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Townsville labour market gasping for employment demand

Townsville Glencorp copper refinery

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.

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Aaron M, Editior
Aaron is the founder and editor of TREN eMagazine with 15 years experience in the real estate industry investing and helping investors seek value, leverage value and capitalise on value, developing professional and technical skills and capabilities that have enabled his success in business from startups, adoption, asset growth, management and community leadership projects. Aaron also loves travelling, sports, his partner Jodie and helping people discover their "why" and find their few "what's" in life that realise the "wows. The " www" in www.townsvillerealestatenews.com.au is one of his why, what and wow's that strive to add valuable content and analysis for readers to participate and win.
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