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Norwood Payneham & St Peter’s economy booming in uncertain economic times

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17/02/2025

Amidst the ongoing economic uncertainty, recent Spendmapp data shows the Norwood Payneham & St Peters economy is not only resilient but booming.

Mayor Robert Bria says the local economy is showing signs of, “Very strong growth in a range of key sectors with more room to grow”.

“Between 2020 and 2024, expenditure in the City increased from $1.39 billion to $1.89 billion — a half a billion dollar increase in a four-year period dominated by COVID-19, rising interest rates and inflation, which is a stunning result.

“Norwood continues to be the ‘engine room’, with the suburb enjoying a very healthy share of the city’s total spend on hospitality, dining and professional services.”

“This is not surprising given The Parade’s standing as South Australia’s premier main street,” says Mayor Bria.

He said the City of Norwood Payneham & St Peters is also widely recognised as a ‘council of choice’ to do business, with the Creditor Watch Business Risk Index (BRI) reporting it as the number one Council in Australia with the lowest risk of business failure in six months during 2024.

Highlights from 2024 Spendmapp data include:

  • Total expenditure in the city was $1.89b, up from $1.39b in 2020, an increase of $500m (37%);
  • Expenditure on Health was $320m, up from from $195m in 2020, an increase of $125m (60%);
  • Expenditure on Dining was $212m, up from  $130m in 2020, an increase of $82m (61%) increase;
  • Norwood continues to be the ‘engine room’ of the local economy, accounting for 57% of expenditure on Groceries and Supermarkets; 49% of expenditure on Dining; 47% of expenditure on Personal Services; and 36% of expenditure on Health;
  • Local Resident Expenditure was (18%) and Local Visitor Expenditure was (82.%), underlining the strength of the visitor economy.

Mayor Bria says the economic outlook for the city is very positive.

“Three of the big four banks predict there’ll be at least four interest rate cuts in 2025, which means good news for consumer spending.

“I believe expenditure in our city can reach three billion dollars by the end of 2030 if Council has the right policies and supports in place to encourage continual growth,” he adds.

Mayor Bria said the Council’s Business and Economic Development Advisory Committee will be presented with the Spendmapp data at its first meeting on 18 February 2025.

ENDS

Media enquiries to Mayor Robert Bria