Employment and economy

Greater Geelong has experienced the fastest employment growth of all large regional cities in Australia.  There are an estimated 135,562 local jobs1, with 12,100 new jobs created in the year to June 2022. The largest job increases were in healthcare and social assistance (+3,932 jobs), construction (+1,603), and professional, scientific and technical services (+1,423). The number of employed residents grew by 6.3 per cent in the year ending June 2022 reaching 140,336 people. The jobs to workers ratio has increased from 0.94 to 0.97, meaning the city’s local businesses are providing more employment opportunities for residents.

The number of registered businesses in Greater Geelong increased by 2,172 in 2021/22, taking the total to 21,785 enterprises. The construction industry has the largest number of businesses, comprising 22.2 per cent of registered businesses, followed by professional, scientific and technical services (11.3 per cent) and rental, hiring and real estate services (10.4 per cent - includes property operators).  

The twelve-month average unemployment rate to March 2023 was 2.7 per cent, an all-time low and 1.0 percentage point lower than Victoria[LP1] . Demand for labour is strong with over 10,800 job vacancies advertised in the June 2023 quarter, 2.4 per cent higher than the same quarter in 2022.

Greater Geelong had an estimated Gross Regional Product (GRP) of $17.6 billion1 in the year ending June 2022, a 10.3 per cent increase since 2021 and double the rate of growth compared to Victoria. The largest contributors to GRP are healthcare and social assistance ($2.2 billion), construction ($2.1 billion) and manufacturing ($1.2 billion).

Investment continued to climb in 2022/23 with major projects totalling $16.9 billion planned, underway and recently completed across Greater Geelong.  Investment in roads and transport ($6.6 billion), public buildings and utilities ($2.1 billion), industrial and commercial projects ($1.7 billion), medical and allied health projects ($1.5 billion) and residential buildings ($1.3 billion) reflects the city’s rapidly growing population and strong investor confidence.

Greater Geelong’s economy has evolved with developments in advanced manufacturing, research and innovation, professional services, creative industries, major events and the visitor economy. Geelong’s economic resilience – and its capacity to successfully transition to a sustainable base after economic disruption – has led it to be recognised as one of the most resilient regions in Australia, on par with the metropolitan regions of Greater Sydney, Melbourne, and Perth.

There is a growing focus on economic growth aligned with environmental and social sustainability. Over the last decade local businesses and new industry, and start-ups, have shifted focus towards new emerging markets such as the cleantech sector. The momentum is growing. The City of Greater Geelong has a successful track record in nurturing businesses in the cleantech sector and those contributing to a circular economy.  This work has delivered positive economic growth and sustainability outcomes for Greater Geelong.  The City has also been working to develop a more circular economy through services provided to our community, where waste is minimised, and resources are reused and recycled.  This has led to the development of new businesses focused on waste reduction and recycling, such as composting facilities, food waste processing and recycling centres.