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Upper Hunter Diversif Report 1 Final Regional Economy Report Rev July

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Upper Hunter Diversif Report 1 Final Regional Economy Report Rev July Report 1 Final March 2011 Upper Hunter Economic Diversification Project Report 1 of 3: Upper Hunter Regional Economy and Industry Report Buchan Consulting March 2011 This project is supported by: Trade & Investment Office of Environment & Heritage Department of Premier & Cabinet Report 1 Final March 2011 Table of Contents Table of Contents ...........................................................................................................................................................................................................1 Executive Summary .......................................................................................................................................................................................................3 1 Introduction.........................................................................................................................................................................................................8 2 Region and Economy .........................................................................................................................................................................................9 2.1 Overview.......................................................................................................................................................................................................9 2.2 Population Characteristics..........................................................................................................................................................................11 2.2.1 Population Size ...............................................................................................................................................................................11 2.2.2 Age Structure ..................................................................................................................................................................................11 2.2.3 Population Projections ....................................................................................................................................................................13 2.3 Economic Structure ....................................................................................................................................................................................15 2.3.1 Key Industry Sectors.......................................................................................................................................................................15 2.3.2 Jobs in the Region ..........................................................................................................................................................................15 2.3.3 Employed Residents .......................................................................................................................................................................20 2.3.4 Hours of Work .................................................................................................................................................................................23 2.4 Income in the Region..................................................................................................................................................................................24 2.4.1 Wage and Salary Income................................................................................................................................................................24 2.4.2 Weekly Income................................................................................................................................................................................31 2.5 Housing Market...........................................................................................................................................................................................32 2.5.1 Housing Prices in the Region..........................................................................................................................................................32 2.5.2 Rental Housing in the Region .........................................................................................................................................................33 2.5.3 Building Trends ...............................................................................................................................................................................34 2.6 Unemployment............................................................................................................................................................................................35 3 Agribusiness .....................................................................................................................................................................................................36 3.1 Overview.....................................................................................................................................................................................................36 3.2 Equine Industry...........................................................................................................................................................................................40 3.3 Wine Industry..............................................................................................................................................................................................43 3.4 Beef Industry...............................................................................................................................................................................................44 3.4.1 Overview .........................................................................................................................................................................................44 3.4.2 Industry Structure............................................................................................................................................................................44 3.4.3 Future of the Sector ........................................................................................................................................................................45 3.5 Dairy Industry..............................................................................................................................................................................................46 3.5.1 Overview .........................................................................................................................................................................................46 3.5.2 Industry Structure............................................................................................................................................................................46 3.5.3 Processing Sector...........................................................................................................................................................................47 3.5.4 Current Market Situation.................................................................................................................................................................48 3.6 Poultry Industry...........................................................................................................................................................................................48 3.6.1 Overview .........................................................................................................................................................................................48 3.6.2 Industry Structure............................................................................................................................................................................49 3.6.3 Future of the Sector ........................................................................................................................................................................50 3.7 Emerging Areas ..........................................................................................................................................................................................52 3.7.1 Crops for Hunter - Industrial Hemp Fibre........................................................................................................................................52 3.7.2 Gloucester Growers Cluster............................................................................................................................................................53 4 Tourism.............................................................................................................................................................................................................54 4.1 Overview.....................................................................................................................................................................................................54 4.2 Hunter Tourism ...........................................................................................................................................................................................54 4.3 Upper Hunter Tourism Regions..................................................................................................................................................................54
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