Canberra and the ACT have an enviable economic track record, performing consistently over the years.
Canberra’s main industry is public administration and safety, with the headquarters of many Australian Public Service agencies located in the nation’s capital.
With one of the strongest job markets and lowest unemployment rates in the nation, Canberra is also one of the strongest for new housing construction.
As a result, Canberra has the highest average level of disposable income of any Australian capital city, the knock on effect being, a very strong small business environment.
Whilst the Australian and ACT governments are major employers in the city, over half of Canberra’s workforce is employed in the private sector, with more than 25,000 businesses servicing the region, from multi-nationals to micro businesses.
Canberra is also host to several Australian Defence Force establishments, most notably the Australian Defence Force headquarters and HMAS Harman – a naval communications centre that is being converted into a tri-service, multi-user depot.
The ACT holds 17.1% market share of the country’s Defense operations, while surprisingly Student Housing Management in the state holds 13.1% of the industry’s country wide market percentage.
With access to the highest-ranking education and cultural facilities in Australia and some of the greatest thought-leaders in the world, Canberra and the ACT has become the destination of choice for students wanting a first-class education, according to experts.
Just on 3.3% of the nation’s pizza and take away industry – including franchises – is run out of the ACT.
With more than 1000 franchise brands, Australia is the most franchised nation on earth per capita, this means that there is a franchise operating in almost every type of business category with varying levels of complexity and cost.
Information technology is also big business in the ACT, Software Testing Services, Web Design Services and Smart Phone App Developers making up a combined 12.3% of their respective industry shares.
The ACT is also host to 4.3% of the country’s Self Storage Service industry, 4.9% of Fruit Growing, 4.1% of Art Galleries and Museums and 2.2% of the nation’s Child Care Services sector.
The ACT and in particularly Canberra has the power to surprise with food and wine, art and culture, ideas and innovations and as an ever evolving city, there is always an abundance of new opportunity.
Industry Figures Supplied by IBISWorld.com
With contributions from www.canberrayourfuture.com.au