Recently released unemployment data shows the City of Tea Tree Gully continuing to display a strong economy and jobs market.
The Australian Bureau of Statistics (ABS) March 2019 quarter employment data shows the CTTG unemployment rate rising from 3.3% to 3.4% - a good outcome considering the South Australian unemployment rate rose one percentage point to 6.4% over the same time period.
We have maintained an unemployment rate of 3.3% to 3.4% for the last four quarters showing a steady economy and defying the large increase in unemployment seen at state level. See the data.
Our real estate market is also looking strong with CoreLogic data showing that Tea Tree Gully Council had the highest proportion of sales at a profit over any other council area for the March 2019 quarter.
The CoreLogic report says 97% of all properties on the market between January and March in the City of Tea Tree Gully sold for more than their previous sale price. Read the full story.
The City of Tea Tree Gully has invested in a new community and economy profiling tool by REMPLAN.
The latest population figure from 2018 via REMPLAN shows an annual increase in CTTG of 0.3% - up to 99,694. Population growth has been steady at 0.2-0.3% over the last five years. Review the data table.
Residential and non-residential building approvals also grew in significantly in the 2018 financial year by $34 million and $323 million respectively. The Westfield dining precinct development contributed largely to the commercial growth. See the growth.
The volume of trading businesses in also on the rise, with 2018 data showing an increase of 5.6%, totalling 122 new businesses overall. The largest growth was seen in businesses with a turnover between $200,000 and $2 million, with an extra 99 businesses in this category. See the data.
To explore further demographic data and better understand local economic factors, see the CTTG community and economy tools by REMPLAN.
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