The Toowoomba Region's diverse economy is underpinning a return to pre-Covid growth trends, with indicators forecasting strong business investment prospects, according to data contained in the latest Toowoomba Region Economic Profile.
Toowoomba Region Mayor and Economic Development Committee chair Cr Paul Antonio said the positive news on the growth and investment front was tempered by wider global economic conditions, particularly rising inflation and its flow-on effects to national and household budgets.
Mayor Antonio said the Toowoomba Region's broad economy had generated $11.74 billion in Gross Regional Product (GRP) in the 2020-21 financial year, which equated to 3.3% of the Queensland economy. Both indicators were up slightly on the previous recording period.
"These measures rank the Toowoomba Region economy as the second largest in Queensland outside the metropolitan areas and the third largest regional city economy. (Townsville ranks first, with Cairns third by GRP)," Mayor Antonio said.
"The data is contained in the Toowoomba Region Economic Profile (June 2022) that has been released by Toowoomba Regional Council's Strategic Planning and Economic Development branch. An online version is available at www.tr.qld.gov.au/economicprofile
"Our Region's economy supported an estimated 84, 614 jobs in the reporting period. (Townsville and Cairns are first and second respectively for jobs in regional Queensland)
