Western Downs economy surging ahead with new data pointing to record GRP of $5.54b

The Western Downs economy has shaken off the COVID-19 blues, surging to a record GRP.

The Western Downs economy is surging ahead with the latest data pointing to an increase in

the region’s Gross Regional Product which has reached a record $5.54 billion.

For the year ending June 2020 the National Institute of Economic and Industry Research recorded a 3% increase in the region’s Gross Regional Product which is the measure of the size of net wealth generated by the local economy.

Western Downs Mayor Paul McVeigh said the latest figures demonstrated the region’s open for business attitude was delivering real results and driving economic certainty.

“The Western Downs is at the forefront of new and innovative investment opportunities and it’s great to see this continued activity boosting our local economy and delivering more jobs and prosperity,” Cr McVeigh said.

“The current level of activity in the region is a strong sign of confidence for both existing businesses and future investors.

“Despite the challenges of 2020 and percentage decreases in some neighbouring regions and

Queensland more broadly, the Western Downs is pushing ahead, and council is building on this growth.

“We delivered several initiatives under our COVID-19 recovery package targeting job growth including waiving building, plumbing and planning fees, waiving infrastructure charges on targeted developments and delivering recovery sessions for local business.

“We’re also delivering several major projects across the Western Downs to enhance the region’s recreational spaces and drive tourism opportunities for the future.

“The latest Gross Regional Product data is a testament to the people that make our region the economic powerhouse it’s becoming.”

Toowoomba and Surat Basin Enterprise CEO Ali Davenport said the Western Downs was a driving force in regional Queensland’s economy.

“It’s fantastic to see these record figures which demonstrate the strength of the Western Downs region as it becomes the energy capital of Australia, while still growing the local sectors of agriculture and manufacturing,” Ms Davenport said.

“The Western Downs Regional Council has done an excellent job to help the local community recover from the economic effects of COVID-19. Their $50 million recovery package helped to give the region the economic certainty to emerge through the pandemic stronger than before as it helped secure and create jobs and no doubt contributed to these impressive economic growth figures.

“We are committed to working with the Western Downs Regional Council to continue fostering and facilitating this sustainable growth and development of the region and support the local business community.”