Indicator: Economy| Indicator description | Complete list of Indicators | What the results tell us for TumutSee also: | Employment | The VISY Mill has created some 600 to 800 jobs during the construction phase, with an estimated operational phase requirement of 130 direct jobs and some 250 indirect jobs in plantation forestry and related sectors. The mill could also have further flow on effects in retail and service areas. About the dataData provided by Tumut Shire Council. Description: What does 'economy' measure?Which data are collected?
Why do we report this indicator?The health of an economy is traditionally measured by the rate of economic growth, as State Final Demand (GSP/capita) or Gross Regional Product/capita. It indicates the general affluence of a region, and likely improvements in employment rates, and business and personal incomes. This allows increased investment in public services and infrastructure. In the absence of data on State Final Demand or Gross Regional Product, retail sales and job growth may serve as a surrogate measure. The value of goods and services produced allows an examination of the way in which various sectors contribute to economic growth, and the reliance of a local economy on any one sector. A diversified economy is generally considered to be more robust. The value of unpaid work is also included here because it makes an enormous, and generally unrecognised, contribution to local economies. In general, higher rates of economic growth result in an increase in the consumption of resources and demand for services such as medical, transport, education, and many others - although the benefits of economic growth are not always equally distributed, with some individuals becoming richer and some becoming poorer. Unfortunately, the increase in consumption has also traditionally meant an increase in the amount of waste produced from a society. Economic health indicates the overall quality of life that a community is experiencing. |