Greater Whitsunday Alliance releases Regional Economic Profile
Greater Whitsunday Alliance (GW3) has released the Mackay Isaac Whitsunday Regional Economic Profile, which presents critical economic data and highlights the strong economic foundations of the region.
GW3 Chief Executive Officer Kylie Porter said the updated document shows the Greater Whitsunday region economy continues to strengthen based on the key foundational sectors of mining, manufacturing and agriculture.
“Traditional sectors like mining and agriculture continue to thrive in the Greater Whitsunday region, however this strong performance is also supported by exciting emerging industry announcements such as the investment of $1M from the Queensland Government into the establishment of a bio-foods hub, and the announcement that Abbot Point is Queensland’s small satellite launch site.
“Capitalising on our region’s strengths underpins all of GW3’s projects and activities.”
The profile emphasises the strong economic changes that have occurred across all industries, with the Gross Regional Product (GRP) increasing by more than 7% to $23.8B. This was led by the mining sector which recorded an impressive $0.951B increase in GRP to reach $20.391B.
The economic data also reveals all key industry sectors have maintained or recorded GRP growth with total outputs growing to $42.29B up from $41.9B in the 2020 financial year.
“The region’s Gross Regional Product is $140.333 per person compared to the Queensland average of $76.995, demonstrating the sheer strength of our region’s economic contribution to the State coffers and really underpins our claim that Greater Whitsunday is a regional economic powerhouse.”
Ms Porter said the real estate sector remained very positive for Mackay and Isaac especially, with both regions reporting solid increases in the median house prices.
“There was more than a 55% increase in value of Non-Residential approvals, particularly in the Issac Regional Council area, indicating continued confidence in the region.”
Ms Porter said no discussion about the economy in 2020 was complete without consideration of the impact of COVID -19.
“The resources sector largely cushioned the MIW region from COVID-19 impacts with jobs marginally up from pre-COVID – 19 levels in March 2021.”
Ms Porter said the median regional employment rate remains low at approximately 4.3%
“The regional unemployment rate remains low and well below that of the Queensland 5.1% as of June 2021, indicating the regional economy is performing strongly,” Ms Porter said.
The information included in the Regional Economic Profile is a representation of the 12-month period from is based on data from the 2020 financial year June 2020 to June 2021 and covers everything from the economy, employment, housing and liveability to the region’s economic enablers, drivers and future.
To read more of the Regional Economic Profile you can access it digitally by visiting the GW3 website here.
Greater Whitsunday Alliance is the region’s peak, independent economic development body committed to making the Mackay, Isaac, Whitsunday region strong for generations.
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