Coast’s $1.6b development wage injection

THE Gold Coast is experiencing a jobs boom on the back of strong construction figures which show the industry is worth $1.6 billion in wages.

A report compiled by the Urban Development Institution of Australia’s Queensland branch show the industry is a “major driver” of the state’s economy, with the Gold Coast reaping much of the benefit.

The industry contributed $60.8 billion to the gross state product in 2017, creating

207,677 jobs.

UDIA Queensland CEO Kirsty Chessher-Brown said the industry had become an important pillar of the economy.

“Over 55,000 Gold Coast locals are directly or indirectly employed as a result of development and the industry contributes $1.6 billion in salaries and wages,” she said.

“The development industry is also spending big locally, with 85 per cent of expenditure on Queensland goods and services, which supports other local businesses.”

Ms Chessher-Brown said the industry accounted for nearly 11 per cent of the economy, and the region’s fourth largest employer.

According to the report, the industry’s impact on the Gold Coast in 2017 was:

• 24,407 direct jobs

• 31,313 indirect jobs

• $7.39 billion to Gross Regional Product

• $1.64 billion in direct wages and salaries.

City planning boss Cr Cameron Caldwell welcomed the figures and said they reflected the confidence in the city.

“This is great news for the Gold Coast and it highlights the importance of the construction and development industry for the city,” he said.