Economic Spotlight on Noosa
Case Studies Economics
The Client
The region of Noosa
Challenge
The region of Noosa needed support in developing an Economic Development Strategy to better support growth and resilience within their local businesses.
Our Method
.id analysed the economic drivers with an economic story about Noosa 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 Noosa economy that covered its recent performance, competitive industries, workforce skills and economic outlook.
Results
The outcome for Council is evidence based insights that informed and supported the creation of their Economic Development Strategy.
Economic Spotlight on Noosa
In 2023, our consultants conducted a health check for Noosa as the region looked to explore recent trends and identify what factors or industry changes were driving the economy. Here's what we found.
Tourism and hospitality resilient
Visitation to Noosa was negatively impacted during the COVID period, especially international tourism, but the industry survived off the back of domestic visitation. Hospitality services continued to grow throughout as many residents spent money locally rather than travelling overseas.
Health-driven growth
Noosa's resident population is ageing rapidly - 70% of population growth between 2016 and 2021 was in residents aged 70 and over. This has driven substantial demand for local hospital, allied health and social assistance services.
Remote work boosting professional services
Noosa's economy saw an expansion in white collar workers as remote work opportunities became more popular during the pandemic.
Strong construction pipeline
In spite of relatively low population growth, building approvals continued to grow. Non-residential construction was led by demographics (aged care facilities) and strategic industries (accommodation and retail facilities).
Key worker challenges
Like many locations, labour and skill shortages, especially in healthcare, retail, and hospitality, are slowing the region's potential growth. Affordability issues in Noosa mean key workers are having to commute in from neighbouring shires.
Skills analysis and planning
Additional work done by .id identified emerging skills in key sectors that Noosa wants to grow. The region needs to improve access to local training opportunities in these areas if it wants to meet its desired growth.
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.
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