GEELONG’S economy bounced back strongly in the September quarter, including a strong kickalong from the Cats’ AFL premiership victory.<\/p>\n
But local businesses’ search for workers is still proving a challenge as the pool of available staff continues to shrink.<\/p>\n
The City of Greater Geelong reported in its latest economic development figures that $1.4 billion was spent in the municipality during the September quarter.<\/p>\n
Overall spend was up by about a third and visitor expenditure was 50 per cent higher than the same time last year \u2013 an unsurprising jump given 2021’s figures were heavily affected by COVID-19.<\/p>\n
But the figures also indicate Geelong businesses are struggling to find the staff to fully capitalise on increased activity.<\/p>\n
There were more than 11,000 job ads posted online during the quarter as businesses clambered to access a still-diminishing labour market.<\/p>\n
The region’s unemployment rate fell from already historic lows to 2.4 per cent \u2013 about 1 per cent lower than the national average.<\/p>\n
The overall spending figures were propped up by a late surge at the end of September when the city prepared for \u2013 and then celebrated \u2013 the Cats’ Grand Final performance.<\/p>\n
Spending on dining and entertainment was up $4.8 million between September 19-25 according to the city’s analysis of Spendmapp data.<\/p>\n
The spike was a 26 per cent jump on the average for August-September.<\/p>\n
Stock-ups for Grand Final watch parties also saw an uptick, with an extra $3.4 million turned over at supermarkets and specialised retailers such as bakeries, delis and bottle shops.<\/p>\n
Residents and visitors also spent an average of $671,160 from Monday-Friday either side of the decider \u2013 54 per cent more than usual.<\/p>\n
That uptick peaked on the day of the Cats’ premiership parade, which was 65 per cent up on the average Tuesday for the period.<\/p>\n
Geelong mayor Trent Sullivan commended local businesses for making the most of their opportunity.<\/p>\n
“It’s no surprise that visitor and resident spending increased when there were so many quality retail, hospitality and entertainment offerings available,” he said.<\/p>\n
Chair of the council’s economic development portfolio Cr Peter Murrihy also welcomed the spending boost.<\/p>\n
“The region’s businesses met increased demand with gusto and provided products and services that added something special to celebrations,” he said.<\/p>\n
“The $4.8 million in increased dining and entertainment spending has strengthened businesses, supported local jobs and produced significant benefit to our economy.”<\/p>\n
The city says it spent $189,600 providing Grand Final events for an estimated economic return of $13.5 million – about 70 times its outlay.<\/p>\n","protected":false},"excerpt":{"rendered":"
GEELONG’S economy bounced back strongly in the September quarter, including a strong kickalong from the Cats’ AFL premiership victory. But local businesses’ search for workers is still proving a challenge as the pool of available staff continues to shrink. The City of Greater Geelong reported in its latest economic development figures that $1.4 billion was […]<\/p>\n