With current national and state economic data reports available, we have partnered with Matthew Kelly from Regional Economic Advisory and PVW Partner’s Carl Valentine to look at the Townsville region and some of the key economic indicators impacting our region moving into 2022. Today, we released the Townsville Economic Review 2021-22.
Despite the global and national COVID downturn, the report highlights that the business community has been resilient and adaptable and that Townsville stands ready for a new growth phase. There has been a renewed interest in relocation to and investment in Townsville to take advantage of employment and lifestyle opportunities. The disparity in property prices in Townsville compared to capital cities and the broad pipeline of opportunities that offer long term growth and prosperity in our region all underpin a new wave of confidence.
While significant opportunity exists, the city also faces fierce competition for investment, labour, and skills from other Australian centres facing a similar outlook with labour and housing shortages presenting genuine challenges that can be overcome. Insurance and taxation are the issues that currently constrain the local outlook. These can be addressed through legislation favouring competitive insurance premiums and by creating a taxation environment that supports growth across regional centres.
Townsville offers some of Australia’s most substantial economic development potential and an enviable lifestyle for individuals wanting to get ahead. It is well worth the commitment required to support growth. The brand narrative for Townsville must continue to evolve to promote a city that is vibrant and innovative while being safe, affordable, family-friendly and stable.
We are lucky to live in one of the most spectacular parts of the world, and we are the envy of many! So while you are out enjoying paradise this weekend, I encourage you to listen to Carl, Matt, and I discuss this further on our podcast Series Townsville ChamberCast. To listen just select your favourite podcast platform and search Townsville ChamberCast.