Inverell Shire Local Government Area NORTHERN INLAND NSW Inverell Shire Local Government Area At a Glance Inverell is a friendly town with a strong family atmosphere and community cohesion. From the central business district to the outlying areas of Inverell, the community has developed its unique character on foundations of unity and rural resilience. Inverell continues to produce an annual growth rate of 2.79%, making the town one of the fastest growing centres in New South Wales. The lifestyle the community enjoys cannot be replicated anywhere else. The aged remain to enjoy their retirement, the strong business community is moving from strength to strength, and young people, once upon a time leaving in search of life experience, return to Inverell to raise their own families in Inverell’s warm and welcoming community. Land area (sq. km) Population Gross Regional Product ($M) 8,595 16,936 819 Major industries of employment Education & Training Manufacturing Health care Retail trade Accommodation Agriculture (Beef processing) and and (Broad acre cropping, social assistance food services cattle) Average annual wage Average weekly rents Average monthly Median house price Average value of private & salary income (3 bedroom) mortage (3 bedroom) sector building development $38,127 $280 $1,298 $210,000 $281,000 Contact information for Economic Development Ken Beddie Ph: (02) 6728 8288 | Website: www.inverell.nsw.gov.au Inverell Shire Local Government Area 3 Inverell Shire Local Government Area 5 Investment Opportunities Current Projects Recent and potential projects in the Inverell Shire include: • Bindaree Beef biodigester and modified atmospheric packing room ($46m) – with the potential to double the workforce at the plant, while cutting energy costs and carbon emissions; • National Transport Museum ($1.5m) - a tourist attraction documenting examples of over 100 years of transport in Australia; • $3.6M expansion of the Inverell Sewerage Treatment Works to take its capacity from 12,000 to 18,000 residents in Inverell; • $5M new Ashford Water Treatment Plant; • $0.5M investment by Council in Solar Energy Systems across 7 sites; • Over 2015/2016 and 2016/2017 Council is undertaking Road Asset Renewals and Upgrades totalling $21.1M, its largest ever Road Construction Program; • Implementation of Shire wide Waste Strategy $4M • Establishment of Regional E-Waste Facility $2M • New $2M Inverell Medical Centre • Council will in 2016/2017 release Stage 2 of its Rifle Range Road Industrial Subdivision; • A number of growing businesses including Boss Engineering, Inverell Bearing Centre, Inverell Motor Wreckers, Cameron’s Spray Painting, Truck and Trailer Services Inverell, New England Chiropractic Inverell expanding their premises or building new larger purpose built premises. Investment Opportunities Agriculture (grazing and cropping) have been the mainstay of the Inverell economy. There is considerable scope for mitigating the risks associated with a heavy dependence on agriculture by diversifying the regional economy. It is important to recognise that logistics pathways are changing in the digital era, and regional economies must take advantage of this change. The objective is to provide a more stable income base for regional economies to boost their resilience, and where possible to compete, to engage in more processing/value adding to capture a greater share of the value chain. There are several investment opportunities of significance in the Inverell Shire: Renewable Energy – Inverell will host the White Rock and Sapphire wind farm and White Rock solar farm developments with potential to expand on renewable resources in the region to capitalise on the nearby 330kV TransGrid electricity transmission lines. These will complement the Bindaree Beef biodigester project which produces renewable methane gas. These wind and solar developments are located within both the Inverell and Glen Innes Severn LGAs Business co-location with renewables – there may be opportunities to locate high energy using businesses at the foot of renewable electricity assets in the region to reduce their energy costs and improve their competitiveness; Transport – there is a need to upgrade several key pieces of road infrastructure in the region to allow access for larger trucks to the Bindaree Beef operation. This would significantly improve the cost-effectiveness of the transport task; Aged care – There is potential for further expansion of housing for the aged by private developers, such as Seniors Living; Tourism – the renewable energy developments in the eastern portion of the Inverell LGA will open up opportunities for the visitor economy, with educational tours associated with renewable energy. Gem fossicking is also a tourism activity with potential