The Hunter region is experiencing a promising economic outlook, with a projected 34,000 jobs over the next five years, driven by the energy transition and infrastructure projects. This positive forecast comes on the heels of a post-COVID jobs boom that created 43,000 roles, indicating a stabilizing and diversifying economy. The region's strong business growth, particularly among top-end businesses, is a testament to its attractiveness as a place to do business. KPMG's Enterprising Cities report highlights the Hunter's resilience and its ability to punch above its weight, despite economic headwinds. The shift towards renewable energy production, including battery storage and transmission infrastructure, is expected to invigorate the economy further. However, the region faces challenges such as fuel price shocks linked to the conflict in Iran, which could impact diesel-reliant sectors like construction and mining. The construction industry, while representing the largest number of businesses, is facing higher costs and flattened home building trends. The housing market is also strained, with price points skewing to the top of the market, making it less liveable for lower-income earners and renters. Despite these challenges, the Hunter's economy is diversifying, with an increasing number of white-collar jobs supporting traditional powerhouses like mining and manufacturing. The region's attractiveness to new residents is highlighted by nation-building investments, such as planning studies for high-speed rail and guided weapons manufacturing. The Port of Newcastle's container terminal decision and the redevelopment of the Newcastle Art Gallery further underscore the region's changing character and potential for long-term growth. As the Hunter region continues to evolve, it is poised to become a hub for diverse economic opportunities, attracting skilled workers and businesses alike.
