Private sector recovers from financial crisis
Releasing the report yesterday, Townsville Enterprise chief executive Trevor Goldstone said it showed there was substantial recovery happening in the private sector following the global financial crisis.
‘‘Government stimulus spending has worked through the economy, leaving further activity up to the private sector and the report shows that confidence within the sector is lifting,’’ he said.
‘‘ The figures tell us not only that projects worth $ 10 billion are under way, but also that others worth between $ 5 billion and $ 6 billion are awaiting start and a pipeline of projects worth $ 15 billion is awaiting approval,’’ he said. ‘‘ Cyclone Yasi, while it has caused substantial damage, will increase the investment through the rebuilding work it has engendered.’’
Mr Goldstone said the report also indicated North Queensland was winning its fair share of commercial development.
Ross Contarino, TEL’s general manager economic development, said mining and infrastructure projects would bolster the city’s economy, which would help meet demand for materials, equipment and services.
However, he said, demand for skills was an issue that needed to be addressed.
Mr Contarino said while the region had a strong lineup of projects, it would battle to retain its skilled workers given the number of major projects planned elsewhere.
Strong demand would come from Gladstone where major liquefied natural gas projects were planned, and f rom Western Australia where major resources industry projects were estimated to require up to half a million skilled workers.
‘‘ There can be no doubt developments elsewhere will impact on our skills base,’’ Mr Contarino said.
‘‘ We are working with government agencies and we need infrastructure in place if Townsville is to realise its role as Queensland’s second capital.’’