The Gold Coast is on the verge of a more than $20 billion* major works pipeline set to propel significant economic expansion, according to global construction and property consultancy, Rider Levett Bucknall (RLB).
While major infrastructure, transport and residential projects will drive international investment and deliver economic benefits over the next decade, RLB Queensland Director Jim Krebs said the challenge ahead was to deliver housing supply in tandem with major projects.
Mr Krebs said major public projects included the Advanced Resource Recovery Centre, completion of the Gold Coast Light Rail Stage 3, the Home of The Arts masterplan and the proposed Gold Coast Arena, were just some of the major works in the pipeline, as well as privately developed residential precincts like Harbour Shores and Skyridge.
“With an ambitious city-shaping agenda from the City of Gold Coast council alongside extensive transport infrastructure upgrades and significant residential and mixed-use developments, the Gold Coast is transforming before our eyes,” Mr Krebs said.
“We estimate this pipeline of work to be valued over $20 billion, not including the costs of future stages of the Greenheart masterplan at Robina, the proposed alternative to the Light Rail Stage 4, and the Gold Coast Airport masterplan, all key projects which will further drive local expansion.
“We will feel economic benefits directly from transport projects, council and state projects and residential development that are creating jobs while transforming the places we live and work to enhance liveability.
“The ongoing challenge is ensuring productivity amid workforce shortages to deliver these major projects on time and on budget, secure international investment, and meet housing demands.
“To achieve this, we need to adequately plan the works pipeline, encourage labour force participation and encourage entry and investment into modern methods of procurement and construction delivery.”
As outlined in the latest RLB Crane Index, the Gold Coast reported the highest level of crane activity ever recorded since the commencement of the index in 2013.
With an economy worth $50 billion, the largest of any non-capital city in Australia, Mr Krebs said the Gold Coast was a desirable place for international investors.
“An influx of people moving to the Gold Coast over the past five years has shaped a more mature market. It’s now lifestyle and sectors like health, education, film, and sport that are driving continued investment and momentum,” he said.
“We can expect interest from international investors on the new Gold Coast Arena project, as well as ongoing deployment of capital on private residential projects, which will help to further boost the region’s economic growth.
The findings come as the Property Council of Australia brings Gold Coast property experts together to discuss how the local economy is soaring to new heights on Friday October 31.
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