Townsville labour market snapshot
The Townsville labour market has shown signs that a recovery in economic activity is occurring in the wake of the Townsville and North-west Queensland floods earlier this year.
With 3,000 homes and businesses impacted and thousands in livestock losses across the region, the recovery and reconstruction stimulus has played a key role in improving the unemployment rate.
Townsville Enterprise reported in its economic snapshot report that the March 2019 unemployment rate was 7.8%, down from 8.5% the previous quarter.
However, the Australian Bureau of Statistics reported the unemployment rate at 7.57% in the March quarter, which represents 7,300 persons unemployed looking for work from a total workforce of 97,275 people.
From the same March quarter 2018, the economy has produced 786 new jobs. The city’s employment productivity over 12 months has created 624 local jobs, while 162 jobs were filled by new entrants to the market.
Townsville’s Youth unemployment is over 17% which represents approximately 5,200 people under 25 years old defined as unemployed.
Meanwhile, Regional Queensland’s unemployment rate currently sits lower than the Townsville North Queensland region at 5.9%.
Townsville Enterprise, the regions peak marketing and lobby organisation, said “The recent tightening of the North Queensland unemployment rate reflects the rebuilding efforts following Townsville’s major flooding event.”
“Despite this improvement, substantial ongoing job growth will be required for regional unemployment to reach Queensland’s current rate of 6.1%”, Townsville Enterprise reported.
Focus now is turned towards major projects valued in excess of $8 billion currently under construction and committed for future commissioning.
Townsville floods yields employment green shoots; regional economic snapshot
The peak industry and marketing body said, “Major upcoming projects that will provide significant stimulus to the Townsville North Queensland economy and drive significant job growth within the region.”
Major projects impacting the Townsville labour market
Major projects that are expected to drive a continuation of labour market activity include;
- $2.25 billion Singapore – Australia Military Training Initiative,
- $2 billion Adani Carmichael Mine Project,
- $300 million Sun Metals Zinc Refinery expansion,
- $55 million Stage I and 2 of the Haughton Pipeline Duplication Project and
- $193 million Port of Townsville Channel Widening project.
The development of over $4 billion in manufacturing facilities are currently under consideration, including the lithium-ion battery factory, fertiliser production, nickel and cobalt facilities.
Free Subscription Offer
How to stay up-to-date
Do you have an opinion about the Townsville labour market in North Queensland?
The TREN community wants to hear your story.
Become a subscriber to TREN eMagazine and be the first to receive local breaking stories, analysis and opinions on the Townsville real estate market.
