{"id":250117,"date":"2019-12-11T14:55:42","date_gmt":"2019-12-11T04:55:42","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=250117"},"modified":"2020-07-14T10:11:14","modified_gmt":"2020-07-14T00:11:14","slug":"toowoomba-grp-hits-11-5b","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2019\/12\/11\/toowoomba-grp-hits-11-5b\/","title":{"rendered":"Toowoomba GRP Hits $11.5b"},"content":{"rendered":"
\"\"<\/a>
Toowoomba Chamber of Commerce president Harrison Humphries. mayor Paul Antonio and TSBE CEO Ali Davenport and the Toowoomba Region\u2019s latest Gross Regional Product data<\/figcaption><\/figure>\n

December 11, 2019<\/strong><\/p>\n

Toowoomba region’s Gross Regional Product has passed the $11 billion mark for the first time.<\/p>\n

Mayor Paul Antonio, who chairs Toowoomba Regional Council\u2019s Economic Development committee, said the region\u2019s diverse economy had pushed the region\u2019s GRP to $11.56 billion (adjusted for inflation) for the year to June 30, 2019, up $340 million on the previous year.<\/p>\n

He said the region first passed the $10 billion GRP mark two years ago.<\/p>\n

\u201cThe latest reported yearly figures equate to regional economic growth of 3.0 per cent per annum. This far exceeds national economic growth (2.0 per cent), State growth of -0.3 per cent and a rise of 1.5 per cent across regional Queensland for the year to June 30, 2019,\u201d Mayor Antonio said.<\/p>\n

\u201cIt is also pleasing to note that the figures show a continuing upward trend. Remarkably, our average growth over the past 10 years is more than 3.9 per cent per year, which also exceeds the State average of 1.85 per cent.<\/p>\n

\u201cAnother particularly positive highlight is a 1.72 per cent increase in local jobs to 85,249, up from 83,807.<\/p>\n

\u201cMining remains our most productive industry, generating $1.59 billion in 2018-19, which was a notable $467 million increase, or 41 per cent rise in output, compared with the previous year.<\/p>\n

\u201cAgriculture remains the other dominant industry by value-add, generating $832 million in 2018-19, which was a $33 million increase on the corresponding year.<\/strong><\/p>\n

\u201cThe health care and social assistance sector generated more than $1 billion in value-add in the past 12 months, an increase of $53 million on the past year. This sector also remains the region\u2019s largest employer, with employment up by 15.9 per cent on 2018.<\/p>\n

\u201cBased on these figures, mining also had the largest total international exports by industry after generating more than $1.26 billion in 2018-19. This represents more than 51 per cent of the region\u2019s total international exports.<\/p>\n

\u201cMining ($2.43 billion), agriculture ($1.27 billion) and manufacturing ($1.2 billion) are the region\u2019s dominant groups in total exports by industry.<\/p>\n

\u201cIn combination, these three industries accounted for 63.8 per cent of the total exports across all industries in the Toowoomba Region.\u201d<\/p>\n

\u201cThe region also has one of the tightest labour markets in Queensland, with an unemployment rate of 5.0 per cent compared with the Queensland average of 6.1 per cent% (6.5% seasonally adjusted for October) and the national unemployment rate of 5.1 per cent (seasonally adjusted to 5.3 per cent for October) for the June 2019 quarter.<\/p>\n

\u201cOur region\u2019s total unemployment numbers fell from 4687 for the March quarter 2019 to 4107 in the June quarter 2019.<\/p>\n

\u201cThis latest unemployment rate is our region\u2019s lowest since the June quarter 2018 and remains lower than the Queensland and Australian seasonally adjusted unemployment rates.<\/p>\n

\u201cOur population is expected to increase by 45,000 people to reach 210,000 by 2031.<\/p>\n

“This will mean the creation of an additional 32,000 jobs in the Toowoomba region by 2041, with 10,000 of those to be located in Toowoomba\u2019s CBD.<\/p>\n

Toowoomba and Surat Basin Enterprise (TSBE) CEO Ali Davenport said the latest data was good news for Toowoomba.<\/strong><\/p>\n

\u201cGiven that we\u2019re in the worst drought in history and that agriculture is a large part of our GRP, these results go to prove how diverse and resilient our economy is,\u201d Ms Davenport said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Toowoomba region’s\u00a0Gross Regional Product has passed the $11 billion mark for the first time.<\/p>\n","protected":false},"author":20,"featured_media":250118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,22,3,36],"tags":[1131,1134],"yoast_head":"\nToowoomba GRP Hits $11.5b - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Toowoomba region's\u00a0Gross Regional Product has passed the $11 billion mark for the first time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2019\/12\/11\/toowoomba-grp-hits-11-5b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Toowoomba GRP Hits $11.5b - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"Toowoomba region's\u00a0Gross Regional Product has passed the $11 billion mark for the first time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2019\/12\/11\/toowoomba-grp-hits-11-5b\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-11T04:55:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-14T00:11:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2019\/12\/20191211tsbe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2019\/12\/11\/toowoomba-grp-hits-11-5b\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2019\/12\/11\/toowoomba-grp-hits-11-5b\/\",\"name\":\"Toowoomba GRP Hits $11.5b - 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