The Richmond Valley economic profile provides a snapshot of the Valley economy, its strengths and weaknesses, and identifies areas of opportunity and growth.
Compiled by demographic data experts .id, the information is derived from the latest data from official sources of information (Australian Bureau of Statistics) and Australia’s leading economic modellers NIER.
Click here to view Richmond Valley’s up-to-date and comprehensive economic profile.
The Richmond Valley area is home to strong primary agricultural industries and associated food manufacturing, including beef production, dairy products, sugar processing, grain, fruits, vegetables, tea tree, timber and the fishing industry.
A skilled and highly regarded workforce supports these industries, a range of service industries, including the Northern Rivers Livestock Exchange located at Casino, various sub-contractors, and transport and logistics operators. The Richmond Valley is well located for principle road, rail and air transport routes south to Sydney and north to Queensland.
In addition to manufacturing, our climate, coast and hinterland attract strong tourism interest all year round. The Richmond Valley has major business and industry strengths which offer opportunities for developing a robust and resilient economy that can cater for future population growth while nurturing liveability, a strong sense of community and a sense of place.
For further information and assistance in relation to business and investment, please contact the Richmond Valley Economic Development Team on (02) 6660 0300.
Gross product and population
- The Richmond Valley’s gross regional product (GRP) is estimated at $917m, representing 0.14% of NSW’s gross state product.
- The estimated population as of March 2021 was 23,589.
Major industries and employment
- The largest industry, in employment terms, is manufacturing (primarily food manufacturing), accounting for 21.5% of the almost 7000 full-time equivalent local jobs available in the Richmond Valley in the 2020-2021 financial year.
- Health care is the next biggest employer, responsible for 12 percent of FTE jobs, followed by agriculture (10.4%), and education and training (9.8%).
- These sectors are closely followed by construction, and retail, which each account for 7.8% of FTE employment opportunities.
- As of the June 2022 quarter, the estimated unemployment rate in the Richmond Valley was 5.9%.
Building approvals and development
- Total building approvals in the Richmond Valley are increasing, with $50 million worth of development approvals in 2021-2022. Across the local government area there is a demand for more residential housing, which Council is endeavouring to support.