After breaking the $10 billion mark for the first time last year, the Toowoomba Region’s economy has continued to improve, recording a $10.81 billion Gross Regional Product (GRP) as of 30 June 2018.
The jump by almost half a billion dollars ($465 million) over the past 12 months was welcomed by Toowoomba Region 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%. This far exceeds national and state economic growth of 2.2% and 2.4% growth across regional Queensland.
“The most pleasing aspect is that this is consistent growth we are experiencing and not just a one off. The average growth has been more than 3.6% per year over the past 10 years.
“It is this consistent growth which has given developers faith in the region to undertake projects such as the redevelopment of Grand Central Shopping Centre and the 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.
“Local jobs increased from 80,730 to 85,343 (up 5.72%), exceeding the state percentage increase for the fourth consecutive year.
“The Health Care and Social Assistance sector remains the backbone of our region as the region’s largest employer, generating more than $1 billion of value add in the year ending 30 June 2018, an increase of $90 million.
“Mining contributes more than $940 million to the local economy, up 36.5% 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% of all international exports from the region.”