OVERVIEW BACKGROUND The Sunshine Coast region’s economic base has historically been built upon its natural resources. The rural sector, which was once prevalent, has now given way to the present three dominant sectors of tourism, construction and retail. The latter two having been driven by increases in population, proximity to a major capital city and increased awareness of the region and increased transportation links. The tourism, retail and construction sectors each represent between 13% and 17% of GRP. They are interdependent, with visitors driving retail and often seeking to relocate themselves and their businesses to the region. This interdependence means that the whole region is susceptible to fluctuations in the economic cycle. Recent studies and reports have placed the region within the top 20 most vulnerable in the country due to this economic sector mix. Council will continue to foster the development and growth in the three main sectors, to increase value, jobs and overall GRP. Work will also be undertaken to develop a wider range of sectors that aren’t as interdependent, or subject as much to economic cycles, and ultimately to increase the proportion of the GRP that the new sectors represent. 11 sectors have been identified as the target for this development. The majority of existing businesses are small, with 85% employing less than five people. This, combined with a reliance on the three large sectors, has led to a need to diversify the economy across a range of additional sectors, and to encourage the growth in the size of our businesses. The Sunshine Coast, along with other regions, faces a number of challenges including climate change, the ongoing swings of the economic cycle and rapid growth, as well as demographic shifts impacting the labour market. Council is working proactively not only to respond to these issues, but also to turn these challenges into opportunities to develop our economy, for instance through the innovation and promotion of the knowledge economy, including the clean technology and education services. In all its decisions regarding the economy, Council will respect the unique character of the region and quality of life enjoyed by its communities. Our distinctive sub-regions each have their unique opportunities and challenges which will be used to develop the region as a whole. The development of a new planning scheme for the region provides an opportunity to ensure we have the right foundations on which to build our economy, including the location of land for business and streamlined development assessment requirements.
ECONOMIC DEVELOPMENT STRATEGY 2010-14
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