New figures have revealed an 8% growth in spending in central Geelong during the first half of this year, compared to the same period in 2017.
Approximately $600 million was spent in central Geelong from Jan-Jun 2019, representing almost one quarter (24%) of money spent across the whole municipality.
Dining and entertainment businesses in particular are cashing in, with an extra $18.8 million spent in this sector over the first six months of 2019, compared to 2017.
On average, consumers are now spending about $610,000 on food and entertainment every day in central Geelong.
Professional services are also benefitting, with a 7% increase in spend representing the changing business landscape of central Geelong.
Savvy business operators such as Joe Versace – about to open artisan gelato store Augustus Gelatery on Gheringhap Street – are capitalising on the city's strong economic position.
After keeping a close watch on central Geelong over the past 12 months, Joe said he was impressed by the 'incredible rate' of hospitality development and growth in the city.
"We believe Geelong is a great family orientated area," said Mr Versace.
"Our experience with [Geelong] council has been outstanding in their support of local and new business to the Geelong area. We would recommend any new business to consider coming to Geelong!"
The economic data is collected by the City of Greater Geelong using the expenditure tracking tool, Spendmapp.
A number of factors are driving the recent economic boost, including the growing residential population, thousands of additional employees in the city every day, plus the city's growing reputation as a foodie destination.
This evolution of central Geelong has been underpinned by extensive government planning, investment and engagement, through the Revitalising Central Geelong Action Plan.
The Action Plan includes major redevelopments such as the Geelong Arts Centre, the new Civic precinct and the Malop Street Green Spine.
The following comments can be attributed to City of Greater Geelong Mayor, Stephanie Asher:
Central Geelong operators are in prime position to benefit from the significant government investment into public infrastructure through the Revitalising Central Geelong partnership.By creating a more appealing, pedestrian-friendly, sustainable and safer city, we are attracting more people to Geelong.
The following comments can be attributed to Cr Peter Murrihy, Brownbill Ward:
More people in central Geelong means more money in our economy, and that means greater success for local businesses.It's very good to see all levels of government working together to make sure the city's growth is sustainable and beneficial for everyone in our community.
