As we often emphasise, the phrase “national economy” is something of a misnomer. What is called the “national economy” is basically the amalgamation of all the sub-economies — local and regional — that exist within the nation.
Just to give an illustration of what we mean, by looking at the Top 5 projected fastest growing occupations at different levels of geography — national, state and city — we can see that there are very often big differences in trends and demand, and therefore big differences in skills needs in each geography. If we begin with Australia as a whole, we can see that between 2017 and 2020, the fastest growth is expected to be in the following occupations:
If we then delve down beyond the national level, this time to state level, we can see that the Top 5 fastest growing occupations in Queensland are quite different from those at the national level:
Finally, if we dig down even deeper into our granular data, we can identify the fastest growing occupations at the city level, this time in Melbourne. Once again, the occupations coming up are different to those in the national and state level graphs, with the exception of Fitness instructors, which also appears in the graph for the national level:
What does this mean? As the brief look at insight at the national, state and local levels above shows, there are often very different skills needs in different geographical areas. And so for education providers, looking to train people for the skills that are in demand, the importance of using granular labour market insight appropriate for their area cannot be emphasised enough.
To find out more about how our data can help your organisation understand skills demand in your area, contact our Managing Director for Asia Pacific, Anthony Horne.