Figures show city economy, jobs improve

TOWNSVILLE’S economy is on the up and up, evidenced by improving workforce, unemployment and participation figures, the latest Townsville Workforce Report reveals.

Regional economist Colin Dwyer, who conducted the research for TP Human Capital, said the figures were bolstered by improving business confidence and a robust pipeline of job- creating projects.

“For the first time we have estimated the Townsville LGA unemployment rate and it is lower than the regional figure at 7.1 per cent,” he said. “DS Economics expects workforce information to improve over the next 12 months as projects like the NQ stadium, Adani and Haughton Bridge development commence.”

Mr Dwyer, the director of DS Economics, said more than 6500 direct jobs would be created from 43 approved and near term projects.

“But in the past year the Townsville regional economy created over 8000 jobs,” he said. “Trend employment is positive and over 55 per cent of jobs created in the past year were for males. This is a change from previous years and it’s likely that mining and construction are creating more jobs than last year.”

Mr Dwyer said the workforce of the Townsville region in the year to October had improved to 117,100, up 6600.

“The trend unemployment rate is also improving, but still considered too high,” Mr Dwyer said in the Townsville Workforce Report. “The participation rate has improved in the past year. Townsville region’s economy and workforce is improving.”

Mr Dwyer said there were pockets of high unemployment across Townsville.

“After accounting for Townsville’s different demographic profile, which includes a high percentage of indigenous, youth and older people searching for jobs, DS Economics concludes that Townsville should be aiming for an unemployment range of 6 to 6.3 per cent,” Mr Dwyer said.

He said for that target to be hit, the city needed to absorb 2600 of current unemployed.

“New projects could help this directly and indirectly,” he said. “Directly with training and experience, but more likely from ‘ gap’ filling as currently employed find new positions and job gaps appear.

“There will be indirect job creation as more people move to the city for work they will spend in retail, transport, entertainment and cafes and restaurants, creating flow- on jobs.”