Fresh data showcases the growth of Greater Geelong’s economy in the twelve months to June
2023.
Our region
boasted the fastest jobs growth of all large regional areas in Victoria and the
fourth fastest in Australia over the past five years, at 5.1 per cent per
annum.
A
whopping 9,210 new jobs were created in 2022-23, reaching a total of 144,570
jobs, the 13th largest increase of all 537 local government areas in
Australia. This is the second biggest annual increase on record.
The largest
number of jobs created were in health care and social assistance (+3,768 jobs),
professional, scientific and technical services (+928), financial and insurance
services (+771), agriculture, forestry and fishing (+677), manufacturing
(+563), wholesale trade (+515) and arts and recreation services (+420).
The significant
jump in health care and social assistance jobs makes it our largest employing
industry by far with a total of 30,838 jobs, double the size of the next
largest sectors of retail trade (15,369) and construction (15,213). One in five
jobs in our region are now estimated to be in health care, which covers
hospitals, medical and allied health, residential and aged care, social
assistance services and childcare.
The growth of
professional and business services with 1,700 new jobs signals the continued
diversification of our local economy. While agribusiness and manufacturing
being amongst the top growing industries suggests a well-rounded economy and is
positive news for future growth opportunities.
The only sector
with a significant reduction in jobs in the 12 months to June 2023 was
construction (-618).
Jobs are
growing at double the rate of the population, maximising employment
opportunities for residents and attracting people to move here not only for the
lifestyle but also the career opportunities. The latest Regional Movers Index shows Greater Geelong is the third most popular region in
Australia for its share of net internal migration over the last year, with a
large number of movers being in the millennial demographic and providing a
boost for our workforce.
Greater
Geelong’s Gross Regional Product (GRP) increased by $928 million during 2023,
taking it to $19.6 billion.
We had the
third fastest GRP growth of all large regional areas in Australia over the past
five years at 5.4 per cent per annum.
The largest
contributors to this growth were health care and social assistance (+$238
million), accommodation and food services (+$149 million), financial and
insurance services (+$125 million), transport, postal and warehousing (+$119
million) and professional, scientific and technical services (+$91 million).
Mayor Trent Sullivan
The latest data demonstrates the many
strengths of our economy.
While
the figures don’t reflect the challenges facing our region and the national
economy over the past 12 months, the data does demonstrate how our diverse
economy expanded and grew stronger.
To
have more than 9,000 new jobs created in a year, the second highest increase
after the 2022 record, shows just how attractive our region is to invest and is
testament to the success of local businesses and our skilled and growing
workforce.
Strong
Local Economy portfolio chair Councillor Anthony Aitken
The future looks bright for the Greater Geelong economy.
Our
Gross Regional Product grew at double the rate of Greater Melbourne and we had
the fourth fastest job growth in Australia over the past five years to June
2023.
These
impressive stats are set to provide confidence in our region and attract
further projects and investment, which will only benefit our community.