Local area profile for business
Harris Street village is a harbourfront area in the suburbs of Pyrmont and Ultimo that has evolved significantly from its maritime and working class heritage. Today it is home to a significant residential population as well as a number of major cultural and educational institutions.
Former warehouses and woolstores have been converted to apartments and office buildings sitting side-by-side with newly developed buildings. The village economy is driven by creative and knowledge industries, highlighting the importance and continuing emergence of the digital economy. Meanwhile tourist and cultural attractions draw a significant number of visitors to the area and support a number of workers in the tourism and food and drink sectors.
The economic profile summaries below link to more detailed information.
Harris Street village is located west of the city centre, and covers the suburb of Pyrmont and part of Ultimo. The maritime and industrial past of this village is on display, with former warehouses and woolstores converted to apartments and offices sitting alongside newly constructed buildings. Parks on the harbour foreshore provide ample open space for residents.
What do residents like about their village?
“Proximity to parks, walking tracks, the harbour, transport, shopping.”
“Very mixed and very harmonious.”Source: City of Sydney Resident Consultations
Due to its proximity to the city centre, the village is populated by wealthy young professionals, particularly couples and young families. There is also a significant proportion of overseas-born residents, driven mainly by the large Chinese community.
|Median Household Income (2011)**||$99,280 (31.6% above Metro median)|
|Average Age (2011)**||34.6 (6.7% below Metro average)|
*Estimate based on projections by id Forecast
Although small food and drink businesses make up the largest proportion of total businesses, there is also a significant presence of larger businesses in sectors such as professional services and creative industries. This means that overall the proportion of small businesses is lower than the City of Sydney local area average.
|Employing Businesses (2012)||1,024|
|Top 3 Industries by Number of Employing Businesses||Food & Drink (18.8%) Professional & Business Services (17.5%) Creative Industries (14.6%)|
|Proportion of Employing Businesses with less than 20 Employees||82.6% LGA average = 84.8%)|
The village economy is led by knowledge and creative industries, with a significant proportion of employment in higher education and research due to the presence of UTS and TAFE NSW. The tourism industry is also a significant employer due to a number of large tourist attractions in the village.
|Top 3 Industries by Workforce||Creative Industries (21.7%) Higher Education & Research (18.1%) Tourist, Culture & Leisure (15.6%)|
Source: Floor Space and Employment Survey, 2012 – City of Sydney
Recent research suggests that the local market is the most significant source of business for local business, with almost half of those interviewed living in Pyrmont. However visitors from overseas and interstate also form a significant market, drawn to the area by tourist attractions and entertainment facilities.
|Customer Place of Residence||2014|
Source: Pyrmont Customer Intercept Survey, 2014 – Directional Insights
Given that the village is already a well-established residential and employment area, growth in the resident and workforce populations in the future is expected to be slow. However the established populations will continue to provide a strong market for local businesses.
|Forecast Average Growth
|No. per annum||per annum|
**Source: NSW Bureau of Transport Statistics
This information has been compiled from various sources. The publisher and contributors accept no responsibility for any injury, loss or damage arising from the use, error or omissions therein. While all care is taken to ensure a high degree of accuracy, users are invited to notify the City of Sydney of any discrepancies. No part of this information, including maps or data, may be reproduced without written permission.
Last updated: Tuesday, 16 June 2015