The Toowoomba Region's diverse economy and a steady population increase over the past five years have been the major contributors to the Region's steady economic growth, according to data contained in a report prepared for Toowoomba Regional Council.
Toowoomba Region Mayor and Economic Development Committee chair Cr Geoff McDonald said the report, Toowoomba - Economic Health Check (June 2023), prepared by .id: informed decisions), which was presented to today's Economic Development Committee meeting (December 13, 2023), highlighted strengths across the regional economy and opportunities for continued growth.
Mayor McDonald said the report detailed the Toowoomba Region's prosperity and resilience, particularly given the rebound from earlier drought conditions and the lingering effects of Covid-19, and more recent disruptions caused by uncertain global economic conditions and the effects of rising inflation on the Australian economy.
He said statistics in the report showed the Toowoomba Region experienced robust growth from 2021 to 2022, mostly driven by population expansion and continued employment and investment in the Region's health, education, agriculture and manufacturing sectors.
Population increased by 1.4% per year from 2017 to 2022, above the decade average (1.2% p.a.). Toowoomba's estimated population was 178,590 in 2021-22, representing 4.6% of South Est Queensland and 6.6% of regional Queensland's population.
Mayor McDonald said the Toowoomba Region's broad economy had generated $11.62 billion in Gross Regional Product (GRP) in the 2021-22 financial year. The regional economy grew by $1.1 billion between 2020 and 2022, following a slight Covid-19 influenced decline between 2018 and 2020.
