Diverse industries and a growing population fuel Toowoomba’s economic growth

In a report prepared for Toowoomba Regional Council, a diverse economy and steady population growth have contributed significantly to the Region’s steady economic growth over the past five years.

Geoff McDonald, Mayor of Toowoomba Region and Chair of the Economic Development Committee, said the report Toowoomba – Economic Health Check (June 2023), prepared by .id: informed decisions), which was presented at the Economic Development Committee meeting today (December 13, 2023), highlights the region’s strengths and potential for growth.

In the report, Mayor McDonald emphasized the Toowoomba Region’s prosperity and resilience, especially given the rebound from earlier drought conditions and the effects of Covid-19, as well as more recent disruptions caused by uncertainty in global economic conditions and rising inflation.

According to the report, the Toowoomba Region experienced robust growth between 2021 and 2022, mainly due to population growth and sustained employment and investment in health, education, agriculture, and manufacturing.

In 2021-22, Toowoomba’s population was estimated at 178,590, representing 4.6% of South East Queensland’s and 6.6% of regional Queensland’s population. The city is expected to grow by 1.4% per year from 2017 to 2022, above the decade average (1.2%).

In the financial year 2021-22, Toowoomba’s Gross Regional Product (GRP) was $11.62 billion, according to Mayor McDonald. Following a slight decline between 2018 and 2020 influenced by Covid-19, the regional economy grew by $1.1 billion between 2020 and 2022.