From infrastructure projects to a booming population, increasing workforce, investments in education, and so much more, there's no denying it - Brisbane is a rising powerhouse.
Brisbane, the capital of Queensland, is experiencing a boom in its economy thanks to increased infrastructure projects, an increase in the workforce, and the growth of schools in the area.
One major factor contributing to Brisbane's economic growth is the increased investment in infrastructure projects. The government has prioritised the development of transportation, housing, and other essential infrastructure, which has created jobs and stimulated economic activity in the region. The said projects are as follows:
Cross River Rail ($5.4B - Under Construction)
Queens Wharf ($3N - Under Construction)
Brisbane Live ($2B - Proposed)
Brisbane Airport ($1.35B - Completed)
The Brisbane Metro ($1.2B - Under Construction)
International Cruise Terminal ($177M - Completed)
Proposed Cross River Rail Route. Source: https://crossriverrail.qld.gov.au/about/rail-route/
Over the past 20 years, the South East Queensland region has seen a significant increase in population. It is expected that this trend will continue, with an additional 1.552 million people projected to live in the 12 local government areas in this region by 2036, compared to 2016. The increase in the workforce is another factor contributing to Brisbane's economic growth. For the first time ever, Greater Brisbane has 1 million full-time employment. A record 160,000 people in Brisbane's inner city held full-time jobs in June, up from 141,000 the previous month, a 13% increase.
As more people move to the area for work, the demand for goods and services increases, leading to the growth of local businesses and the overall economy. Furthermore, a 3.8% increase in housing rents from July to September has been observed according to CoreLogic, which is the highest rise of any Australian Capital City.
In addition to the increase in the workforce, the growth of schools in the South East Queensland region has also contributed to the economic boom. The Queensland Government announced new 11 schools for 2023 and 2024, namely:
a new state school in Augustine Heights
a new state school in Ripley
a new state school in Yarrabilba
a new high school in Palmview
a new state school in Bellbird Park
a new state school in Redland Bay
a new state school in Park Ridge
a new senior campus for Springfield Central State High School
a new high school in Park Ridge
a new high school in Park Collingwood Park
This is in addition to the recently announced 5 more new schools, which are as follows:
a new state school in Caboolture West
a new state school in Caloundra South
a new state school in Ripley Valley
a new state school in Greater Flagstone
a new state school in Bahrs Scrub
As more families move to the area for the educational opportunities, the demand for housing, retail, and other services increases, further driving economic growth.
Overall, the combination of increased infrastructure projects, a growing workforce, and the expansion of schools has resulted in a thriving economy in Brisbane and the surrounding South East Queensland region. As the city continues to grow and develop, it is likely that this economic boom will continue well into the future.