Ipswich economy booms as it bursts through $15 billion barrier
02 June 2025
The Ipswich economy is defying state, national and international trends with more jobs than ever before and a booming financial bottom line.
The city’s Gross Regional Product (GRP) – which measures the total value of goods and services produced in the region – has broken through the $15 billion mark for the first time in history, according to latest economic data.
Ipswich Mayor Teresa Harding said the Ipswich economy was growing at a faster rate than Queensland’s and Australia’s, putting the city in a strong position for years ahead.
“Economically, we continue to punch well above our weight. Our region goes from strength to strength with Ipswich’s GRP now at an all-time high of $15.08 billion, a 4.2 per cent increase on the record-breaking GRP in 2023 of $14.47 billion,” Mayor Harding said.
“In council’s Economic Development Strategy 2023-2027 we set a target of 95,040 jobs by 2027 – we have smashed through that already with 95,532 jobs recorded in 2024.
“We have experienced a $2.4 billion increase in our GRP over the past three years. That is fantastic news for a region which has faced some tough economic challenges in recent years. The healthcare and social assistance, education and training, and manufacturing sectors are leading the way.
“More and more people are discovering Ipswich’s attractive lifestyle and employment options. Both big and small businesses are opening their doors in Ipswich, creating high quality jobs for our residents. That is great news for the local economy.”
The National Institute of Economic and industry Research has released its latest State of the Regions (SOR) report. It is the country's only economic and employment dataset that provides annual economic and employment information at the Local Government Area level.
GRP is a valuable indicator of an area’s level of investment attraction and sustained growth. It is the amount of region’s wealth which is generated by businesses, organisations and individuals working in the area.
Mayor Harding noted that just five years ago the Ipswich economy actually went backwards. Coinciding with the Covid era, the GRP suffered a 0.12 per cent decline in 2020.
“Council has taken some bold, new and innovative steps to right the ship and get this city heading in a positive economic direction once again. Compared to Brisbane’s growth at 1.6 per cent, the Ipswich economy continues to grow strongly year on year,” Mayor Harding said.
Since the $11.74b number in 2020, the GRP has increased each year: $12.65b in 2021, $13.64b in 2022, $14.48b in 2023 and $15.08b in 2024.
Economic and Cultural Development Committee Chairperson Councillor Pye Augustine said the latest data was a solid backing of council’s five-year Economic Development Strategy 2023-2027.
“The jobs data is particularly pleasing. There are cranes on the Ipswich skyline, there are new businesses opening every day across the city,” Cr Augustine said.
“That augurs well for the future. These industries specifically – construction (793), manufacturing (516), transport, postal and warehousing (504) – had the greatest increase in job numbers over the past year.
“Few neighbouring councils have been able to match Ipswich’s GRP surge in the past few years, cementing our city’s reputation as one of Queensland’s fastest-growing regions.
“Our economy is growing at a higher rate than Queensland – which grew 2.9 per cent between 2023 and 2024. We are almost double that at 4.2 per cent.
“If you look at neighbouring and comparative councils, City of Moreton Bay (2.4 per cent), Gold Coast (1.96 per cent), Logan (2.6 per cent) and Townsville (1.9 per cent), they are all well behind our growth.
“This is a clear sign that businesses have confidence in Ipswich and that we are punching well above our weight in contributing to the state and national economies.”
The State of the Regions report also showed Ipswich top value-add industries: public administration and safety ($1.8b), manufacturing ($1.6b), construction ($1.6b), and healthcare ($1.5b).
“These sectors are the engine room of the local economy. They produce those vital goods and service, provide jobs and incomes for many of our residents,” Cr Augustine said.