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CONSULTING
Economic Spotlight on Fraser Coast
Key highlights
The Client
Fraser Coast Regional Council
Challenge
Fraser Coast Regional Council required an Economic Health Check to assess recent economic performance, growth drivers, analysis of key industries and the likely forces that might affect the future of the economy.
Our Method
.id undertook an in-depth economic analysis of the Fraser Coast economy using the most up to date economic and demographic information. Our approach was designed to better inform the Council about the region's strategic strengths, weaknesses and gaps and how these have developed overtime, rather than repeating factual statements and presenting data.
Highlights
.id presented an economic story of the Fraser Coast region, including its place in the wider region, its macro environment and how it performs under the United Nations Sustainable Development Goals (SDG).
Results
The outcome for the Council is evidence based insights that helps identify key opportunities and challenges and prioritise actions to address them.
Economic Spotlight on Fraser Coast
In 2023, our consultants conducted an Economic Health Check of the Fraser Coast Region to provide the regional Council with a detailed analysis of recent trends and identify what factors or industry changes were driving the economy. Here's what we found.
Economic and jobs growth rebound in 2021
Continued economic activity in 2022
Early 2022 saw the continuation of strong economic activity, leading to an increase in businesses and a significant drop in unemployment rates below historical averages. Jobs growth was primarily driven by population servicing industries and manufacturing, with notable expansion in Health Care and Social Assistance.
Construction activity and public service jobs
The construction sector maintained stable growth through both residential and non-residential projects, though the non-residential construction proportion was relatively low. Public service jobs increased due to population growth and public service expansion, particularly in local government and detention services.
Manufacturing rebound
The manufacturing industry rebounded from a prolonged decline, driven by increased demand for construction inputs and robust growth in transport equipment manufacturing.
Low business survivability and productivity
Over the period from 2000 to 2023, the Fraser Coast region has the lowest level of average business operation duration compared to other comparable benchmark regions. In addition, the region had a lower worker's productivity than both the Wide Bay Burnett and Regional Queensland averages in 2022.
Challenges and limitations
Despite the strong performance, Fraser Coast faces challenges such as an aging population limiting labour force growth, a less diversified economy susceptible to external shocks, a lower proportion of highly qualified residents, a decline in knowledge-based professional workers, and a shorter average business survival duration compared to other regions.
Want to learn more?
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.
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