2021-12-13 GC Agenda - Item 9 - Attachment 1 - Draft Economic Development Strategy 2021-2030

4.3.   Key Facts and Trends




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4.3.      Key Facts and Trends

      he Noosa region's median weekly personal and household income levels were both
     significantly lower than the Queensland medians from 2006 to 2016. This Is likely due to Noosa’s
     reliance on the local tourism sector (retail trade and accommodation and food services), which
     is generally a lower paying sector for workers. On a positive note, average annual growth In
     household median weekly income from 2011-2016 in the Noosa region (4.6%) was stronger than
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    Historically the Noosa economy has been driven by population and tourism growth. However,
    given the slower population growth that Noosa has experienced when compared to the state
   average, economic growth will need to come from other sources such as Increased investment
    in the high value industry sectors and / or the adoption of improved technology.

     Noosa has an older population that ts aging at a faster rate than the rest of the State and is
     projected to see an increase in the proportion of residents aged 65 years and over through to the
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     2016 and 204) by 8,850 residents, a 70% Increase on 2016 levels. It is unclear how the recent
     growth in population will affect this equation. This presents opportunities for the provision of
     care and support services to older people, but has workforce implications for employers.
     https: //profile.id.com.au/rda-sunshine-coast/age-sex-pyramid?WebID=100

     Construction has long been the largest contributing sector to GRP but has had some volatility
     over time. Another interesting trend is the strong growth of the healthcare industry over
    the last three years, growing at an average annual rate of 7.4% during this time. Professional
    services has also dernonstrated strong growth over the last five years, growing at an average
     annual rate of 3.)

    Noosa has a much higher proportion of employment in accommodation and food services,
    retall trade and comstruction compared to Queensiand. Healthcare and social assistance |s also
    a key employing sector. In terms of economic development, growing high value-adding jobs
     will have greater benefit to the overall economy than increases in low value-adding jobs due to
    @ greater ability to spend more in the local economy and increased flow on effects. This does
    not mean that lower value-adding jobs are not important, however understanding the balance
    should guide the balance of effort and resources

    The Noosa economy is dominated by small businesses (98.2% of all businesses have 19
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    the top industries by number of businesses (construction, ‘rental, hiring and real estate’ and
    professional services) are typical industries where there ts a great number of individual traders,
    owner/operators and small businesses.

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    The Noosa housing market has been growlng at an extremely rapid pace, making it one of the
    fastest growing markets in Queensiand. in 2020, house prices grew by a staggering 11.6% from
    2019, representing the single largest annual increase over the last 15 years. The median house
    price in Noosa is well above Brisbane, the Sunshine Coast and the Gold Coast, demonstrating
    the strength of the market and the high level of appeal that the community has from buyers
    The high growth in median house prices ts linked to a phenomenon of various households
    leaving “the City”. This trend has accelerated following the increase in ‘work-from-home
    arrangements’ resulting from the COVID-19 pandemic.

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