Geraldton’s Thriving Economy: No End in Sight

The Geraldton real estate market is very strong right now, and this is a reflection of a thriving local economy. While Geraldton’s growth is driven by the mining industry, Geraldton has 14,321 jobs in the city, of which only 446 are directly related to mining. Consequently, the unemployment rate for the entire region is only 2.4%, while the Greater Geraldton rate is 2.6%.

Retail and construction are the two largest job categories in Geraldton, which bodes well for its future. A strong retail industry means that people in the region have money to spend, and the construction rate means that Geraldton is growing, with business and residential construction in a boom right now. Health care and education are also very popular occupations in Geraldton.

While the mining jobs are outside of Geraldton, Geraldton still does serve as a hub for the industry, bringing a lot of people from the mining professions into town on a regular basis. In addition, Geraldton still has a very strong agricultural presence, and there are a lot of improvements underway providing more infrastructure to the area.

Currently, housing prices are still affordable, the infrastructure is more than appropriate for the amount of people it serves, and local governments are all cooperating to make Geraldton a very liveable and sustainable place to live.

Geraldton’s gross regional product is a little over $2.5 billion with a population of 37,162. That works out to $67,751 per capita, and $175, 810 per worker. Geraldton mining exports are approximately $756 million, and manufacturing exports total $294 million. The transport and warehousing industries export $183 million, and the construction industry is responsible for $129 million.

WA’s economy is projected to show a final number of 7.5% growth in 2012, and 7% in 2013. 2011 was an unprecedented year, with 14.6% economic growth. The Mid West region is projected to face labour shortages soon, to a point where Industry WA and Chamber of Commerce chief John Nicolaou is calling for labour to be imported from other countries.

In other words, the boom in WA is not projected to end anytime soon, and the Mid West region stands to be at the centre of that growth.

Call Ray White Geraldton Real Estate at 9965 7600 to hear about our Geraldton property for sale.