The first annual review of the Council’s Economic Development Strategy has revealed positive data in relation to how businesses are performing in the City of Norwood Payneham & St Peters.
In its first year, the Strategy delivered 45 initiatives which have all played a key role in helping the local economy during the Pandemic.
The review revealed positive data including:
- The vacancy rate within The Parade Precinct dropped from 10.5 per cent in 2020 to 5.16 per cent in 2021
- Employment in the City grew from 24,367 jobs to 24,594 jobs over the same period
- There were 662 Development Applications approved in the City in 2020-2021, with total development costs of $145,768,093
- A diverse range of initiatives, competitions, networking events and business support from the Council received high engagement from local businesses, resulting in a boost to the local economy.
The five-year Strategy has been established under four key themes – Dynamic & Diverse City, Destination City, Innovative City and Business Friendly City.
Mayor Robert Bria said the Year 1 Review of the Council’s 2021 – 2026 Economic Development Strategy demonstrated that the Council’s support of the local business community was delivering immediate and tangible results.
“Whilst 2021 brought another year of challenges as a result of the COVID-19 pandemic, the Council has continued to support businesses and deliver programs and host events for the community.,” Mayor Bria said.
“The Economic Development Strategy sets out the Council’s vision and we expect that as more support and assistance is rolled out, the business community will reap even greater rewards in the future.
“From increased social media engagement, participation in shopping days, bridal showcases, television features and highly regarded events such as Raising the Bar Adelaide, the Council is working tirelessly to work with, and support, the local business community.”