Good news for construction workers based in Queensland, as the Sunshine State receives the largest tourism investment in Australia – set to benefit the economy. Queensland’s economy has been stalling for years and Cyclone Debbie hasn’t helped – with economic losses expected to hit the $2 billion dollar mark. But there could be growth on the horizon, as the state and federal governments invest heavily in Queensland’s tourism – perhaps responding to growing trends of tourists making their way to the sandy beaches and tropical rainforests of the Sunshine State.
Tourism could revive the state economy through $14 billion worth of building and construction projects that will pump 20 000 new jobs into the state. This is the biggest tourism investment in Australia.
A renewed focus on commercial construction could fill the gap left by the lagging residential building sector, as the apartment boom comes to an end. Housing and construction has dropped to 1.1 percent growth, according to research from Deloitte Access Economics, that’s yet to be released to the public. “Residential building approvals have been trending lower since 2016 and residential vacancy rates are higher as well,” Deloitte Access Economics partner Natasha Doherty said, in an interview with The Courier Mail. “But the thing to look at here is what is happening outside Brisbane’s housing construction. Tourism is really in it’s heyday in Queensland.” A recent development is the construction of a new 6-star hotel overlooking the ocean at Surfers Paradise. This is being touted as the first six-star beachfront hotel in Australia and it’s bound to attract many wealthy jetsetters.
Other commercial construction projects include the Queen’s Wharf development, Cairns Aquarium and the Luggage Point cruise ship terminal.
It seems that three quarters of Australia’s tourism construction projects will be concentrated in Queensland. This is good news for visitors, as well as local builders, engineers, architects, planners and construction workers who will invest their time and energy into showcasing the best that Queensland has to offer.
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