The Gold Coast economy
ALWAYS CURRENT
the gold coast economy is thriving
BY EVA COUGHRAN — 2 MIN READ
The Gold Coast is famously Australia’s tourist mecca – so it’s no wonder that those with business savvy and big ambitions are choosing to make the Gold Coast home.
Long-time residents and newcomers from all walks and origins continue to shape the local food, culture and commerce scene.
Fact is, the same perfect weather, pristine shoreline, and laid back culture that brings in 12 million visitors a year also makes the Gold Coast an appealing place for newcomers to set up shop and settle in.
From the sprawling waterfront neighbourhoods at the northern end of the coast to the skyscraper-strewn corridors of Surfers Paradise, and, of course, the ever-enticing beach side suburbs, few places on earth harmonize natural beauty and city life quite like the Gold Coast.
Affordability is a huge drawcard for those choosing to make the Gold Coast home, and while the Gold Coast’s fledging investor and talent pool have in the past presented challenges for entrepreneurs, change is afoot.
It’s clear the coast is thriving.
Small to medium enterprise employs many with the key workforce drivers on the Gold Coast being health and tourism. Research and educational institutions including three universities (Griffith, Bond and Southern Cross) complement a world-class integrated health and knowledge precinct in Southport.
We’re continuing to see an emergence of startups as well as big business seeking better affordability as they relocate their operations here.
Infrastructure projects and progressive developments will also sustain the coast’s robust economy in the wake of a global pandemic, and beyond.
A staggering $320 million dollars has already been invested in sport and community projects on the Gold Coast; this includes 17 new world-class facilities which were built for the 2018 Commonwealth Games.
The immediate benefits of these developments are being felt in the construction and resources sectors with the creation of more than 1,000 jobs during the design and construction phase – this, on top of the projected 1,000 jobs required to support the construction of Stage 2 of the Gold Coast light rail project.
If the strength of an economy can be told through a snapshot of the skyline, the city is performing well. There are currently 35 cranes towering over the coast, bringing life to more than $2.4 billion worth of residential developments.
The impact of these being released into the residential property market as they near competition is yet to be realised. For now, they are bringing much-needed work to an industry that has seen quieter times in the last five years.
Taking a look at how the real estate market is performing – as a whole the market remains stable with foreign and interstate investors continuing to capitalise on the lifestyle and affordability that the coast has to offer.
As the masses turn their minds to lifestyle locations and decentralised workforces, and many other projects get underway across the city, it’s safe to say that the Gold Coast can look forward to continued growth on all fronts.
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