New data shows the City of Greater Geelong’s economy is bouncing back from the COVID-19 pandemic, with spending in the municipality reaching a new peak of almost $1.5 billion at the end of 2021.
Data released by Spendmapp showed spending in the municipality from October to December 2021 was up by 39.1 per cent compared to the previous quarter from July to September 2021.
The increase in spending matches changes in lockdowns and restrictions, with Geelong coming out of its last lockdown in late September.
Of the almost $1.5 billion in spending, $1.06 billion was from local residents – up 30 per cent on the previous quarter.
Visitors spent $432.4 million, an increase of 67.8 per cent on the previous quarter as Geelong was able to welcome visitors from Melbourne again from November.
Australian Bureau of Statistics data also showed the unemployment rate in the Geelong region had dropped every month for six months, to 2.4 per cent – the lowest unemployment rate for the Geelong statistical area, which includes the City of Greater Geelong, the Borough of Queenscliffe, the Surf Coast Shire and much of the Golden Plains Shire, for the last two decades.
Deputy mayor Trent Sullivan said that lockdowns had heavily impacted Central Geelong, there were economic opportunities on the horizon including the re-opening of Australia’s borders, a host of major events and international students returning.
“Our region has been through some very difficult times thanks to the global pandemic, but the latest data shows our city’s economy is recovering faster than expected and unemployment continues to decline,” he said.
“Our unemployment rate is now 2.4 per cent which is the lowest we’ve seen in the last 20 years. Our economy is growing because people recognise that Geelong is a great place to work, to do business and to invest.”
Economic development portfolio chair Peter Murrihy said job advertisements in the region had also increased.
“There were more than 8770 jobs advertised online in Greater Geelong in the December 2021 quarter, which is almost double the level of jobs advertised at the same time in 2020,” Cr Murrihy said.
“Geelong is one of fastest growing regional cities in Australia and people are drawn to our strong employment opportunities, world-class events calendar, beautiful natural environment and food and café culture.”
