2015-11-10 - P&O Agenda - Item 18, Attach 1&2 - Draft Noosa Shire Local Economic Plan

6.1   Diversify the Economy by Growing Priority Sectors:

       Objective:   Diversification of our local economic structure.

      Who:
      Priority Sectors:
         Health wellness                                      Tourism
         Digital economy                                      Creative industries
         Environmental industries                             Professional services
         Rural Enterprise

      The priority sectors have been identified to drive that change because:
             They are a good fit with the sustainability aspirations of this community and offer growth
              potential in industry sectors that have high economic value and low environmental impact.
             Our Shire demonstrates a competitive advantage in that sector and a clear opportunity has
              been identified.
             They are market driven and strongly supported by the local business community.
      The priority sectors do not align with the Australian Bureau of Statistics (ABS) - Australian and New
      Zealand Standard Industry Classifications (ANZSIC) which is traditionally used for the standardised
      collection and measurement of economic data on an industry basis. The local economy will continue
      to be tracked and measured based on data accessed from ABS using the ANZSIC.
      What:
      Diversification of our industry structure will minimise the impact of economic shocks or downturns in
      the local economy, particularly in those sectors that are most vulnerable such as retail, tourism and
      construction. It will also assist job opportunities to emerge across a variety of industry sectors.
      The Noosa economy reflects the trend being experienced by other developed economies, that is,
      away from manufacturing to more serviced-based businesses: shifting from creating goods to
      providing services that can be exported globally. This trend is driven by technology plus an
      educated and well-trained workforce. This service economy sees increased demand for business
      services such as finance, insurance, legal, accounting, ITC, marketing and so on, as well as travel,
      education and creative industries.
      The construction, tourism and retail sectors have been, and will continue to be, key contributors to
      Noosa Shire's gross regional product and thus provide a significant number of jobs.          It is the
      intention of this Plan to recognise the contribution of these established industries and at the same
      time focus on broadening Noosa Shire's economic structure.
      How:
      Action will aim to grow the number of jobs and the contribution to GRP in priority sectors. In order to
      measure progress of this Plan, the nominated priority sectors will be further defined. ANSZIC codes
      relevant to each sector will be identified and gross regional product and employment data gathered
      and monitored over time for each, for example:



              Current Status

              Metric                                                            Size

              GRP (2013-14)                                                     $

              Employment (2011)                                                 %

              Goal – Annual % Growth higher than overall
              GRP growth




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