In 2023, our consultants conducted an Economic Health Check for the Hinchinbrook's economy as council looked to explore recent trends and identify what factors or industry changes were driving the economy. Here's what we found.
Economic and demographic overview
Hinchinbrook's economy relies heavily on agriculture and food processing, making it vulnerable to domestic and international market fluctuations. The small, aging population limits commercial investment but proximity to regional centers and major transport routes offers economic opportunities.
Economic performance
Hinchinbrook's economy has shown improvement with positive indicators like GDP and population growth, and a decreasing unemployment rate. GRP has reached its highest level in over a decade post-COVID-19 recovery. However, job growth has been slower compared to economic growth.
Growth drivers
Recent economic growth has been driven by productivity improvements in high-productivity industries (agriculture, manufacturing, construction), population growth, tourism, and building investments like the Ingham Hospital upgrade.
Challenges
Key challenges include the disconnect between economic and job growth, falling non-residential building approvals, an aging population, a tight labor market, competitive pressures on local retail, and the impact of bank closures on activity in major centers.
Future growth prospects
Opportunities for future growth include strengthening the agricultural sector, diversifying into renewable energy, expanding education and training relevant to the region, attracting new residents and workers through affordable housing and local services, boosting tourism, and leveraging the aging population to grow healthcare and aged care services.
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.
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