Illawarra s economy strong despite uncertainty over BlueScope Steel

Illawarra’s economy strong despite uncertainty over BlueScope SteelBlueScope Steel has announced that it will make a decision by November on its Port Kembla operations, with plans to either cease production or slash costs and shed jobs in a bid to remain in business.Many in the Illawarra feel it is not a matter of ‘if’ but ‘when’ and some are predicting an ‘economic tsunami’ if the closure takes place. While BlueScope is yet to formally make a decision in relation to its operations, it is important to remember that the strength of the Illawarra’s economy lies in its diversity. Recent research from the Property Council of Australia, Greater Illawarra: The Smart Growth Agenda, has shown that the Illawarra’s economy is mature and robust and in a good position for future growth.The Illawarra of today is vastly different to the Illawarra of the 1980s and our reliance on a production-based economy and ‘blue-collar’ occupations has drastically decreased.Over the past 10 years we have seen major growth in employment in the Illawarra in service-based sectors such as Health and Education and we can expect to see this growth continue over the next decade.The Greater Illawarra research identified the five most important industry sectors to the Illawarra in terms of local jobs, these are:Health Care and Social AssistanceRetailEducation and Training Manufacturing Accommodation and Food ServicesOur economy has definitely transitioned since the 1980s and we are seeing the likes of the University of Wollongong, IRT, the Port of Port Kembla and major property companies becoming increasingly important in creating local jobs in the Illawarra. While we are seeing a decline in the manufacturing sector we can expect to see increased industrial activity linked to the Port of Port Kembla and a growing transport and logistics sector. Construction and related jobs are also set to rise off the back of a strong property investment market. We are also seeing skills shortages in building and construction, and motor and electrical trades so there is a definite opportunity for people to transition from declining sectors into key growth areas for the Illawarra.