Noosa’s economy defies state trend

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Noosa’s regional economy grew by 3 per cent for the year to June 2019 – its second consecutive year of 3 per cent growth.

This compares to Queensland’s Gross Regional Product declining by 0.3 per cent year-on-year.

Council’s Economic Development Manager Anthony Dow said the latest figures confirm the shire’s resilience and economic strength.

“Our increasingly diverse economic base has pushed the shire’s gross regional product to $3 billion for the first time, which is testament to the dedication and commitment of the Shire’s 7,000 local businesses and their 25,000 employees,’ he said.

“Noosa’s share of the Queensland GRP is at its highest level since 2011.” Mr Dow said.

“This is fantastic news,” said Mayor Tony Wellington.

“It’s wonderful to see the local economy bucking the state trend and thus consistently growing.

This latest result certainly underpins Council’s Local Economic Plan which aims to encourage greater business diversity.

"Noosa has recorded continued GRP growth in eight of the last nine years.” Cr Wellington said.

"Tourism remains a key industry, with visitor spend now at a record $1.1 billion, but that is only part of the story. Achieving strong GRP growth and increased employment opportunities is also a product of ongoing investor confidence and a diversifying economy.

Given the state’s negative growth figures, Noosa has a lot to celebrate." The Mayor said.

In the past two years, there’s been a 27 per cent growth in the healthcare and associated social assistance sector, food and beverage services were up 23 per cent, while emerging industries such as motion picture production and internet publishing recorded a 50 per cent increase.

“This clearly shows the importance of different areas contributing to strong economic output,” Mayor Wellington said.

“Noosa is not relying on population growth to deliver economic results. Rather, we keep investing in the intrinsic elements that define Noosa, underpin the Noosa brand, and which make our shire so attractive to business owners.

“Noosa is renowned as an environmentally-aware, sustainable, progressive shire offering an enviable lifestyle.

“It’s not only a great place to do business, but also a wonderful place to live. That is our winning formula." Cr Wellington said.

 
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