International Student - Gold Coast Economy is growing as well as job increasing ahead of 2018 Commonwealth Games
It can be seeing that Glitter Strip prepares to host the Commonwealth Games in just over a year, its lifeblood industries — construction, tourism and real estate — are humming while health care is rising fast.
Apparently, while other regional economies have been struggling, the Coast’s has grown from $26.3 billion to $29.6 billion in five years, figures analyzed by finance and economics consultants AEC Group for the The Sunday Mail/Courier-Mail’s #goqld series reveal.
Construction has been the star performer. After dipping below $2.5 billion in the wake of the GFC when major developers went belly-up and the banks black-listed the Gold Coast, the value of the city’s building sector is back in $3 billion territory.
Gold Coast approvals are surprisingly strong because unit approvals have held up, unlike in Brisbane,” Master Builders deputy CEO Paul Bidwell said. “Building approvals are an indicator of construction activity in the year ahead so it’s going to be a very good 2017 down on the Coast.”
Coast real estate has also bounced back from its GFC lows, with latest Real Estate Institute of Queensland figures showing median sale price growth of 5.6 per cent in 2016 and 16.5 per cent over five years.
And tourism is also booming, with latest figures revealing a record influx of 4.67 billion Australian and overseas visitors in the 12 months to September, up 6.2 per cent. Tourist spending jumped almost 9 per cent to $4.3 billion.
Gold Coast Mayor Tom Tate said he was optimistic the Coast could avoid a post-Commonwealth Games hangover.
“There are about $11 billion worth of private and public projects ready to go, (some) I would say past the Commonwealth Games,” he said.
“We’re working hard to get the light-rail third stage (from Broadbeach to Coolangatta) off the ground and to attract more international students.”
Source: REIQ Gold Coast economy grows to $29.6 billion ahead of 2018 Commonwealth Games