$5.3 billion dollars is enough to get anyone interested. That's the estimated combined value of investment over the next six years, for construction projects greater than $1 million in value, for Dubbo, Gilgandra and Narromine Local Government Areas (LGAs) according to Dubbo Regional Council.
This was just one of the insights presented at Dubbo Chamber of Commerce's recent November Breakfast. Dubbo Regional Council's Economic Development Team Leader Tim Nichols presented his team's data driven insights into the current economic environment and future prospects for the Dubbo region. Mr Nichols presentation showcased steady population growth for area, and a staggering unemployment rate of 2.1% for Dubbo (2.5% for Dubbo LGA).
Dubbo has a prime opportunity to attract skilled workers from other areas carrying high unemployment. Unemployment rates for other Evocities is much higher:
Wagga Wagga 6.05%
This shows that the information in the Skills research report is reasonable in that workers could move from other regional areas to Dubbo as there is work here and not in the adjoining regional centres. We could target Albury, Armidale, Tamworth and Wagga Wagga to attract people living in regional areas with the skills we need to fill the jobs we have in Dubbo.
With the unprecedented growth anticipated in construction projects, the Eco Dev team also highlighted the risks in skill gaps for our area. The Eco Dev team are working with local industry heads to determine the best way forward in ensuring we capitalise on this once in a generation boom, with the risk of inaction being economic leakage and a temporary workforce.
Dubbo Regional Council are investing in promotional activity to attract new skills to the Dubbo area, targeting skilled workers in areas with higher unemployment with a plan to retain these workers and increase the local economy.
It was a great boost of confidence to hear there are so many great opportunities for Dubbo and surrounding areas.
What can your business do? How can you ensure you're prepared for this opportunity?
Contact Dubbo Regional Council's Economic Development team