and warehousing; and professional, scientific and technical services.
Recognising that industries associated with the port, such as coal mining and agriculture, contribute many additional billions, a case study on the coal industry was included. It showed that the Hunter Valley coal industry and port activity combined contributed $9.4 billion to the region's economy and $15 billion to the NSW economy.
Thank you to the port businesses and agencies who contributed to this study, and to the NSW Minerals Council which contributed to the coal industry case study data.