The Economic Development Pillar focuses on growing the capability and size of the regional economy and the income per capita.
The Region has a number of agencies, organisations and groups actively involved in economic development. Each Council has an economic development function and relationships with organisations including the State Government Departments of Innovation and Regional Development, Primary Industry, and Sustainability and Environment.
Other agencies involved in regional economic development include: Geelong Area Consultative Committee, Geelong Otway Tourism, the Geelong Development Board, the Committee for Geelong, the Geelong Chamber of Commerce, the Geelong Export Network, the Geelong Manufacturing Council, the Economic Development Reference Group at Surf Coast as well as a range of trader associations throughout the Region.
The Economy
The Region has one of the most robust regional economies in Australia with a significant level of diversification and a reputation for excellence established through modern business practices, leading edge technology and world class infrastructure. The Region is well resourced with skilled people, excellent infrastructure, including education and research facilities, many natural assets and is well positioned for further development in the immediate years ahead.
The Region has major industry capabilities in the primary production, manufacturing and service sectors.
The Region has some 10,000 businesses and organisations providing products and services locally and beyond its regional borders. The top 25 enterprises employ 21.2 per cent of the Region's workforce. Of these major enterprises, 32 per cent are manufacturers, 20 per cent are in education, 20 per cent are in health, community service and research, 16 per cent are in government bodies or statutory authorities, and 12 per cent are in retailing.
A rich rural hinterland and coastal access provides opportunities for a range of primary activities in the Region including dairy, fishing, forestry, viticulture and intensive animal industries. The Region is in a unique position to add value to its own primary products with strong food and timber processing industries.
Manufacturing has been a significant contributor to the local economy in the past and continues to play an important role today. Other industries include automotive components, metals, chemicals, aerospace technologies, textiles, clothing, footwear and leather.
Tourism, health, education, research, retailing and other tertiary sector activities employ a large proportion of the workforce.
Over recent years, the Region has diversified its services sector in response to changing market trends.
The Region is a leading centre in industrial research, health technology, biotechnology and agricultural research. The Region has the potential to grow its capability in new and emerging sectors including biotechnology and aquaculture. This will require further investigation and the development of relevant sector plans.
The Region's pivotal location facilitates access to the nation's major markets of Sydney, Melbourne and Adelaide, and the markets of the Pacific basin and South-East Asia.
The Region has an ample supply of gas and electricity. Water supply and sewerage capacities are sufficient to meet needs into the foreseeable future.
Region Report - Economic Development
Read the February 2005 Geelong Business News article on the Economic Development Pillar