SHOROC State of the Region Report

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money

Key Indicators

  1. SHOROC Region Local Gross Regional Product (LGRP) and Resident Gross Regional Product (RGRP)
  2. Local GRP per worker compared to the Sydney Statistical Division (SSD) and NSW

Note:

  • LGRP shows the value of the economy, generated by the workers within the area regardless of where they live, after taxes and dividends leave the area.
  • Residents GRP refers to the economic output of the residents of the area regardless of where they work. It is best thought of as the income received by people in the LGA. If the Residents GRP of an area is high relative to the Local GRP, this indicates that residents are contributing their economic productivity to other areas (most likely commuting out).

Target (SHOROC Region)

  1. Total LGRP and Resident GRP to increase over time
  2. LGRP to meet or exceed that of the SSD and NSW

What is the current situation / trend?

  1. Total SHOROC LGRP to increase over time

on-track Indicator is on-track

The SHOROC Region has seen a 17% increase in Local GRP and a 14% increase in Resident GRP between 2006 and 2012 as indicated in the following table:

SHOROC Region LGRP & GRP, Productivity of the Economy over time
  Financial year ending June 2012 Financial year ending June 2011 Financial year ending June 2006 (2011/12 constant prices) Change 2006 to 2011
LGRP $14,652 $14,397m $12,498m $2,154m 17.2%
Resident GRP $20,563m $20,408m $18,088m $2,475m 13.7%

 

2. LGRP to meet or exceed that of the SDD and NSW

on-track Indicator is on-track

In 2012 LGRP per worker for the SHOROC Region is below that of the SSD and NSW  as follows:

LGRP per worker (2012)
Comparative Areas LGRP per worker 2012 LGRP per worker 201206
SHOROC Region $95,203 $96,946
SSD $110,878 $107,086
NSW $104,416 $101,201

Why use this indicator and what does this mean for the overall Health and Wellbeing of the SHOROC Region?

LGRP provides a measure of wealth generated by the SHOROC Region and enables a comparison of its relative wealth compared to the Sydney Statistical Division and NSW as a whole.

Updated July 2013