Greater Geelong’s economy bouncing back

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 in the last quarter of 2021.

Data from Spendmapp shows that 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.

Of the almost $1.5 billion in spending, $1.06 billion was from local residents (up 30 per cent on the previous quarter) and visitors spent $432.4 million (an increase of 67.8 per cent on the previous quarter).

Australian Bureau of Statistics data also shows the unemployment rate in the Geelong region has dropped every month for six months to 2.4 per cent, the lowest unemployment rate in records spanning the last two decades *

Online spending by Greater Geelong residents has risen sharply since the June 2020 quarter, now 50 per cent higher than pre-covid levels at $620 million.

Read the full expenditure data on our business statistics page.

* The Geelong region refers to the ABS defined Geelong SA4 and includes the City of Greater Geelong, the Borough of Queenscliffe, the Surf Coast Shire and the majority of the Golden Plains Shire).

Deputy Mayor Trent Sullivan

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. 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.

Chair of the Economic Development Portfolio, Councillor Peter Murrihy

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. 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.

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