Noosa's economy more diverse, latest data shows
Mayor Tony Wellington says Council’s economic strategy is on the right track, following the release of new data showing Noosa’s economy is diversifying.
Figures from the Queensland Government Statistician’s Office and the 2016 Census reveal a steady decline in local unemployment paired with steady growth across a range of industries.
Growth sectors in Noosa include:
- Rental, hiring and real estate services, (up 8% or $12.6 million increase).
- Healthcare (up 3% or $8.5 million increase).
- Education (up 5% or $7.5 million increase).
- Finance and insurance services (up 2% or $4.1 million increase).
“Growth in these areas drove the total value of Noosa’s economy up by 1% in 2015/2016 to $2.8billion,” the Mayor said.
Growth in the education and healthcare sectors provided local employment a 15% and 23% boost respectively in the five years between 2011 and 2016.
Meanwhile, unemployment fell, dropping from 5.3% in the March 2016 quarter, to 4.5% in September 2017, well below the unemployment rate of the State (6.2%) and South East Queensland.
"Having such a low local unemployment rate is particularly pleasing for a regional area. Since mid-2015 Noosa has been below the State for unemployment. These recent statistics really buck the historical trend."
Between 2011 and 2016, agriculture, transport, professional services, arts and recreation sectors also grew, with Noosa’s accommodation sector recording the strongest employment growth. It provided 607 new jobs or 25% employment growth between 2011 and 2016.
“The tourism industry continues to perform well. Over the past year we’ve seen a slight increase in visitor numbers, but a considerable increase in their length of stay,” the Mayor said. "We want an increase in visitor spend, rather than simply an increase in overall numbers of visitors. These latest figures show that Tourism Noosa's marketing strategy in this regard is working."
Construction remains Noosa’s biggest industry (in value terms) and with building approvals up 26% from June 2015 to June 2016, future growth in this sector would be likely.
“These are all promising signs for the future of our local economy and Council is pleased to continue working with business to support the growth of new and existing industries."
“Diversifying our economy is a key strategy of Council’s Local Economic Plan as a diverse economy makes for a more resilient economy during tougher times," says Council's Economic Development Manager, Anthony Dow.
“We’ve developed a suite of documents to promote Noosa to new and emerging industries. The new digital hub at Peregian Beach is an important part of our plan to grow the digital sector and we look forward to opening this state-of-the-art facility very soon.
“With programs such as our Innovation Masterclass we’re pleased to be helping businesses grow their skills so they can broaden their horizons, reach bigger markets and generally make the most of good economic times,” Mr Dow said.
7 February 2018