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Queensland Economic Advocacy Solutions

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All industries are important but some are more so than others

The ABS last week released the latest industry breakdown statistics for Queensland.

The release provides revelations about which industries are on the rise and which are in decline.  All industries are important but some are more so than others .... statistically speaking of course.

The top 3 industries for employment growth were: Education & Training; Health Care and Social Assistance; and Mining.  The bottom 3 were: Manufacturing; Construction; and Wholesale.

The top 3 industries for sales growth were: Education and Training; Electricity Gas and Water; and Agriculture, Forestry & Fishing.  The bottom 3 were: Manufacturing; Wholesale Trade; and Information, Media & Telecommunications.

The largest 3 industries for employment in Queensland are: Retail; Health Care and Social Assistance; and Construction.

The largest 3 industries for sales in Queensland are: Wholesale Trade; Retail Trade; and Construction.

Using four quadrant analysis:

Higher growth and larger industry sectors are: Health care & Social Welfare; Professional, Scientific & Tech Services; and Accommodation & Food

Higher growth and smaller industry sectors are: Education & Training; Mining; Public Administration: Electricity, Gas & Water; Agriculture, Forestry & Fishing

Lower growth and larger industry sectors are: Transport, Postal & Warehousing; Retail Trade; Construction; Wholesale Trade; and Manufacturing.

Lower growth and smaller industry sectors are: Arts & Recreation; Rental, Hiring & Real Estate; and Information, Media & Telecommunications.

In summary:

I will come back to this as there is a mountain to be said about each industry sector and the opportunities and threats each one has.  However upon initial scan Education and training continues to ascend in importance in terms of both employment and sales and is a sleeping giant for Queensland.  Health Care and Social Assistance is already in that spot which is consistent with an aging population.

Both manufacturing and wholesale trade continue to have significant size but their prominence is sliding.  Wholesale trade appears to be suffering from the trend of retailers and consumers dealing directly with the source point in the supply chain.

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