Local diversity an asset

CONSTRUCTION and healthcare are tipped to be two of Geelong’s booming job markets as Victoria begins to revive its struggling economy.

Experts tipped Geelong’s diverse industries would be key to its economic recovery as social distancing measures lifted across the state.

Deakin University economics lecturer Dr Ha Vu said large employment areas such as social assistance and community care, public administration and healthcare would remain strong as they were largely unaffected by the pandemic in comparison with industries like hospitality.

“Geelong has one of the fastest-growing, strongest local economies in Victoria,” she said. “It’s a very diverse economy too, which can help recession-proof it.”

Strong government-led construction projects would help the industry tick along too.

“Construction has a lot of opportunities for growth within the local economy,” she said.

“We could see it pick up even further in the near future.”

Large employment sectors like retail and hospitality were expected to bounce back, albeit more slowly than other areas.

“There is a lot of pent-up demand for certain areas of the retail market — like hairdressers, for example,” she said.

It comes after independent analysis revealed more than 10,000 jobs were lost across Geelong and the Surf Coast due to COVID-19, ripping away approximately $68.2 million in wages across the region.

Analysing the latest local labour force statistics, she said the impact on Geelong’s economy was much more “muted” than other areas in Australia.

“Areas like tourism and recreation or arts will have a longterm recovery,” she said.

“It depends on how we can attract domestic tourists and how international travel recovers.”

Geelong Chamber of Commerce chief executive Ben Flynn told the Geelong Advertiser it was important to support local businesses and growth opportunities for the region.

“It’s really vital we support local jobs, because we need to maintain current employment, build back up jobs for those who have been stood down and have entry-level roles for students graduating high school,” he said.

“It’s important Geelong is able to support its growing population. We need to be sustainable in that regard.”