WHY WE’RE THE QLD BOOM CITY

Toowoomba region grows amazing $465 min one year

A RESURGENCE in mining and manufacturing has spearheaded continued economic growth in the Toowoomba region, which remained one of Queensland’s best performers.

New statistics from ID Community revealed Toowoomba’s gross regional product grew again in the past financial year to $10.8 billion, up $465 million from the year prior.

While construction and health services remained dominant forces for sales, employment and general output, mining enjoyed one of its strongest periods in years.

This included a nearly $300 million increase in exports. Mining also added $250 million in value to Toowoomba’s productivity, the strongest improver of any sector. Mayor Paul Antonio said the GRP growth, double Queensland’s and Australia’s, was a sign that Toowoomba was one of the state’s powerhouse regions.

THE Toowoomba region grew by nearly $500 million in the previous financial year, according to new figures.

New statistics collated by ID Community revealed the city and surrounding areas’ gross regional product hit $10.81 billion in 2017-18, marking growth of 4.5 per cent.

Toowoomba Mayor Paul Antonio hailed the figures, which were double the national and state averages for economic growth.

“The latest figures are extremely encouraging and demonstrate how the Toowoomba region continues to raise a high bar, not just throughout Queensland, but also nationally,” he said.

“The most pleasing aspect is that this is consistent growth we are experiencing and not just a one off. The average growth has been more than 3.6 per cent per year over the past 10 years.

“It is this consistent growth which has given developers faith in the region to undertake projects such as the redevelopment of Grand Central Shopping Centre and the Wellcamp Airport.”

Construction continued to dominate the region’s local sales, but its output dropped slightly from the 2016-17 financial year.

But one of the big movers was manufacturing, with the industry increasing importing ($127m), local sales ($91m) and added value ($41m).

In comparison, rental, hiring and real estate services, along with financial and insurance services, made big sales last year.

Mining exports grew by nearly $300 million and was the main reason overall exports increased by $515 million.