December 5, 2018
After breaking the $10 billion mark for the first time last year, the Toowoomba Region’s economy grew to $10.81 billion as of June 30, 2018.
The jump of almost half a billion dollars ($465 million) over the previous 12 months was welcomed by Mayor Paul Antonio.
“The latest figures are extremely encouraging and demonstrate how the Toowoomba Region continues to raise a high bar, not just throughout Queensland, but also nationally,” he said.
“The latest yearly figures equate to regional economic growth of 4.5 per cent.
“This far exceeds national and State economic growth of 2.2 per cent, and 2.4 per cent growth across regional Queensland.
“The most pleasing aspect is that this is consistent growth we are experiencing, not just a one-off.
“The average growth has been more than 3.6 per cent each year for the past decade.”
Mayor Antonio said this consistent growth had given developers faith to undertake projects in the region such as the redevelopment of Grand Central Shopping Centre and Wellcamp Airport.
“On top of this, we have been able to secure funding to undertake major infrastructure projects including the Toowoomba Second Range Crossing and the Inland Rail,” the Mayor said.
“Local jobs increased from 80,730 to 85,343 (up 5.72 per cent), exceeding the State percentage increase for the fourth consecutive year.
“The Health Care and Social Assistance sector remains the backbone of our region as Toowoomba’s largest employer, generating more than $1 billion of value add last financial year, an increase of $90 million.
“Mining contributes more than $940 million to the local economy, up 36.5 per cent on last year and is the region’s largest export industry overall.
“Manufacturing contributes $476 million to the regional economy and is our largest international export earner, making up 35 per cent of all the region’s international exports.”