It’s official, the outlook for the Hunter Region is moderately optimistic, according to figures released in the Hunter Valley Research Foundation’s (HVRF) March quarter report.
The latest Hunter Region Economic Indicators reveal mining and related industries remain one of the underlying economic drivers of the region. However the report also draws attention to the Hunter’s fragile dependence on resources and associated industries.
There has been an overall increase in unemployment since March 2010, which reflects the region’s vulnerability to demand and commodity prices in Asia.
In numbers, unemployment is up 5.4% and employment growth in the region is down 1.5%, compared to last year.
That puts Hunter Region unemployment 0.4% below the state average.
Employment in construction, and professional, scientific and technical services is down, with the report pointing to investment booms giving way to production.
While consumer confidence is down, the report indicates an increase in residents concerned about environmental issues.
The HVRF hosted an economics breakfast this morning, as part of the 2013 Hunter Innovation Festival.
