Economic Spotlight on Goulburn
Case Studies Economics
The Client
The Shire of Goulburn Mulwaree
Challenge
Goulburn Mulawaree Shire required an Economic Health Check to assess recent economic performance, growth drivers, analysis of key industries and concludes with the likely forces that might affect the future of the economy.
Our Method
.id analysed the economic drivers with an economic story about Gouldburn and its place in the regional and larger macro environment. Our approach was designed to better inform Council about the locations strategic strengths, weaknesses and gaps and how these have developed overtime, rather than repeating factual statements and presenting data.
Highlights
.id presented an economic analysis of the Goulburn economy that covered its recent performance, competitive industries, workforce skills and economic outlook.
Results
The outcome for Council is evidence based insights that helps identify key opportunities and challenges and prioritise actions to address them.
Economic Spotlight on Goulburn
In 2023, our consultants conducted an Economic Health Check for Goulburn as the Shire looked to explore recent trends and identify what factors or industry changes were driving the economy. Here's what we found.
Strong economic performance and productivity
Goulburn Mulwaree Shire has experienced economic growth above the regional NSW average in recent years, with significant improvements in productivity and a substantial decrease in unemployment since 2021. Key infrastructure developments, such as a major hospital redevelopment, have driven building approval activity and economic growth.
Diverse and competitive industry base
The Shire's economy benefits from established competitive positions in Public Administration and Safety (due to Goulburn Correctional Centre), diverse Manufacturing areas, Quarrying, Road Transport, and Waste Treatment. The redevelopment of Goulburn Hospital has boosted allied health services and productivity, while the construction demand has supported the growth of the Manufacturing sector.
Positive demographic trends
Population growth in Goulburn Mulwaree Shire has been above the regional NSW average, driven by young families. This demographic trend supports retail, childcare, education, and recreation industries. A younger resident base contributes to higher participation rates and increased full-time employment, enhancing local household incomes and retail spending.
Promising outlook for development and growth
The availability of residential land and investment in community facilities are expected to continue supporting population growth. The development of renewable energy projects presents opportunities for job creation, emission reduction, and attraction of new businesses. Potential new industries in bioenergy and biofuels offer additional growth prospects.
Challenges and weaknesses
Despite recent growth, local job creation has been weaker than resident growth, with a quarter of residents working outside the Shire. An economy predominantly reliant on population for growth will see the region face a continued job deficit, lower worker productivity, and an over-reliance on residential building approvals. Other challenges include under-representation in Professional Services, a decline in finance jobs, and lower qualification levels among residents, which could limit local industry skills.
About our economic consulting team
Our economic consulting team is engaged by councils and organisations across Australia to provide in-depth insights behind the data. Our experts draw on their knowledge of urban and regional economic development and years of experience working with decision makers across Australia. This information is used by councils to develop evidence based economic development strategies, investment attraction plans and support grant applications.
If you need help on a project, please contact us and we will get in touch.
Join thousands of subscribers ...
STAY INFORMED
Subscribe to monthly updates
Stay up to date about demographic and economic changes around Australia with .id Insight, our monthly newsletter.
FEED YOUR CURIOSITY
Follow the .id blog
Receive articles twice a week about demographic, economic and housing trends and more. We promise it will be interesting.