Value added by industry is an indicator of business productivity in Richmond Valley Council. It shows how productive each industry sector is at increasing the value of its inputs. It is a more refined measure of the productivity of an industry sector than output (total gross revenue), as some industries have high levels of output but require large amounts of input expenditure to achieve that.
By comparing the value added of each industry sector to a regional benchmark, you can clearly see the structure of Richmond Valley Council’s economy. This can be done by directly comparing the percentage contribution of each industry to the total output, relative to the benchmark, or by using a location quotient, where a number greater than one indicates a high concentration of that industry and less than one indicates a lower concentration.
To see what contribution each industry makes to the state or region, see the Industry sector analysissection. To understand the value of a worker in each industry, view this dataset in conjunction with Worker productivity data, and to see the relationship of value added to the total size of the economy, go to the Gross Regional Product section.
Detailed notes about how the figures are derived can be found in the specific topic notes section.
Data source
National Economics (NIEIR) - Modelled series
Current benchmark:
Comparison year:
| Value added by industry sector | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Richmond Valley Council | 2022/23 | 2017/18 | Change | ||||||
| Industry | $m | % | New South Wales | $m | % | New South Wales | 2017/18 - 2022/23 | ||
| Agriculture, Forestry and Fishing | 127.0 | 15.2 | 2.5 | 104.9 | 13.7 | 2.4 | +22.0 | ||
| Mining | 21.9 | 2.6 | 5.1 | 39.4 | 5.1 | 6.6 | -17.5 | ||
| Manufacturing | 123.7 | 14.8 | 6.2 | 147.7 | 19.2 | 6.8 | -24.0 | ||
| Electricity, Gas, Water and Waste Services | 25.0 | 3.0 | 2.0 | 17.8 | 2.3 | 2.2 | +7.2 | ||
| Construction | 78.7 | 9.4 | 8.1 | 61.2 | 8.0 | 8.9 | +17.5 | ||
| Wholesale Trade | 31.2 | 3.7 | 4.8 | 23.2 | 3.0 | 5.2 | +8.0 | ||
| Retail Trade | 57.4 | 6.9 | 5.1 | 42.9 | 5.6 | 5.1 | +14.5 | ||
| Accommodation and Food Services | 40.8 | 4.9 | 3.1 | 33.9 | 4.4 | 2.9 | +7.0 | ||
| Transport, Postal and Warehousing | 32.4 | 3.9 | 6.0 | 31.5 | 4.1 | 6.2 | +0.9 | ||
| Information Media and Telecommunications | 6.0 | 0.7 | 4.4 | 6.6 | 0.9 | 3.3 | -0.6 | ||
| Financial and Insurance Services | 11.6 | 1.4 | 11.3 | 12.0 | 1.6 | 11.3 | -0.3 | ||
| Rental, Hiring and Real Estate Services | 22.3 | 2.7 | 4.1 | 24.3 | 3.2 | 4.4 | -2.0 | ||
| Professional, Scientific and Technical Services | 18.0 | 2.2 | 10.5 | 19.9 | 2.6 | 9.5 | -1.9 | ||
| Administrative and Support Services | 27.2 | 3.3 | 4.9 | 18.4 | 2.4 | 4.6 | +8.7 | ||
| Public Administration and Safety | 37.0 | 4.4 | 5.2 | 37.6 | 4.9 | 4.9 | -0.7 | ||
| Education and Training | 67.0 | 8.0 | 5.6 | 58.6 | 7.6 | 5.6 | +8.4 | ||
| Health Care and Social Assistance | 82.7 | 9.9 | 8.6 | 66.7 | 8.7 | 7.3 | +16.0 | ||
| Arts and Recreation Services | 5.2 | 0.6 | 0.8 | 5.5 | 0.7 | 0.9 | -0.2 | ||
| Other Services | 20.0 | 2.4 | 1.6 | 15.8 | 2.1 | 2.0 | +4.2 | ||
| Total industries | 835.3 | 100.0 | 100.0 | 768.1 | 100.0 | 100.0 | +67.2 | ||
Source: National Institute of Economic and Industry Research (NIEIR) ©2023. Compiled and presented in economy.id by .id (informed decisions). NIEIR-ID data are adjusted each year, using updated employment estimates. Each release may change previous years’ figures. Learn more Please refer to specific data notes for more information | |||||||||
Dominant groups
An analysis of the valued added by industry sectors in Richmond Valley Council in 2021/22 shows the three largest industries were:
- Agriculture, Forestry and Fishing (127 million or 15.2%)
- Manufacturing (124 million or 14.8%)
- Health Care and Social Assistance (83 million or 9.9%)
In combination these three industries accounted for 333 million in total or 39.9% of the total value added by industry in the Richmond Valley Council.
In comparison, the same 3 industries in New South Wales accounted for 2.5% in Agriculture, Forestry and Fishing; 6.2% in Manufacturing and 8.6% in Health Care and Social Assistance.
The major differences between the value added by industries of Richmond Valley Council and New South Wales were:
- A larger percentage of value added by Agriculture, Forestry and Fishing (15.2% compared to 2.5%)
- A smaller percentage of value added by Financial and Insurance Services (1.4% compared to 11.3%)
- A larger percentage of value added by Manufacturing (14.8% compared to 6.2%)
- A smaller percentage of value added by Professional, Scientific and Technical Services (2.2% compared to 10.5%)
Emerging groups
The total value added by industry in Richmond Valley Council $increased by 67 million between 2017/18 and 2022/23.
The largest changes in the value added by industries between 2017/18 and 2022/23 in Richmond Valley Council were for:
- Agriculture, Forestry and Fishing (+$22 million)
- Construction (+$18 million)
- Health Care and Social Assistance (+$16 million)
- Retail Trade (+$14 million)