City of Melbourne’s economy booming on back of jobs and housing
The City of Melbourne’s economy is now greater than that of Tasmania, the Northern Territory and the ACT combined. These are the industries that have help our city’s economy rocket above $100 billion for the first time in history.
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The City of Melbourne’s economy has rocketed above $100 billion for the first time in history thanks to a boom in jobs and housing.
The city’s economy is rapidly growing and is now greater than that of Tasmania, the Northern Territory and the ACT combined.
The 2018 Census of Land Use and Employment released today shows the city’s gross local product grew more than 5 per cent to reach $100.3 billion last year.
It was helped along by a massive surge in employment, with more than 429,000 jobs across 16,800 businesses.
The biggest increase in jobs was in Docklands, with a massive 243 per cent jump in employment over the past decade.
The suburb now provides jobs for 51,600 people.
Our cafe culture also shows no signs of slowing, with 2390 cafes and restaurants packed into the CBD.
Together they have 195,000 seats, which is enough to cater for almost twice the number of attendees of an AFL Grand Final at the MCG.
An additional 12,360 new homes were added to the CBD over the past decade.
The majority were built in the city centre, Southbank, Carlton, Docklands and North Melbourne. It takes the total number of homes to 83,080.
The growth alone is greater than the total number of dwellings in Adelaide’s CBD.
Lord Mayor Sally Capp said Melbourne was not just Australia’s most liveable city, but a key driver of the national economy.
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“We are investing significantly to enhance our city — whether it is through new parks and public spaces upgrades or hosting major festivals and events,” she said.
“Residents, businesses and visitors are telling us they’re all being drawn to our vibrant economy, strong employment, world-class events calendar and our food and cafe culture.
“Melbourne has become Australia’s most desirable city.”
The top employment industries in the CBD include business services, finance and insurance, health care and social assistance, public administration and safety, and food and beverage services.
CBD SNAPSHOT
— $100.3 billion economy
— 479,200 jobs
— 16,800 businesses
— 83,080 dwellings
— 2390 cafes and restaurants
TOP EMPLOYERS
— Business services (84,100 jobs)
— Finance and insurance (66,500)
— Health and social assistance (42,900)
— Public administration and safety (42,000)