New figures reveal Rockhampton economy $5.71 billion, all-time high

As projects like the Alliance Airline Maintenance Facility, Mount Morgan mine rehabilitation, Fitzroy to Gladstone Pipeline and Rockhampton Ring Road boost jobs, Rockhampton’s economy is thriving.

Rockhampton economic output is at an all time high.

New figures have revealed Rockhampton’s economy is at an all-time high, with major projects the driving force behind the prosperity.

The figures, released from the National Institute of Economic and Industry Research, state the gross regional product for Rockhampton is estimated at $5.71 billion.

Gross regional product is the size or net wealth generated by the local economy.

This represents 1.47 per cent of the state’s gross state product and is the strongest result Rockhampton has even recorded.

The 2022 figure is a 0.8 per cent increase on 2021, which was $5.66 billion.

“It is fantastic to see our gross regional product rising, and it shows some real momentum in our economy,” Rockhampton region Mayor Tony Williams said.

“With projects like the Alliance Maintenance Facility, Mount Morgan mine rehabilitation, Fitzroy to Gladstone Pipeline and Rockhampton Ring Road either underway or set to start, we’re optimistic that these trends will keep improving from here.

“Our Rockhampton region economic development strategy and action plan maps out this growth, identifying key areas of opportunity and our council team is currently working through a number of key action items already.”

As of 2022, the Rockhampton local government area had a population of 83,723 with 43,824 local jobs, 5483 local businesses and 39,976 employed residents.

The industry employing the largest amount of people was health care and social assistance, with 19.4 per cent or 7016 full-time equivalent jobs in 2021/22.

The second highest employing industry is education and training at 9.7 per cent, with 3508 FTE jobs while construction was third with 8.9 per cent and 3227 jobs.

Advance Rockhampton acting executive manager, Zac Garven said it was encouraging to see such outstanding economic growth for the region and applauded efforts by local businesses in making this happen.

“Rockhampton Regional Council are pleased to continue collaborating with industry, the business sector, relevant stakeholders and the community to drive industry growth and job creation within the region,” he said.

“Healthcare, mining and agriculture continue to be our biggest growth industries, driving our strong, diverse local economy.

“Construction and manufacturing also continue to play a major role in our region’s economic prosperity.”

The number of registered businesses in Rockhampton is also at an all-time high, with an estimated 5812 GST registered businesses including 145 new businesses in the December 2022 quarter.

“(It is) a great indication of the confidence business owners have in Rockhampton’s economic position and market strength.”