REGIONAL ECONOMIC FUTURE BRIGHT!
Posted on March 8th, 2018
The economic future is bright for the Capricorn Coast and Rockhampton Region. That’s the message from the region’s peak tourism and economic development organisation, Capricorn Enterprise.
Capricorn Enterprise has produced its inaugural Quarterly Economic Snapshot for the region to complement its detailed Annual Regional Economic Report.
Capricorn Enterprise chief executive Mary Carroll said “this new initiative is in response to the needs of our Members and interested investors to our region, who need up to the minute, short, sharp statistics about our regional economy which is much broader than local government boundaries.”
The Capricorn Enterprise Quarterly Economic Snapshot for the Capricorn Coast and Rockhampton Region provides a regional economic outlook with key quarterly statistics including property sales, building approvals and tourism indicators. Key statistics from the 2016 Australian Bureau of Statistics (ABS) Census are also provided to offer insight into the region.
“Our report offers insights into major infrastructure works underway or planned for our region, critical priority initiatives and positive statistical trends across tourism and population growth, household incomes, workforce and employment” she said.
Ms Carroll said “regionally we need to demonstrate both Industry and workforce capability and whilst these present significant opportunities for the region, the challenges that emerge will only be satisfied by working together and demonstrating co-operation, collaboration and a willingness to partner.”
The region has experienced demographic changes between the 2011 and 2016 Census periods, including:
- The regional population grew by approximately 1.2% per annum to 116,000
- The median age of residents increased to 38 years
- Median personal incomes grew by 1.5% per annum to $623 per week
- Median household incomes grew by 1.7% per annum to $1,268 per week
- Median mortgage repayments decreased by 0.5% per annum to $1,625 per month
- Median rent payments increased by 2.4% to $275 per week.
The top 5 industries of employment in 2016 in the region were:
- Health care and social assistance, 6,922 persons (15.2%)
- Retail trade, 5,206 persons (11.5%)
- Education and training, 5,014 (11.0%)
- Accommodation and food services, 3,568 (7.8%)
- Public administration and safety, 3,249 (7.1%)
Ms Carroll said “there is definitely evidence of increased optimism and confidence across the business sector due to major announcements and projects, but our challenge will be maximising regional business content and participation across all these major works.”
The report outlines some major regional projects:
- the upgrade of the ADF Shoalwater Bay Training Area via the Remediation project and programmed expansion and upgrade of the facility under the ADF/SAF MTI,
- the highly anticipated announcement of the commencement of the Lower Fitzroy Water Infrastructure Project (Rookwood Weir),
- the Adani Carmichael Coal Mine, Rail and Port Project,
- the appointment of CPB as the Contractor for the Capricornia Correctional Centre Expansion
- major infrastructure projects including road and highway upgrades (Bruce and Capricorn), and
- new regional solar and wind projects.
“Our ultimate objectives remains to be the delivery of economic growth, community benefits and regional cohesion” she said.
A full copy of the Quarterly Economic Snapshot can be found by CLICKING HERE