The Hunter Research Foundation says the Upper Hunter economy is weathering an economic storm and showing signs of improvement, in their latest economic indicators report.
The numbers, released overnight, show signs of improvement in the broader labour market, although the Upper Hunter areas closest to mining, including Singleton and Muswellbrook, may be lagging.
Senior Researcher, Jenny Williams, says employment numbers have stabilised since mid-2014, after sustained falls from mining peak of 2013.
“Since early this year, they have shown signs of increasing, consistent with the slow transition to non-mining investment evident elsewhere in the economy,” she said.
She went on to say there is slower growth nationally than predicted and a weakening Chinese economy is likely to create economic headwinds for the Hunter.
“The data suggests that Upper Hunter businesses that are weathering the economic storm are adapting to the ‘new normal’ of lower input costs in the mining sector rather than diversifying their customer base,” she said.
“We need to continue ongoing efforts to support young people in acquiring job-related skills and there is a real need for diversification in the Upper Hunter economy to a post-mining future over the coming decades.”
