Toowoomba council reveals region’s economic growth during 2020-21, key industries revealed

New economic data has revealed just how well the Toowoomba region has recovered from the Covid-19 pandemic, and it has also tracked the growth of one particular industry.

Toowoomba has bounced back from a difficult Covid-19 period to record some of its strongest regional growth in years.

New data from the council’s economic development branch has revealed the region generated nearly $12bn in gross product (GRP) during the 2020-21 financial year, recording growth of 4.2 per cent.

The statistics also revealed the region’s workforce grew by 3.8 per cent from the previous period to 84,000 people, with healthcare and education remaining our largest industries by employment.

But financial, insurance professional and technical services has become a major contributor to the economy in recent years, generating more than $1.2bn in value and employing nearly 7000 people.

In fact, Toowoomba is now ranked seventh out of all regional cities in Australia for proportion of its population in this industry.

Mayor Paul Antonio said the data indicated Toowoomba had recovered well from Covid-19.

“These measures rank the Toowoomba region economy’s as the second largest in Queensland outside the metropolitan areas and the third largest regional city economy — Townsville ranks first, with Cairns third by GRP,” he said.

“It is pleasing to see more than $13.1 billion in planned infrastructure and major projects, both private and public, that will drive economic development and future productivity, while improving our region’s accessibility and amenity for future generations.

“The latest figures reveal we have reversed the 4.5 per cent or $127 million hit to our GRP in the June quarter 2020.

“Our 2021 figures show our GRP rose by 4.2 per cent year on year and local jobs rose by 3.8 per cent.”

Other key industries were mining ($996m in value), manufacturing ($847m), construction ($799m), transport and logistics ($357m) and retail trade ($652m).

To check out the full report, head to the council’s website.

Originally published as Toowoomba council reveals region’s economic growth during 2020-21, key industries revealed