Adelaide CBD Economy Continues Strong Growth with Job and Business Gains in 2023

The City of Adelaide's economy surged by 5.7% in the 2023 fiscal year, placing it third nationally among capital city regions for growth rate. This robust performance was marked by a 19% increase in local jobs, climbing from approximately 142,000 in 2019 to around 170,000 in 2023, according to data released this week by the City of Adelaide and independent economic analysts[1][2].

Why Adelaide’s Economic Momentum Matters

This growth comes amid ongoing efforts to revitalise the Adelaide CBD following pandemic disruptions. With the national economy facing various pressures, Adelaide's positioning as a competitive regional centre attracting workers and businesses is significant. The steady job gains notably contribute to worker spending power, with an estimated $2.5 billion annually flowing into the local economy from employees based in the CBD and North Adelaide combined[2].

Moreover, the increase in GST-registered businesses by 10% above pre-COVID levels, rising to 12,338 in 2023 from 11,129 in 2019, underscores entrepreneurial confidence and the broadening economic base within the city centre[3].

Key Local Details and Industry Contributions

The CBD is a hub not only for employment but also for visitor activity. March 2024 saw a record $43 million generated in accommodation revenue, boosted by a 10% rise in both international and domestic travel compared to the first quarter of 2023[4]. This surge benefits hospitality and related service sectors, enhancing Adelaide’s profile as a destination within South Australia.

Top-performing sectors by output and value-added include Public Administration and Safety, Professional Scientific and Technical Services, and Financial and Insurance Services. These industries form the backbone of the CBD’s economic ecosystem, driving both employment and gross regional product contributions[5].

Additionally, the Adelaide office market recorded a positive net absorption of 115,500 square metres between Q1 2023 and Q4 2025, surpassing other major cities. Prime-grade office space achieved the strongest national rental growth of 13% year-on-year as of Q1 2025, reflecting growing demand from businesses relocating or expanding within the CBD[6][9].

Looking Ahead: What This Means for Adelaide

With local employment recovering to 94% of pre-pandemic peak-day worker levels and business registrations steadily increasing, Adelaide’s urban core is on a path toward sustained economic vitality[2]. The continued uplift in visitor numbers and accommodation revenues adds another layer of resilience to this trend[4].

Stakeholders and workers can anticipate an increasingly vibrant city environment supporting both professional services and hospitality sectors. With the CBD’s economic footprint contributing around 18% of South Australia’s total economy, this week’s data highlights the ongoing transition of Adelaide into a dynamic regional business and cultural precinct[2][8].

Residents and workers are advised to keep abreast of forthcoming city plans targeting residential growth and innovation precinct development, which could further boost economic activity and urban livability in the coming years[5].