Greater Geelong has an estimated 145,000 local jobs and 22,000 businesses (June 2024). Over 9,200 new jobs were created in Greater Geelong 2022-23, the 13th largest increase of all 537 local government areas in Australia and the second biggest annual increase on record.
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.
Watch this video to see why our
region’s future is bright, and one of Australia’s most desirable regions to
live, work and invest.
Local labour market conditions are strong with the unemployment rate, 3.5 percent in May 2024, remaining below both the Victorian and Australian unemployment rate for the past four and a half years. Job advertisements and demand for labour are high, with 8,862 new jobs advertised in the March 2024 quarter.
The industries that provide the most jobs in Greater Geelong are:
- healthcare and social assistance
- retail trade
- construction
- education and training
- accommodation and food services
- manufacturing.
The city's local job market is primarily focused on the provision of household services such as health, retail, and education. In 2022/23, 41 percent of local employment was in these three industries.
Construction is the third largest employer with an 10.5 percent share of employment, driven by strong residential development and infrastructure investment.
The manufacturing sector's contribution to economic value is forecast to increase as the sector goes through a transition into higher-value industries and becomes more productive.
Sectors driving growth in Greater Geelong include advanced manufacturing, clean technologies and circular economy, research and innovation, service-based industries, creative industries and the visitor economy.
Trade through the
Geelong Port, Victoria's premier bulk port, also continues to be strong with close to $7 billion of tade, 12 million tonnes of cargo and 600 vessels passing through the port annually supporting 1,800 regional jobs.
Avalon Airport delivers both domestic and international passenger and freight services as well as being home to the Australian International Airshow.
Investment
in the region is strong with over $13 billion in major construction and
redevelopment recently completed, underway or planned.
Visitors to our region numbered 6.2 million in 2023 and contributed $1.6 billion to the local economy.
For more about business and investment view our business and investment page.