BUSINESS is booming in Griffith according to a recent audit that shows new business growth is the highest it has been in more than three years.
Council has completed the 2014 Griffith Business Audit which highlighted an increased growth in new businesses – up by 1.6 per cent.
Council tourism and economic development officer Nicola James said the audit also found that there were fewer business closures and movements than in previous years.
“Only 10 businesses closed in the last twelve months compared with 29 in 2013 and 48 in 2012,” Mrs James said.
“Some of these reasons came down to fire and succession planning and were not a genuine reflection of the economic environment.”
There are 62 vacant buildings across the city – a drastic decrease from 73 in 2013 and 98 in 2012.
There were also fewer businesses moving – with 14 moves recorded in 2014 compared with 30 in 2013 and 86 in 2012.
“There still appears to be more fitness centres per capita than any other business, however they all seem to have grown very distinct markets and appear to be thriving,” said Mrs James.
“This year’s audit noticed more agricultural services and a few more community service enterprises.”
Mrs James said the business audit was an important annual project that allowed council to understand vacancy rates and the reasons why businesses move locations, as well as monitoring closures and comparing this data over time.
“It is the third year council has conducted this audit and I am pleased to see the growth in new business and the decline in closures and vacancies,” Mrs James said.
“The number of vacant stores are very similar each year, so there must be other reasons why this is the case.”
Mrs James said another positive sign was that many centres are now filled to capacity – including the Harvey Norman centre, Griffin Plaza and very soon Griffith Central will see all shopfronts filled.
“This is a definite sign of confidence – to see a mixture of local and national stores fill these centres is very positive for these centres and the city as well,” Mrs James said.