Business is booming in Lake Macquarie, with more than 14,000 registered businesses, more than $14 billion worth of gross regional product annually and unemployment continuing to fall.
Remplan data compiled to coincide with the launch of this year’s Lake Mac Business Excellence Awards reveals business continues to grow steadily across the local government area, despite the cost-of-living squeeze and rising inflation.
The data shows that the city’s total economic output grew $3 billion in 2023 to $29.1 billion.
Wages and salaries grew $730 million to $7.14 billion and unemployment dropped 0.8 percentage points in the final quarter of 2023 to 2.91 per cent, compared to the same time in 2022.
Lake Macquarie Mayor Kay Fraser said there was much to celebrate about the strength, resilience and innovation of local companies large and small, particularly during financially challenging times.
“I’m proud of how so many of our businesses manage to prosper despite what is thrown their way, and I believe many of them don’t get the recognition they deserve,” she said.
“We’ve just opened applications for the 2024 Lake Macquarie Business Excellence Awards, and I’d really like to see local business owners and employees throw their hat in the ring to help celebrate their wins.”
This year’s awards feature 15 categories, including Outstanding Employee, Excellence in Innovation, Excellence in Small Business, Outstanding Visitor Experience, Employer of Choice plus Business of the Year and People’s Choice awards.
Winners will be announced at a gala evening on 2 August.
The awards are supported by a number of sponsors, including Dantia, Lake Macquarie’s economic development company, and the Newcastle Herald.
Dantia CEO Tim Browne said the online application process made it easy for businesses to apply.
Support was also available to help applicants.
“The awards are a wonderful vehicle to gain recognition amongst your business peers, they’re an opportunity to gain recognition for your staff and it’s a morale booster as well,” he said.
Mr Browne said any data, financial statements or other evidence demonstrating the success of a business would help bolster its awards application.
“Entries are judged purely on the information provided in the application, so we’re keen to hear all the details about what local businesses have achieved,” he said.
“It might be about increased revenue, or a strategy they’ve undertaken to grow employment. They’re the types of things that will make an application stand out.”
Applications for this year’s awards close on 19 May.
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