WODONGA’S economy is growing fast, partly because big employers are spreading their profits by buying locally, a new council report says.
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Businesses in Wodonga are said to have spent $1.55 billion in local purchases last year, up 10.22 per cent.
The Defence Department is one of the biggest purchasers of local goods and services, ranging from fuel and automotive parts to medical services and fitness equipment.
Confirmation of the city’s healthy economy comes from the latest economic data made available by analysts REMPlan and released by Wodonga Council yesterday.
It doesn’t mention individual employers but is based on statistics drawn from national accounts compiled by the Australian Bureau of Statistics and indicated growth in defence, manufacturing and property services sectors.
Construction figures in Wodonga support the new data, with construction approvals last year worth $141 million, including almost $65 million in non-residential activity.
Wodonga Council acting manager for economic development Matt Taylor said the REMPlan data was very pleasing for Wodonga.
In the key sector of “value adding”, Wodonga was calculated to produce $2.49 billion, up 7.38 per cent on the previous period.
Wages paid by Wodonga businesses were said to be $1.43 billion in a year, up 9.5 per cent.
REMPlan has calculated the gross revenue of Wodonga’s businesses at $6.14 billion a year, up 8.7 per cent.
“Council has dedicated a lot of time in recent years into the growth of local business as well as seeking to attract new industry,” Mr Taylor said.
“Defying the trend of many other centres, manufacturing activity in Wodonga continues to grow.
“Added to that, nearly all other sectors have experienced growth as well.”
Wodonga Council supports the city’s domestic growth by promoting programs and resources to help existing businesses become more sustainable by using the services of other local businesses.
Mr Taylor said the council had run workshops and produced a manufacturing and industrial register, and the Wodonga Chamber of Commerce had undertaken a range of “buy local” activities.