Penrith Economic Development Strategy, Penrith Visitor Economy Strategy and OPEN: Penrith and St Marys 24-Hour Economy Strategy
- Details
- Written by: Adam Gatt Penrith City Council (02) 4732 7777 (02) 4732 7958 council@penrithcity.nsw.gov.au https://www.penrithcity.nsw.gov.au 601 High St Penrith NSW 2750 Australia
THRIVE PENRITH
There has never been a better time to be in Penrith. Strategically located in Global Sydney and the only city connected by rail to the new Western Sydney International (Nancy-Bird Walton) Airport, the opportunities for growth are boundless. With plenty of land to develop, and billions in infrastructure investment, savvy investors are looking to Penrith to bring their innovative business ideas to life and create more jobs for our residents.
The Thrive Penrith framework developed in 2022 is an overarching vision to connect Council’s Economic Development, Visitor Economy, 24-hour Economy, and Cultural strategies.
Penrith Economic Development Strategy 2023 - 2031
The Penrith Economic Development Strategy is designed to build on Penrith’s strengths through a comprehensive plan of action to support economic growth and sustainable development. The strategy will focus on creating a favourable business environment, diversifying the economy, attracting investment and talent, and investing in infrastructure and services. A key objective is to create more jobs closer to home for our residents.
Success will be measured through a focus on key industry clusters:
- Transport, Freight and Logistics
- Manufacturing including Agribusiness, Waste Management and Renewable Energy
- Airport, Defence and Aerotropolis
- Health and Social Care, Education and Research
- Tourism, Hospitality and Events including Sports and Recreation
- Creative and Cultural
Penrith Visitor Economy Strategy 2023 – 2030
The purpose of Penrith’s Visitor Economy Strategy (VES) is to nurture a thriving visitor economy, capitalising on our natural strengths and leveraging major infrastructure projects taking place in Penrith and our region. This VES is written as a guide to focus all stakeholders on the opportunities in Penrith and as a framework to deliver on this plan.
Success will be measured by the following key industry indicators (from 2021/2022 baseline):
- Increase in visitation.
- Increase in overnight stays.
- Increase in visitor spending.
- An increase in the Visitor Economy contribution to Penrith’s Gross Regional Product (GRP)
- Increase in attractions and bookable accommodation stock.
- Increase in tourism, hospitality and events, sports and recreation jobs.
OPEN: Penrith and St Marys 24-Hour Economy Strategy 2025-2029
The purpose of the OPEN: Penrith and St Marys 24-Hour Economy Strategy is to develop vibrant, safe and diverse 24-hour precincts in our key city centres in Penrith City Centre and St Marys Town Centre. A 24-hour economy is important for our City’s future to generate more jobs closer to home, more revenue for businesses and a more captivating after dark experience for residents and visitors.
The strategy aims to build an environment where businesses can thrive; art, cultural and entertainment activities can flourish; and the community can enjoy a vibrant, safe and connected 24-hour experience.
Success will be measured by the following key industry indicators (from 2023 baseline):
- Increase in economic output and turnover.
- Increase in establishments and jobs.
We have collaborated and engaged with stakeholders including local businesses, industry groups, government agencies, community representatives and the local community to build this strategy. This strategy supersedes the Penrith Night Time Economy Strategy adopted by Council in 2015.
