Greater Bendigo’s Economic Landscape: Growth, Employment, and the Local Business Outlook

Greater Bendigo continues to establish its position as a primary regional economic hub in Victoria. According to data regarding the city's economic performance, the region serves as the state’s third-largest regional economy, with a Gross Regional Product recorded at approximately $9.88-$10.5 billion as of the 2024-2025 period. This economic foundation supports a diverse range of sectors, providing a stable base for the more than 8,000 local businesses currently operating within the region.

The Workforce and Industrial Pillars

The local labour market is characterized by a high concentration of employment in specific service and production sectors. Health Care and Social Assistance remains the largest employing industry, currently supporting 15,500 workers. Meanwhile, the Manufacturing sector acts as the primary driver of economic output, contributing $3.1 billion, which accounts for 18.3% of the total regional output. Reflecting on the stability of the local job market, the unemployment rate was recorded at 3.4-3.5% in late 2023, a figure that remains significantly lower than the broader Victorian state average of 5.8%.

Future Demands and Demographic Shifts

The region is currently managing the impacts of steady population growth, which is calculated at 1.7% annually. Long-term forecasts suggest that the population is set to rise from 129,000 residents in 2025 to a total of 172,000 by 2046. This demographic expansion is directly influencing the labor landscape, with recent projections highlighting a demand for 11,655 new workers by 2027 to meet the requirements of the growing population. As the city plans for this influx, the housing market reflects these pressures, with median house prices currently ranging from the mid-$500,000s to the mid-$600,000s, alongside a median income of $49,246.

Navigating Long-Term Development

For those monitoring the local economy, the focus remains on balancing this forecast growth with the existing industrial strengths. Local stakeholders and businesses continue to adapt to the shifting workforce needs, particularly as the region prepares to scale its service capacity. As the city continues its trajectory toward the 2046 population projections, the integration of new residents and the development of the necessary infrastructure will remain primary areas of consideration for the region’s economic trajectory.

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