An Overview and Update on the Mid West Economy

The status of the economy is integrally linked to every facet of our daily lives. Is the economy doing well or suffering a bit? Are input and output rates steady? What elements compose the health of the economy where you live? These are all important things to be aware of as they will affect how you make and spend money and what kind of lifestyle you can have. Here is a brief overview of where the economy of the Mid West stands right now.

An Overview and Update on the Mid West Economy

Production

There are a many outlets that make a big impact into the Mid Western economy. These products are mining or resources, agriculture, fishing and manufacturing. Each of these areas contributes to the output of products from the Mid West and thereby supports its economy.

Gross regional product is the usual standard of measurement of how much income a specific product generates for that year. Last year, mining was at $2.5 billion, agriculture was at $871.9 million, fishing was at about $100 million and manufacturing was at $286 million. These are relatively strong figures, especially in the resources industry which also includes offshore oil rigging.

Levels of Success

What do these figures about gross regional product and the status of these products tell us about the Mid Western economy right now? Overall, it is doing well. The mining industry, while not as strong as it has been in the recent past, is still at a high point.

Agriculture had a successful year as well, primarily due to good climate and rich earth soil. All other areas are doing well also, which helps boost other facets of the economy, including consumer products and, most importantly, real estate.

Economic Review

It is good to be aware of the factors that make up the economy of where you live. Resources, agriculture, fishing and manufacturing generate most of the income in the Mid West. Success in these fields strengthens the economy and helps improve other areas such as real estate and provides jobs as well in Mid Western cities like Geraldton.

To learn more about the economy in the Mid West and how it can affect you, please call (08) 9301 4445.