General News
20 September, 2024
Target: $13bn
THE Cairns economy is expected to grow by another $1.5 billion to top $13bn by 2026.
The Cairns Regional Council’s 2022-2026 economic development strategy shows the region’s economic output was currently $11.46bn. The job market is also thriving, with employment up to 88,563 jobs, reflecting nearly an eight per cent increase in jobs since 2020.
Cr Matthew Tickner told last week’s council meeting that the report by the council’s economic development and advocacy directorate was the result of the “a tight, lean and mean fighting machine”.
He said the report showed the region was meeting the strategy’s ambitious targets.
Cr Brett Moller said the report revealed the region was “positively tracking” towards its goals and that 15,000 new jobs would be created by 2026. There was a rise in new jobs of 6482 between 2020 and 2023.
He said the aim was to become a “smart green economy … it’s the new frontier and an opportunity for investors … we want to lead in this regard”.
The report highlighted the significant pipeline of major projects in the Cairns region in coming years. Councillors have toured the Cairns Marine Precinct in Portsmith, where they saw first-hand how investments in the proposed common user facility, shipyards and defence sector are laying the groundwork for even more growth.
Mayor Amy Eden said a focus on diversifying the economy was driving growth.
“Cairns has always been more than just a gateway to the Great Barrier Reef,” she said.
“Our aviation, marine, health, education and defence industries are showing just how essential diversification is to the future growth and resilience of our economy – creating skilled jobs, strengthening our supply chains, and providing opportunities for small businesses.
“With plans to further tap into green industries and expand investment opportunities, Cairns is well on its way to hitting its $13 billion economic target.”
During the reporting period, the council sponsored 12 major events which delivered a $31 million economic impact through visitation to the region.
The $384m – 88 per cent of the council’s total expenditure - spent with local businesses was more than $46m than previously.
Far North Queensland’s construction sector is showing no signs of slowing down, with $3bn in construction work to be delivered during 2024-25.
Although residential approvals have slowed in 2023-24, the ongoing demand for skilled workers in major infrastructure projects and the non-residential building sector continues to drive the need for workforce development in the region.
Construction Skills Queensland (CSQ) chief executive officer Geoff Clare said the region’s construction industry would remain under significant pressure over the next 12 months.
“Far North Queensland residential activity has stabilised, with approvals down nearly 6 per cent from 2022-23. This represents a more sustainable pace, but it’s far from a downturn,” Mr Clare said.
“At the same time, the infrastructure and non-residential building sector is thriving and requires a continuous supply of skilled workers to keep these major projects on track,” he said.
CSQ estimates that over $3bn worth of construction will be in progress across Far North Queensland during 2024-25, underscoring the region’s ongoing demand for a skilled workforce.
CSQ was in Cairns this week encouraging businesses and workers to take advantage of $2.8m in available training funding. The initiative is part of CSQ’s broader $52 million 2024-25 Training Plan, which aims to expand Queensland’s workforce capacity.
Mr Clare said, although residential approvals had slowed in 2023-24, the ongoing demand for skilled workers in major infrastructure projects and the non-residential building sector continues to drive the need for workforce development in the region.
Current major projects planned or under construction include:
Cairns Water Security – Stage 1 Project
Bruce Highway, Cairns Southern Access Corridor, (Stage 5) Foster Road
Captain Cook Highway upgrade (Cairns Central Business District to Smithfield)
Cairns Western Arterial Rd, Redlynch Connector Rd to Captain Cook Highway
Aviation precinct expansion, including eastern precinct, common user facility and composites hangar and Cairns Airport international terminal refresh
Cairns Marine precinct expansion.
