After a period of weakness following the financial crisis, during which many Gold Coast tradies had to drive up the M1 every day to jobs in Brisbane and Ipswich (see my 2011 post Tradies know what it means to live in the 200km City), the Gold Coast appears to be recovering quite nicely. The Gold Coast Bulletin reported yesterday nearly $900 million of new construction was approved following temporary cuts to developer charges (Gold Coast construction industry back on track with council fee concessions sparking $885m in projects). This adds to other good news for the Gold Coast, particularly on tourism, that I referred to in an earlier post:
So the outlook over the next few years for the Gold Coast appears good, particularly considering the preparations that will be necessary for the 2018 Commonwealth Games.
Gold Coasters will certainly welcome employment growth, as the local jobs market has been sluggish recently (see chart below I’ve borrowed from Queensland Treasury’s regional labour force brief).
Other good news is that yesterday’s regional labour force data from the ABS appear to confirm Far North Queensland’s labour market is recovering nicely, although Far North commentators correctly urge a cautious reading of the volatile data: