Our economy is booming
19.03.2005
By EVAN SCHWARTEN FROM the Bowen Basin to the Capricorn Coast, Central Queensland is booming.
There is massive expansion in the mining districts west of Rockhampton, high cattle prices and a bullish property market.
The economic growth has also spread to local retail and service industries. Politicians, economic and industry experts and business people all agree the region is steaming ahead.
"Central Queensland is performing better than it has in many years, with the meatworks and mines expanding, we’ve got low unemployment levels and we’ve got a coking plant set to open at Stanwell, Member for Rockhampton Robert Schwarten said.
JM Kelly Builders managing director Geoff Murphy agreed: "Central Queensland has always done well. It is just doing better at the moment.’’
The massive growth across all sectors is sending pay packets through the roof with many mine employees earning more than $100,000 per year.
The growth has driven the unemployment rate down with Queensland’s jobless rate now just 4.6%. As a result of that growth, mining machinery sellers Hastings Deering has nearly doubled staff in its Rockhampton branch to 220, and is planning a $6 million redevelopment of its Port Curtis Road facility.
And you only need to look inside the massive 36-page Property Week guide in today’s Weekend Bulletin to gauge the strength of the local real estate market.
Real estate agent Kas Woch says it is nearly impossible to buy a house for under $120,000 in Rockhampton, while at the higher end of the market some properties on The Range are now selling for more than $1 million.
In the city, an eight-level unit complex in Victoria Parade last year sold within months and the developer plans to build a bigger complex a few blocks away.
In the hospitality industry, Motel 98 recorded a whopping 35% growth last year while Rockhampton Tourism and Business Information manager Barbara Harwood said two new motels are on the cards for the city.
To top it all off, most stakeholders say there is no end in sight for Central Queensland’s booming economy.
Rockhampton Mayor Margaret Strelow said: "I don’t think this is a flash in the pan. All indicators point towards sustainable on-going growth. Our time has come.