Full-time equivalent (FTE) employment is modelled by NIEIR and takes into account differences in hours worked between industry sectors. It is a measure that allows direct comparison of employment between industries in the City of Monash.
Typically, industries such as Retail Trade and Accommodation and Food Services, which employ many part-time workers, have lower FTE employment than total employment.
FTE employment is calculated directly by dividing the total hours worked in each industry by 38. By comparing the number of full-time equivalent jobs in each industry sector to a regional benchmark, you can clearly see the structure of the City of Monash's economy. This can be done by directly comparing the area to its benchmark, or by using a location quotient to look at the relative size of industries.
FTE employment should be viewed in conjunction with Employment by industry (Total) and Employment by industry (Census), for a full understanding of the industry breakdown in the area. Worker productivity data shows the value of a worker in each industry to the local economy. Employment locations shows where employment is taking place in each industry sector.
National Economics (NIEIR) - Modelled series
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|Full-time equivalent employment by industry sector|
|City of Monash||2019/20||2014/15||Change|
|Industry||Number||%||Victoria||Number||%||Victoria||2014/15 - 2019/20|
|Agriculture, Forestry and Fishing||237||0.2||3.2||180||0.2||3.6||+56|
|Electricity, Gas, Water and Waste Services||1,064||0.9||1.5||937||0.9||1.4||+126|
|Accommodation and Food Services||3,335||2.8||4.7||3,387||3.3||5.4||-52|
|Transport, Postal and Warehousing||5,963||5.0||5.7||5,040||4.9||5.7||+923|
|Information Media and Telecommunications||1,983||1.7||1.9||2,408||2.3||2.4||-425|
|Financial and Insurance Services||3,045||2.6||4.3||2,634||2.6||4.2||+412|
|Rental, Hiring and Real Estate Services||1,967||1.6||1.7||1,653||1.6||1.7||+314|
|Professional, Scientific and Technical Services||11,958||10.0||10.4||9,420||9.2||9.4||+2,538|
|Administrative and Support Services||4,099||3.4||3.2||3,465||3.4||3.1||+635|
|Public Administration and Safety||3,378||2.8||5.5||2,944||2.9||5.2||+434|
|Education and Training||13,752||11.5||8.1||11,780||11.4||7.8||+1,972|
|Health Care and Social Assistance||15,572||13.1||11.9||11,985||11.6||10.6||+3,588|
|Arts and Recreation Services||854||0.7||1.8||852||0.8||1.8||+2|
Source: National Institute of Economic and Industry Research (NIEIR) ©2021. Compiled and presented in economy.id by .id (informed decisions). NIEIR-ID data are adjusted each year, using updated employment estimates. Each release may change previous years’ figures. Learn morePlease refer to specific data notes for more information
An analysis of the jobs held by the full-time equivalent local workers in the City of Monash in 2019/20 shows the three largest industries were:
- Health Care and Social Assistance (15,572 people or 13.1%)
- Construction (14,518 people or 12.2%)
- Manufacturing (14,108 people or 11.8%)
In combination these three fields accounted for 44,198 people in total or 37.1% of the local workers.
In comparison, Victoria employed 11.9% in Health Care and Social Assistance; 10.5% in Construction and 9.3% in Manufacturing.
The major differences between the jobs held by the full-time equivalent local workers of the City of Monash and Victoria were:
- A larger percentage of full-time equivalent local workers employed in Education and Training (11.5% compared to 8.1%)
- A smaller percentage of full-time equivalent local workers employed in Agriculture, Forestry and Fishing (0.2% compared to 3.2%)
- A larger percentage of full-time equivalent local workers employed in Wholesale Trade (6.5% compared to 3.7%)
- A smaller percentage of full-time equivalent local workers employed in Public Administration and Safety (2.8% compared to 5.5%)
The number of full-time equivalent local workers in the City of Monash increased by increased by 16,364 between 2014/15 and 2019/20.
The largest changes in the jobs held by the full-time equivalent local workers between 2014/15 and 2019/20 in the City of Monash were for those employed in:
- Construction (+3,783 full-time equivalent local workers)
- Health Care and Social Assistance (+3,588 full-time equivalent local workers)
- Professional, Scientific and Technical Services (+2,538 full-time equivalent local workers)
- Retail Trade (+2,396 full-time equivalent local workers)