Sydney Olympic Park Props Up The NSW Economy 14 Years After The Olympics

Sydney Olympic Park/ sopa.com.au

It has been 14 years since the 2000 Sydney Olympic Games but Homebush Bay continues thrive.

Ranked as the 20th biggest local economy in the country, research by PricewaterhouseCoopers has revealed the Homebush Bay area, in which Olympic Park is located, last year had an economic output of $5.12 billion.

Rob Tyson, an economist at PwC, says the park “has played a critical role in driving the economic growth of the region and providing high value-add service sector jobs to western Sydney residents”.

The Park’s design and use post-Olympics has been such a success that British Sports Minister Hugh Robertson last year admitted that organisers of the London 2012 Olympics had “shamelessly used” Sydney Olympic Park as a reference point for post-games planning.

“One of the lessons that we picked up from Sydney was the need to build the legacy use of the park into the plans at a very early stage,” he said.

The Sydney Morning Herald reports, Olympic Park has attracted nearly $2 billion in private sector investment since the 2000 Games, and is expected to continue to boost the state’s economy — forecast to host more than 31,000 workers and 12,000 residents by 2030.

Read more here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.