Liverpool’s economy defies COVID-19 and picks up in 2020

Liverpool City Council recorded impressive economic growth across the Liverpool Local Government Area in 2020, despite the negative effects of COVID-19.

Figures from national economic modeling tool, economy.id reveal an increase in Gross Regional Product from $11 billion in 2019 to $13.03 billion in 2020.

The Council’s resilience packages for local businesses helped many stay afloat and nearly 500 new businesses opened. The number of local businesses increased from 17,508 in 2019 to 17,962 in 2020.

Liverpool Mayor Wendy Waller said Council’s strategies to support local businesses will continue.

“We recognise that small business is the backbone of our local economy and we’re currently developing a five-year, small business development strategy in which Council will work with more than 17,000 local businesses, providing advice and assistance to grow and maintain operations well into the future,” Mayor Waller said.

There was good news on the job front in the same period. Local jobs increased from 91,295 to 98,419, according to the National Institute of Economic and Industry Research (NIEIR).

Mayor Waller said Council grants contributed to jobs being available, backed by its Local Jobs for Local People program to fill vacancies.

"Council’s City Economy team contacted nearly 1000 businesses in the Liverpool area in 2020 to provide support and resources, including delivering more than $150,000 in grants and support programs to assist the hardest hit of our local businesses,” Mayor Waller said.

Liverpool’s largest industry in 2020 was Health Care and Social Assistance. Liverpool Hospital is the largest standalone hospital in Australia and the Liverpool Health and Academic Precinct will boost the area’s medical services, research and education.

“Liverpool’s Health and Academic Precinct will set the benchmark for delivering integrated health and learning to more than one million residents in the South West region with programs in population health, robotics, and wellness programs,” Mayor Waller said.

For further information on Council’s initiatives to help support local businesses, go to:

https://www.liverpool.nsw.gov.au/business/local-business/support-for-local-business