The Economic Development Strategy, endorsed by Council at the end of 2016 and unveiled at a Penrith Valley Chamber of Commerce event this week, details key industry sectors that will be targeted.
Penrith Mayor John Thain said new jobs will be created in the key target sectors of health, education, arts and culture, advanced manufacturing, tourism and advanced logistics.
This will be complemented by growth in service activity in the night-time economy, small business and residential services to create between 42,000 and 55,000 new jobs.
"This strategic framework shows how we can best support economic development, foster greater investment and ensure there are more jobs close to home for our residents," Cr Thain said.
"The job target is bold but can be realised through focused action and partnering with industry, business, governments and the community. There are clear leverage points and sectorial strengths for driving growth."
Penrith's standing as a Regional City with game-changing catalyst development including the Western Sydney Airport, Western Sydney Priority Growth Area, Penrith Health and Education Precinct and Sydney Science Park, means it is well positioned for the future.
Penrith's location, land, infrastructure, increasing diversity and strong leadership make the City unique and are opportunities to trigger economic development.
"This strategy is about creating opportunities for our growing community," Cr Thain said.
"It's about capitalising on our region's prospects and finding partners to help deliver innovative and remarkable results.
"While we're being increasingly acknowledged as regional leaders and recognised for our smart growth approach to realising the community-endorsed blueprint for Penrith, a City of the future, we mustn't wane in our commitment to providing more jobs close to home."
Download 'Building the New West: Target Sectors'
Caption: There are employment opportunities associated with game-changing catalytic development and projects, including the transformation of Penrith City Centre. Creating a City Park Precinct in the heart of Penrith City Centre is a key component in shaping our City for the future.