2024 Economic and Business Profile Update
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ECONOMIC AND<br />
BUSINESS PROFILE<br />
for the Mid-Western Region<br />
<strong>2024</strong> UPDATE<br />
Population<br />
OUR<br />
TOTAL ESTIMATED POPULATION<br />
MID-WESTERN REGION 1<br />
25,921<br />
ESTIMATED POPULATION<br />
(2013–2023)<br />
23,742<br />
24,059<br />
24,374<br />
24,546<br />
24,874<br />
25,152<br />
25,379<br />
25,538<br />
25,704<br />
25,760<br />
25,921<br />
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023<br />
GROSS<br />
Regional<br />
PRODUCT<br />
Workforce<br />
GROSS REGIONAL PRODUCT<br />
MID-WESTERN REGION 2<br />
$3.208<br />
BILLION<br />
SIZE OF RESIDENT<br />
WORKFORCE 3<br />
UNEMPLOYMENT RATE 3<br />
6.0% 3.1%<br />
11,716<br />
4.7%<br />
2.4%<br />
1.8% 1.3%<br />
PEOPLE Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23<br />
<strong>Economic</strong> OUTPUT<br />
ECONOMIC OUTPUT<br />
(ALL INDUSTRIES PER ANNUM)<br />
$7.05<br />
BILLION<br />
TOP 10 INDUSTRIES<br />
Mining<br />
3,500<br />
Construction<br />
583<br />
Manufacturing<br />
521<br />
Agriculture 374<br />
Real Estate (ownership) 288<br />
Health Care 220<br />
Tourism 180<br />
Retail 158<br />
Public Administration 148<br />
Education 147<br />
$m 500 1000 1500 2000 3500 4000<br />
INCREASE IN ECONOMIC<br />
OUTPUT 2013–2023<br />
+141%<br />
+140%<br />
+125%<br />
Public<br />
Administration<br />
Construction<br />
Health<br />
Care<br />
Source: ABS 2021 Census, 1 ABS Regional Population (Estimated Residential Population 2022-23), 2 REMPLAN <strong>Economic</strong> <strong>Profile</strong> (December 2023),<br />
3<br />
National Skills Commission (December 2023), Australian <strong>Business</strong> Register (ABR: 1 April <strong>2024</strong>), ABS Counts of Australian <strong>Business</strong>es (June 2023),<br />
realestate.com.au (May <strong>2024</strong>), Localis (April <strong>2024</strong>).<br />
ECONOMIC AND BUSINESS PROFILE FOR THE MID-WESTERN REGION | UPDATE MAY <strong>2024</strong>
ECONOMIC AND BUSINESS PROFILE for the Mid-Western Region<br />
<strong>2024</strong> UPDATE<br />
Industry sectors, growth <strong>and</strong> value<br />
ACTIVE INDUSTRY SECTORS<br />
85<br />
<strong>Business</strong>es<br />
ANNUAL VALUE OF GOODS &<br />
SERVICES PRODUCTION<br />
Mining<br />
Real Estate<br />
Construction<br />
$1,438<br />
million<br />
$295<br />
million<br />
$172<br />
million<br />
ECONOMIC VALUE:<br />
TOP 5 CONTRIBUTORS<br />
($300m+ per annum)<br />
Mining 1<br />
Construction 2345<br />
Manufacturing<br />
Real Estate<br />
Agriculture<br />
2,952<br />
(NUMBER OF<br />
REGISTERED<br />
BUSINESSES)<br />
7,712<br />
(LISTED ABNs)<br />
>$200K;<br />
$2M 5%<br />
59.5 %<br />
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