ECONOMIC UPDATE HIGHLIGHTS ROBUST GROWTH AND FUTURE CHALLENGES

An economic update on Griffith last week provided valuable insights into the current state of the economy.

The comprehensive presentation was delivered to more than 30 local businesses and Council staff by Katrina Paterson from Informed Decisions.

It highlighted that Griffith has experienced strong economic growth since 2020, particularly in the sectors of construction, transport, postal and warehousing, and health care.

The community and economic profiles of Griffith revealed an ongoing positive trend, with a population increase of 117 residents from the previous year, bringing the total to 27,132 in 2023. The new residents predominantly originated from the Local Government Areas of Carrathool, Bland, Bayside, and Murrumbidgee. The 30-to-34-year age group represents the largest demographic in the region.

A notable demographic trend from 2016 to 2021 was the significant growth in Griffith's Indian-born population, with over 900 residents now calling the city home.

Between 2022 and 2023, the Griffith region saw an impressive economic boost, with growth valued at $62 million. Agriculture, manufacturing, and construction sectors have been key contributors to this growth, with construction continuing to be a significant driver, particularly due to the ongoing expansion of Griffith Base Hospital. Employment has seen substantial gains, with nearly 900 jobs created in the past year alone. The construction sector added over 600 jobs, while health care and social assistance contributed over 150 jobs, including 48 in social assistance.

Griffith’s housing market has also gained recognition for its affordability. Earlier this year, PropTrack ranked Griffith eighth among the top 10 most affordable regional cities in NSW, ahead of Tamworth and Dubbo. Additionally, PRD Real Estate’s "Top 10 Affordable Regional Areas 2024" report placed Griffith in the top three in the state.

However, with Griffith’s growth comes challenges, particularly in managing housing affordability and accommodating the arrival of new residents. Griffith City Council remains committed to addressing these issues while continuing to foster the region’s economic vitality.