The NSW Liberals investment in ICC Sydney has delivered a significant boost to the NSW economy and cemented the State’s reputation as a world class events destination, with new figures released today showing the venue has created more than 5000 jobs (directly and indirectly) since its opening in December 2016.
According to a Deloitte Access Economics study, visitors who attended events at the venue in 2018, generated $820 million in direct expenditure for the State, up from the $785 million generated in 2017. The venue also welcomed more than 1.3 million visitors across 700 events in 2018.
Minister for Finance, Services and Property Victor Dominello said the results demonstrated the remarkable success of the ICC Sydney since its opening a little over two years ago.
“The venue has enriched Darling Harbour, transforming it into an economic powerhouse, and put Sydney on the map as Australia’s number one destination for events and exhibitions,” Mr Dominello said.
“The figures speak for themselves – ICC Sydney is a big win for Sydney, providing visitors with world class events, and boosting the economy and creating jobs.”
Minister for Tourism and Major Events Adam Marshall said the 2018 results build on an impressive first year for the venue, with plenty more exciting events planned for 2019 and beyond.
“72 per cent of the generated expenditure in 2018 was derived from international and interstate visitors, resulting in over 1.57 million overnight stays in Sydney,” Mr Marshall said.
“The venue has already secured a further 1,300 leading major national and international events across sectors to 2030. This is great news and will create a huge economic stimulus for NSW into the future, with hotels, restaurants, cafes, shops, bars, tour and transport operators all set to benefit.”
The $1.5 billion development, which comprises an industry leading convention centre, exhibition centre and major entertainment theatre, is a key component of the NSW Government’s recent suite of infrastructure projects.
The ICC Sydney has been key to boosting international visitors to NSW. Since 2011 this boost in international visitors has helped NSW to add 611,300 jobs, more jobs than any other state. The NSW unemployment rate is now 3.9 per cent, the lowest rate since records began in 1978, and the lowest of any state. By comparison, the unemployment rate in the rest of Australia is 5.5 per cent.
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