Welcome to 2024!
I hope you all had a relaxing and refreshing break over the Christmas / New Year period.
The coming year in Albury promises to be an exciting one, with conditions looking set for another prosperous 12 months in our city and region.
Late last year, Council received the annual Economic Indicators Report for 2022-23, which showed significant increases in activity and productivity in our city.
For example, the value of development activity in Albury rose by 11.6% over the prior five-year average to $199.7 million in 2022-23.
We’ve also seen significant increases in value-add growth in the health care and social assistance (+38%) and arts and recreation services (+35%) over the previous financial year.
In addition, there’s been an increase of 19% in Albury’s labour force to 34,013.
This report shows that, despite recent economic disruptions, key fundamentals of the local economy remain strong.
This is good news for our city and the surrounding region – we're seeing the value of commodities and services increase, our labour force growing and plenty of activity in the construction and health care sectors.
Of course, we’re acutely aware of the current challenges being faced as the cost of living impacts many households.
Despite this, I’m confident that our region, and Albury in particular, through our strong economy, employment opportunities, Council and community support services, are in the best possible position to meet these challenges and move forward.
Speaking of moving forward, there are several key initiatives due to come to fruition in 2024 that will greatly enhance our city and benefit many who choose to live here.
Among them is The Pumphouse facility in the old waterworks building in East Albury, which is being transformed into a vibrant home for artists and creatives.
Personally, the idea of reinventing old, disused infrastructure like this is inspiring and I can’t wait to see how our growing and talented artistic and creative community use this space when it becomes operational in mid-2024.
Another significant project that will get underway this year is the new visitor education centre at our beautiful Wonga Wetlands.
Wonga averaged over 63,000 annual visitors for the past three years – I can only imagine how this might increase with brand new facilities in place.
Construction is due to begin in mid-2024 and is expected to take 12 months.
These are just a couple of the many things in store for Albury in 2024. I wish you all a happy and prosperous year ahead.
Stay safe, well and connected and don’t hesitate to contact AlburyCity to learn more about our many services to property and people.