Gross Regional Product for the Greater Port Macquarie region increased by 2.7% to $2 billion in 2005/2006

Port Macquarie has experienced an increase of almost 20 per cent in business activity in the past financial year (2006) and since 1996 has exceeded the state benchmark for business activity by 152% (‘Performance of the Hastings Economy’, Hastings Council, 2003). Most of this has been generated by the services sector and largely driven by population growth.

In the period 1996 and 2001, nearly 3,500 jobs were created in Hastings, an increase of 18.6% over the previous five years. The labour force is skilled in the retail and wholesale trades, recreation and personal services, agriculture and manufacturing.
Employment growth sectors with increased market share between 1996 and 2001 include electricity, health, education, retail trade, non-residential construction, public administration, beef cattle, forestry and printing and publishing.

Manufacturing activity in the region is largely related to processing timber and primary produce but also includes furniture, fabricated metal products, boat building, automotive equipment and building related products.

In May 2004, ‘My Business’ magazine presented new research on the shifting economics of regional cities. ‘The Great 25’ used ABS population, distribution data and an assessment of local economic conditions to establish the top 25 growth towns and cities across Australia, ranking Port Macquarie 6th.

The Great 25 boom towns all featured strong tourism, transport infrastructure, tertiary education, telecommunications and affordable quality lifestyle.

Research by Bernard Salt of KPMG (“Boom Towns”, 2003) indicates that Port Macquarie’s employment performance is good. Statistics for the 1996-2001 period indicate that jobs growth (17.5%) exceeded population growth (12.4%) by 5.1%. Additionally, Port Macquarie ranks 12th out of a list of 40 Australian growth cities, towns and regions.

CLICK HERE to view the 'Hastings LGA Property Watch Report' June 2008.