Monday, May 23, 2022

Rockhampton economy stronger than ever

Figures released from the National Institute of Economic and Industry Research show that the Gross Regional product for Rockhampton is the strongest it has ever been, up 4.7% to $5.48 billion, at a rate that is over double that of Queensland’s state average of 2.3% – the first time Rockhampton has exceeded $5.4 billion.

Job seekers have also seen progress with 43,591 jobs located in the Rockhampton Regional Council area in the year ending June 2021, an increase of 3.74%, contributing to a dramatic reduction to Rockhampton’s unemployment rate also at a 10 year low of 5.9%.

Rockhampton Region Mayor, Tony Williams (pictured) said it was encouraging to see such economic growth for Rockhampton region and applauded efforts by local businesses.

“Rockhampton Regional Council are pleased to continue to collaborate with industry, the business sector, relevant stakeholders and the community to drive industry growth and job creation within the Region,” said Mayor Williams.

“The number of GST registered businesses in Rockhampton is at an all time high with over 5,300 business registered – a jump of 326 since the start of COVID, which is a great indication of the confidence business owners have in Rockhampton’s economic position and market strength.”

Advance Rockhampton Executive Manager, Greg Bowden, said the region’s current and short term projects such as Rookwood Weir, Australian-Singapore Military Training Facilities, Mining developments in the Bowen/Galilee Basins, the upcoming Rockhampton ring road, new renewable energy developments and increased residential construction would continue to drive Rockhampton’s economy.

Industry development and local expertise in the agriculture, construction and resources industry sectors continues to grow and creating long term job growth, he said.                                                                                      

“Overall, Rockhampton has seen an increase of 1,500 new jobs since 2019/2020, an impressive result considering the impacts of COVID across Australia. It continues to prove that regional Queensland and especially Central Queensland has the capacity to be one of the main economic drivers for Australia’s economy. Logistically, Rockhampton is perfectly situated with access to all of the major supply chain routes (air, sea, road and rail) and is positioned to continue making its mark as an economic heavyweight,” said Mr Bowden.

Advance Rockhampton are currently undertaking consultation and development of a new Rockhampton Region Economic Development Strategy and Economic Action Plan and are seeking further business and community input, with business events being held on the 10th and 11th of March.

To attend the free event register at: https://www.trybooking.com/events/landing/866117

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