Key economic data reveals the Ipswich economy has smashed through the $12 billion mark for the first time.
Economic and Industry Development Committee Chairperson Councillor Kate Kunzelmann welcomed the “business is booming” news.
“In the 12 months ending 30 June 2022 the Ipswich Gross Regional Product reached $12.183 billion – the first time the city’s economy has surpassed $12 billion,” Cr Kunzelmann said.
“This represented a growth of 5.31 per cent or $614 million on the previous year.
“Our region continues to go from strength to strength.”
The Gross Regional Product of an area is the equivalent of Gross Domestic Product, but for a smaller area. It is the amount of region’s wealth which is generated by businesses, organisations and individuals working in the area.
The Ipswich data compared favourably with other councils and the state, with only the Gold Coast recording a higher percentage rate of growth:
* Logan GRP ($15.038 billion) grew by 4.71 per cent
* Moreton Bay GRP ($19.898 billion) grew by 4.01 per cent
* Gold Coast GRP ($40.984 billion) grew by 5.88 per cent
* Cairns GRP ($10.216 billion) grew by 3.39 per cent
* Townsville GRP ($12.663 billion) grew by 3.51 per cent
* Queensland GRP ($386.556 billion) grew by 4.99 per cent
A report of updated key economic data presented to council also showed that in the 12 months ending 30 June 2022, Ipswich exports reached $12.937 billion. This represented a growth of 14 per cent or $1.544 billion on the previous year.
An analysis of the total exports by industry sectors in the City of Ipswich in 2021-2022 shows the three largest industries were manufacturing ($5.216 billion or 40.3 per cent), public administration and safety ($3.190 billion or 24.7 per cent), and transport, postal and warehousing ($1.053 billion or 8.1 per cent).
Cr Kunzelmann said council’s recently released Economic Development Strategy, which underpins growth and investment over the next five years, identified defence, manufacturing, health, transport and logistics industries as key performers going forward.
“We are meeting the stakeholders in those sectors with a view to shaping the regional skills plan for the city. Investment attraction and opportunities will continue,” Cr Kunzelmann said.
“We are looking at connecting skills development with the actual industries requiring these people and also making Ipswich attractive to live, work, learn and play.
“There is a clear picture of growth in recent years, about 3.5 per cent annually. What we are seeing now with regional growth (5.31 per cent) and people moving into the region, there is a much higher rate than that last year and no reason why it can’t continue.”
The report also revealed that in the 2021-2022 financial year Ipswich had 89,135 local jobs registered, with 46.5 per cent of people employed locally.
In the January to March 2023 quarter, there were 12,064 registered businesses with 453 new businesses opening their doors in the year.
“The release of updated key economic data illustrates positive growth across numerous indicators for the City of Ipswich,” Cr Kunzelmann said.
The Ipswich City Council Economic Development Strategy 2023-2027 can be viewed at Ipswich.qld.gov.au
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