Frankston City Economic Scorecard – December 2020
The Frankston City Economic Scorecard is a quarterly publication detailing the latest figures and statistics in and around the local economy, business support and tourism services by Council. The December edition covers the impacts of COVID-19, future developments, local expenditure and building approvals.
A COVID-19 dedicated section look at the impacts of the pandemic on employment, JobKeeper and JobSeeker statistics and expenditure patterns. Major highlights include the fall of jobs in Frankston City by as much as 7.3% by September 2020, before recovering by the end of the year to record a 1.3 per cent drop, when compared to employment levels prior to COVID-19.
Whilst the employment result is a positive indicator for a post-COVID recovery in the region, these figures do not include local businesses that have utilised the JobKeeper subsidy during this time. More than 55 percent of Frankston based businesses applied for JobKeeper in 2020, with only two other Victorian councils recording a higher percentage. The Construction, Retail and the Accommodation and Food Services sectors make up nearly one third of all employment in Frankston City and have each been heavily impacted by the pandemic.
Council will be closely monitoring statistics that will impact the local economy, particularly the JobKeeper subsidy which is due to finish in March.
For more information and to access the Frankston City Economic Scorecard check it out under our Resources Section: https://investfrankston.com/wp-content/uploads/2020/11/EconomicScorecardDecember2020.pdf