NSW Minister for Ports Joe Tripodi recently released an updated Economic Impact Analysis showing the economic benefit that the port generates, to the Illawarra region and to the State of NSW.
"The relocation of motor vehicles and other trade from Port Jackson to Port Kembla, has resulted in a significant increase in direct and indirect benefits to both the region and the state," Minister Tripodi said.
"The positive impact of relocating the car trade to Port Kembla since last November has been greater than originally estimated," Mr Tripodi said.
The report shows the value of trade through the port has increased from $4 billion per annum in 2005-06 to in excess of $37 billion. The direct and indirect benefit just to the Illawarra region alone has grown by $281.5 million per annum to $839 million.
Across NSW, the economic impact is estimated at more than $1.1 billion - up from $670 million three years ago.
Local MP Noreen Hay said the increase in trade had created just over one thousand new jobs in the Illawarra area. The flow on effect at a state level has seen employment increase from 3,241 jobs in 2005-06 to more than four and a half thousand - an increase of 1,283 jobs.
As would be expected, the largest impact in terms of port functions occurred in ship loading/unloading and land transport and storage sectors. The value of output generated by each of these sectors was over $320M for the Illawarra and over $400M for NSW.
The greatest employment impact was also estimated to be in the land transport and storage sectors. The study shows there were almost 1,700 full time equivalent (FTE) jobs were generated in the Illawarra region and over 2,000 within NSW.
Also of importance is the employment generation as a result of port construction activity. Construction activity fluctuates from year to year but based on average annual capital expenditure, 154 FTE positions have been created for a twelve month period in the Illawarra region and 254 within NSW.
The report also demonstrates that every $1 spent by the port has a multiplier effect of $1.68 for the region and $2.03 for NSW. Each ship that comes into the port creates 3.7 jobs in the Illawarra and 4.3 for NSW and contributes approximately $1M to the NSW economy.
A copy of the full report is available on the Port Kembla Port Corporation website by clicking here.