Scenic Rim Economic Snapshot boosts confidence in the region
The Scenic Rim's $1.95 billion economy has withstood the cumulative impacts of bushfires, drought, floods and the pandemic to achieve a 4.45 percent increase in Gross Regional Product (GRP) for the year ending 30 June 2021, almost double that of Queensland's 2.31 percent overall growth.
Mayor Greg Christensen said this remarkable growth rate, outlined in the latest Scenic Rim Economic Snapshot, reflects a diverse and resilient community focused on a sustainable and prosperous economy.
"After a challenging period since the commencement of COVID-19 in March 2020, our economy is performing strongly, and we have many reasons to feel confident about our future," he said.
The Scenic Rim Regional Prosperity Strategy 2020-2025, adopted in February 2020, has provided a roadmap and set a clear direction for supporting the existing regional business community and welcoming new contributors to the Scenic Rim.
"The Regional Prosperity Strategy points to the opportunities for our region to take charge of its future and make things happen rather than waiting for things to happen."
"While we cannot control the overall economy, we can draw on collaborative directives within this future-focused approach to support and maintain economic growth in the Scenic Rim.
"On behalf of Council, I am proud to share this Economic Snapshot, which highlights specific successes we can celebrate and opportunities we can pursue within our region."
The Scenic Rim Economic Snapshot outlines key statistics for 2020-2021, highlighting regional performance, particularly in terms of jobs growth, investment (measured through value of building approvals) and GRP.
Mayor Greg Christensen noted that agriculture, forestry, fishing, public administration and health care and social assistance are the region’s highest GRP contributing industries.
"However, the 4.45 percent growth rate has been driven predominantly by agriculture, forestry and fishing, wholesale trade and the construction industries," he said.
Unfortunately, not all industries escaped the effects of COVID-19, with the transport, postal and warehousing, accommodation and food service sectors negatively impacted.
At 6.8 percent, the region's unemployment rate is on par with the whole of Queensland, with strong employment growth in agriculture, health care and education.
Mayor Greg Christensen said a key goal of the Regional Prosperity Strategy is to create valuable jobs for local residents.
"Council initiatives surrounding education and workforce development have focused on programs to support training and upskilling of staff, create career paths for school leavers, connect local businesses and harness funded traineeships for local residents," he said.
"The establishment of more than 100 new GST-registered businesses in the Scenic Rim since March 2020 is another reason for optimism about increasing job opportunities in the region."
Despite the pandemic and natural disasters, the region has added 1,500 local jobs during the past five years, with more than 140 net local jobs created in the year ending 30 June 2021.
Building approvals to the value of $141.57 million put the region on target for a new construction industry milestone, second only to the peak experienced in 2016-2017.
Major infrastructure projects, such as Inland Rail and the expansion of large-scale industries, also present a wealth of opportunities for the further growth and development of the Scenic Rim.
"The region has performed extremely well despite the impact of COVID-19 on specific industry sectors and the broader economy," he said.
"We will continue to implement initiatives within our Regional Prosperity Strategy, while navigating current supply chain constraints and labour shortages affecting construction project timelines, for example.
"The Scenic Rim region is well placed to take advantage of the easing of restrictions, and people’s increasing willingness to travel, and, by continuing to work closely with our business sector, Council is confident and committed to supporting economic prosperity and our Strategy’s goal of creating valuable jobs for local residents."
View the Scenic Rim Regional Council Economic Snapshot 2020 – 2021 here.