Griffith's latest Business Audit has showed a relatively stable economic activity in all precincts and villages across the Local Government Area (LGA).
A number of businesses have been relocating within the LGA in comparison to previous years, despite a slight increase in closures. The number of bricks and mortar businesses remains consistent.
Council’s Director Economic and Organisational Development, Shireen Donaldson, said the audit indicates that vacancy rates in the main street retail precinct have increased in comparison to 2017 which is in line with current regional trends.
“Council is always looking at ways we can encourage economic growth and activity and since we prepared this audit there have already been a number of new businesses open such as You Me Happy Mylk Bar, Little Italy Restaurant, Afghan Friendship Restaurant, Luna Wild and Spec Savers, with Kmart coming later this year,” said Mrs Donaldson.
“Council continues to progress with the implementation of the CBD Strategy which will see the upgrade and transformation of Yambil Street, greatly improving the business and shopping experience in this precinct.
“Following on from this, Council is planning to rejuvenate Banna Avenue and Kooyoo Street to ensure our city retains a robust contemporary business character. The construction of the new skate park in Olympic Street, will also create an energised atmosphere in the area.”
Council are building on events and attractions, as well as seeking grant funding to construct a new outdoor pool facility and a major upgrade of the City's sporting facilities and ovals.
Australian Bureau of Statistics and NIEIR show a continuing upward trend for Griffith with a 2.3 per cent increase to its economy since the previous year.
The Gross Regional Product (GRP) is estimated at $1.72 billion in the year ending June 2017. The population forecast for 2018 is 26,764; estimated to grow to 30,507 by 2036.
There were 13,460 jobs located in Griffith City in the year ending June 2017. In Griffith, Manufacturing is the largest employer, generating 2,528 local jobs in 2016/17.
For more information, you can head to economy.id.com.au/griffith