NEWS | SOFTWARE | SHEET
What is Driving Geelong’s Economic Growth & Population Boom?
Between Melbourne, Ballarat, Geelong and Bendigo, Geelong has been established as the fastest growing city, both economically and in terms of population as it is currently the top ‘relocation’ destination for Australians. A significant portion of this growth has been attributed to the various mega projects that are currently taking place in the region which has triggered a cascade of events which include not just the influx of people attracted to jobs, but also an influx of businesses that are attracted by the opportunities that Geelong offers businesses.
Construction equipment and Geelong excavator hire suppliers for instance have strategically setup branches in Geelong to fill the demand gap within the sphere of the construction industry. Currently, local suppliers are stretched to meet demand as many of the projects are in essence ‘mega projects’ that have been on-going for the past few years and will continue for the next few years with more projects in the pipeline.
Geelong’s journey towards becoming the second largest city of Victoria was long, winding and arduous. Its humble beginnings as a centre for wool processing in the 19th century to becoming Australia’s gold rush gateway and industrial powerhouse before becoming what Geelong is now is mostly attributed to the civil construction industry. In a sense, civil construction firms carried Geelong on their backs and placed the city where it is now as a region that offers an array of modern services, education and not to mention a tourism hub.
Established in 1836, Geelong is 190 years old and its current trajectory is leading the city towards a status that will allow it not just to rival Melbourne, but perhaps even Los Angeles or New York in time given the current influx of internal migration from Melbourne and as well as overseas. With suburbs such as Newtown, Geelong West, and Belmont that are continuously experiencing double digit residential growth annually and when this is coupled with rapid outward development that revolves around expansions in the Bellarine Peninsula and as well as Armstrong Creek, Geelong just might overtake Melbourne within a decade.
Civil contractors in Geelong are however facing immense challenges associated to skilled labour shortages and supply disruptions associated with building materials such as wood, cement, concrete and steel. However on the bright side, these challenges have presented themselves as opportunities for suppliers and labour in other regions such as Melbourne.
Equipment such as excavators for hire for instance is often sourced from Melbourne based companies that have setup branches in Geelong to cater for the demand which is for the most part increasing on a monthly basis as projects move ahead. Suppliers setting up branches and skilled labour relocating in the Geelong area further augment the region’s economic and population growth significantly.
The spill over effects from an economic perspective triggered by these projects immensely benefits other industries either directly or indirectly. It is expected that Geelong will soon enough be a primary contributor to Australia’s GDP within the next decade rivalling cities such as Melbourne.
