There is a lot of talk about workforce transition in the Hunter these days and where the jobs will be in the future as we gradually shift to a different economic mix that is less reliant on coal mining.

Tourism, defence, health, education and renewable energy are all touted as flagship industries for the region’s future and will undoubtedly play an important role in our “new economy”.

The Hunter’s transition pathway was the focus of our recent quarterly Economic Update event, where we took a deep dive into a very comprehensive piece of analytic research consulting firm Oxford Economics has undertaken for the federal government’s Net Zero Economy Authority.

Their report on the Hunter’s economic outlook is not a light weekend read by any means, but well worth a look if you are interested in the region’s economic future.

Importantly, the report finds that the number of jobs in the area will continue to grow significantly over the next 25 years, regardless of the pace of the energy transition.

So, we are not looking at a catastrophic scenario where the jobs will dry up.

Service sectors will grow and heavy industry will decline, but construction will continue to be a “blue collar” stronghold.

This makes sense given its importance to all those other growth sectors mentioned earlier.

The research also finds that mining workers are generally well-equipped to find work in similar roles in other industries, with about half capable of stepping into new positions with minimal support and the other half potentially able to transition with some upskilling or reskilling.

There are many challenges ahead in our region’s economic journey.

But, the work done by Oxford Economics reinforces the fact that our already strong and diverse economy gives us a great foundation to adapt to the changes coming.

For more business stories:

• Newcastle small businesses near breaking point as rates rise
• Newcastle hotelier new deputy of AHA NSW
• Unemployment on the rise in region, says Business Hunter

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