for expansion, as is fishing for native Australian fish species such as Murray Cod; Agriculture accessing North Asia - food safety is becoming a critical unique selling point as Asian affluence grows. There are significant price premiums to be gained by becoming a trusted supplier. This is all about brand recognition – not just ‘branding’. Inverell Shire Local Government Area 7 Community Profile Population • Inverell Shire LGA has a significant proportion of its population in the working-age category, which is a benefit to business investors in the region. Population by Age Bracket Lifestage (%) - Inverell 0-4 years 5-9 years 10-14 years 15-19 years 20-24 years 25-29 years 30-34 years Age 35-39 years 40-44 years 45-49 years 50-54 years 0-4 years (pre-school age) 7.02% 55-59 years 5-19 years (school age / dependants) 20.81% 60-64 years 20-64 years (working age) 52.87% 65 years and over 65-74 years (retirement) 10.75% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 75+ years (elderly) 8.56% Males Females Education Highest Qualification (%) - Inverell • 16.3 % had ‘Certificate Level’ qualification • 5.3 % had ‘Bachelor Degree Level’ • 4.1 % were ‘Advanced Diploma and Diploma Level’ Certificate Level 13.87% Bachelor Degree Level 10.10% Advanced Diploma and Diploma Level 5.30% Graduate Diploma and Graduate Certificate Level 1.72% Postgraduate Degree Level 4.63% Other 64.38% Business Activity Businesses by Industry 0 100 200 300 400 500 600 700 Agriculture, Forestry and Fishing Mining Manufacturing Electricity, Gas, Water and Waste Services Construction Wholesale Trade Retail Trade Accommodation and Food Services Transport, Postal and Warehousing Information Media and Telecommunications Financial and Insurance Services Rental, Hiring and Real Estate Services Professional, Scientific and Technical... Administrative and Support Services Public Administration and Safety Education and Training Health Care and Social Assistance Arts and Recreation Services Other Services Currently unknown Over $2 million 6% $0 - $50,000 26% Businesses by Turnover $50,000 - $99,000 18% $100,000 - $199,999 18% $200,000 - $499,000 17% $500,000 - $1,999,999 15% Inverell Shire Local Government Area 9 Value-Added Value-Added ($M) - Inverell (Apr 2016) Rental, Hiring & Realestate Services by sector Agriculture, Forestry & Fishing Health Care & Social Assistance This report shows the value that is added by Manufacturing Retail Trade industry sectors in Inverell to intermediate Education & Training inputs. The total value-added estimate for Public Administration & Safety Inverell is $779.778 million. Value-added Financial & Insurance Services is a reflection of the returns to capital Contruction and labour generated by each sector and Wholesale Trade Electricity, Gas, Water & Waste Services hence the potential profits which can be Industry Sector Accommodation & Food Services re-invested. Professional, Scientific & Technical Services Transport, Postal & Warehousing Other Services Administrative & Support Services Information Media & Telecommunications Mining Arts & Recreation Services 0 20 40 60 $M 80 100 120 140 160 Gross Regional Output ($M) - Inverell (Apr 2016) Product Manufacturing Rental, Hiring & Real Estate Services • Per Capita Gross Regional Product Agriculture, Forestry & Fishing Construction $53,000 Retail Trade • Per Worker Gross Regional Product Health Care & Social Assistance $148,000 Wholesale Trade • The graph to the right shows the gross Public Administration & Safety revenue generated by businesses and Electricity, Gas, Water & Waste Services organisations in the Inverell Shire. Eductaion & Training The total output estimate for Inverell is Financial & Insurance Services Industry Sector Accommodation & Food Services $1,630.268 million. Professional, Scientific & Technical Services • Agriculture dominates industry output, Transport, Postal & Warehousing driven by broad acre cropping and cattle. Other Services Information Media & Telecommunications Administrative & Support Services Mining Arts & Recreation Services 0 50 100 150 200 250 300 350 400 $M Housing and Construction Building Approvals and Construction (February 2016) New New other Total Value of Value of new Value of alterations & Value of total Value of Value of total houses residential dwellings new houses other residential additions including residential non-residental building building no. building conversions residential buildings building building no. no. no. $’000 $’000 $’000 $’000 $’000 $’000 54 4 72 14,863 785 2,699 18,321 12,699 31,019 Property and Land (April 2016) House Prices (realestate.com.au) The median sales price for houses in Inverell in the last year was $254,300. Compared to the same period five years ago, the median house sales price for houses