3 minute read
A Growth Economy
Our Sunshine Coast is becoming one of Australia’s leading city regions for the 21st century. We are experiencing a time of growing prosperity as the region’s economic growth, led by the implementation of our game-changing projects, continues to impress everyone I speak to locally and overseas.
One of this council’s priorities when it was first elected in 2012 was to work with industry to develop a clear 20-year economic plan, which supports a strong, new economy. So, in 2013 the Regional Economic Development Strategy 2013-2033 was introduced, the first truly regional strategy developed and delivered in collaboration by council, business, industry leaders and the community.
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Our goals were ambitious but with a great deal of effort, we have made significant gains. In fact, according to an independent KPMG review of the REDS first five-year action plan, we are well on our way to achieving our 20-year goal to grow Gross Regional Product, accompanied by an increase in high-value employment, exports and household income.
Our bold thinking and real action has seen us put significant runs on the board, making us one of the strongest regional economies in Queensland. Our region has also become a leader in renewables with Sunshine Coast Council being the first local government in Australia to offset 100% of our electricity consumption with energy from a purposebuilt solar farm.
The region’s new $1.8 billion tertiary teaching hospital is now one year old. An $81 million expansion of the University of the Sunshine Coast has been completed and work is well and truly underway on two council-led projects - a new city centre at Maroochydore and the Sunshine Coast Airport expansion project.
As we move further into 2018, we have $12.5 billion in public and private investment underway or in the pipeline fuelling growth in a number of high-value industries across the region. Each year, 500 to 600 new businesses are opening in our region in diverse areas such as food and agribusiness, financial and insurance services, and health care among others.
This past year has also seen Youi open its $73 million global headquarters. The Sunshine Coast beat off numerous locations to secure a home for Youi’s 1300 staff that has the potential to grow to 3000 in the coming years.
On the back of the game changer projects and private investment, our Sunshine Coast has the second highest percentage of jobs growth across Queensland and an unemployment rate that is a full percentage point below the State average.
We are also seeing our average household income levels rise significantly – no doubt a product of new investment and the new employment this fuels. With clear economic planning, in the REDS we have created a healthy, smart, creative future we can all look forward to with confidence. There is no other region in Australia offering the opportunities or the collaboration found on the Sunshine Coast.
Estimated Current Position
The estimated current position of the region’s economy in relation to the four key goals for the new economy is included in the following table as provided by KPMG and AEC Group.
Current Business Confidence
The November 2017 Boardroom Business Confidence Index is the 18th survey in the Sunshine Coast Business Confidence Survey series. Using the data collected since 2009, the Boardroom Business Confidence Index demonstrates increasing confidence trends over time.
Key Outcomes
Key outcomes from the 2017-2018 Australian Local Government Association (ALGA) State of the Regions Report delivers a clear indication of a positive growth story for the Sunshine Coast when compared to other similar regions across Queensland.
16th Highest Economic Performance from 67 regions nationally
16.5% Decrease in Unemployment throughout the region
2.3% Population increase during the 2016/17 period
2nd Highest total income per capita across South East Queensland (excl. Brisbane)
$844k Wealth per household, the 2nd highest across Queensland
2.1% Recorded annual growth of Gross Regional Product (GRP)
Development Indicators
The Development Indicators 2017 Highlights Report presents a selection of development statistics for the Sunshine Coast Council Local Government Area for the period 1 January 2017 to 31 December 2017 with comparisons to the previous year.
18% increase in the value of Building Approvals compared to 2016
$871m Approved New Dwellings 16% increase
$274m Approved Multiple Dwelling Units 1% increase
$245m Approved Other Buildings (including Schools, Aged Care, Industrial Building) 498% increase
$1.7b Building Approvals issued in 2017. The highest value of building approvals in the Sunshine Coast area for the past 9 years
