The data are limited, but evidence suggests firm creation in this industry is above the average of the rest of the economy. Output has grown by more than 15 per cent since the start of 2011—a faster pace than the rest of the service sector and more than double the pace of the goods sector.
In the past five years, the industry has grown by close to $ billion and now represents more than 3 per cent of our economy. This is the kind of creation that follows the destruction. These are just some of the channels of growth that we expect will replace what we have lost in the past few years.