Data4Lunch takeaway points — An overview of the city's economy

AEDA is presenting data4lunch this September

The Adelaide Economic Development Agency (AEDA) held its first Data4Lunch event, coming off the back of its successful Business Summit in May. The inaugural Data4Lunch, held on 13 September 2022 at the Hilton Adelaide hotel in the city, was the first of what will become a regular series of events to provide insights for leaders and decision makers.

AEDA Economic Research and Data Analyst Jordon Tomopoulos and special guest McGregor Tan Research Director Jaclyn Thorne analysed business data and trends to reveal tasty titbits to help Adelaide organisations plan, seize opportunities and thrive.

According to AEDA Economic Research and Data Analyst Jordon Tomopoulos, Adelaide is faring well in comparison to other major cities. From record-high spending in July, to having the best hotel occupancy in the nation, here are Jordon’s top figures to takeaway. 

    • SA had the highest Gross State Product (GSP) growth for 2020/21 when compared to other states, while some other state and territories, such as Victoria and the North Territory, recorded a decline.[1]
    • The City of Adelaide’s (CoA) long-term, 20-year population growth rate was the lowest of the major capital cities in 2021/22, despite growing at the second highest rate since 2016. 2021 Australian Bureau of Statistics (ABS) Census data shows CoA has a population of 25,026.[2]
    • Adelaide had the lowest resident vacancy rate in August 2022 when compared to other major cities, at a postcode suburb level, and is currently experiencing a record 10-year low.[3]
    • Greater Adelaide had the best change in dwelling values when compared to the rest of the nation, with an annual growth rate of 21.8 per cent.[4]
    • Adelaide had the highest office occupancy staffing levels in August 2022, when compared to other Australian CBDs. On average, staffing increased from 64 per cent to 71 per cent in August. However, it reached 83 per cent on peak days.[5]
    • Over the past 20 years, the Adelaide CBD office market generated an average annual return of 11.6 per cent, higher than the national average of 10.3 per cent.[6]
    • At the height of the COVID-19 pandemic and, more recently, Adelaide was among the best performing cities for hotel occupancy across Australia and New Zealand.[7] Adelaide recently celebrated the highest forward booking occupancy in two and a half years, while tourism spending in South Australia surged to near pre-pandemic levels. Without the historic levels of overseas flights numbers, hotel occupancy is still not at pre-COVID levels.[8]
    • Rundle Mall had the lowest strip retail vacancy for the nation at 4.1 per cent in the first half of 2022, coming off the back of South Australia recording the highest monthly retail turnover growth of 1.9 per cent in the country in May 2022.[9]
    • BankSA’s State Monitor reports an increase in Consumer and Business confidence. Consumer Confidence reported an increase of 4.4 points to 112.9 points. This was the first rise in confidence since February 2021, and halted three consecutive falls in confidence. Meanwhile, Business Confidence was up 2.8 points to 121.4 points. This is the first increase in confidence since July 2021, and eclipsing two consecutive falls in confidence. The point system is based on a figure of 100.  If a result greater than 100 is achieved, this represents a positive result and if the result is less than 100, a negative result is represented. Based on this index, a maximum score is 200 and a minimum score is zero.[10]
    • Spending levels were at an all-time high in July within the CoA, with hospitality figures up 16 per cent from June.[11]
    • Pedestrian counters measuring foot-traffic within the City of Adelaide were 20 per cent below pre-COVID levels.

    Hybrid working conditions are here to stay, according to McGregor Tan’s Research Director Jaclyn Thorne. However, employers can play a part to support their employees.

    • Research shows 75 per cent of employers within Adelaide city premises give their employees opportunities to work from home, in comparison to 85 per cent of national employers.
    • Around 41 per cent of employers do not anticipate staff levels will return to pre-COVID levels. About 44 per cent of workers have returned to the city as pre-pandemic features.
    • One of every two large employers have used activities to encourage employees to work from city more.
    • Younger professionals are eager to return to the workplace for socialising and mentorship because they feel isolated, unable to ‘switch off’ and feel they have to be available at all times.
    • Working parents are the least likely to give up flexible working arrangements, as they value being closer to home, schools and childcare facilities.
    • Adelaide is perceived as a liveable, beautiful city that is convenient, accessible and family friendly.