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Bi-Annual Economic Analysis

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Bi-Annual Economic Analysis CITY OF LOGAN BI-ANNUAL ECONOMIC ANALYSIS July 2019 Issue KEY ECONOMIC INDICATORS Logan City Council collects In terms of overall economic performance 3.9% % key economic statistics and and improvement, the City of Logan 3.4 information to measure how recorded an increase of 3.9% in Gross the city is performing. This Regional Product (GRP) to $11.77 billion, information has been compiled for the 2017/18 period. The into the Bi-annual Economic number of new Australian Business Gross Regional Product (GRP) $11.77b Analysis Report, July 2019 Numbers (ABN) being registered in Businesses* 21,987 issue. The most recently Logan is typically around 500+ per (NIEIR JUN 18) (NIEIR 2018) released data is presented month, with a net increase of 6,588 *Businesses in Logan registered for GST in this report, but may refer ABN’s in the 2018/19 financial year. to different time periods % depending on the frequency 7.8 of the data collected by the % 6.2 % relevant agency. 1.9% 0.7 Population 326,615 Jobs 115,575 Labour force 162,296 Unemployment 7.49% (ABS ERP 2018) (ABS MAR 19 QTR) (ABS (NIEIR MAR 19 QTR) 2018) WORKFORCE AND JOBS Emerging industries include: An analysis of the output by industry sectors in the City of Logan in 2017/18 Heath Care and shows the three largest industries were: Social Assistance $1.4 billion Construction (+$471 million over 5 years) $3.1 billion 14.3% 59.5% Public Administration and Safety Rental, Hiring $954 million and Real Estate 13.2% (+$211 million over 5 years) Services $2.87 billion Professional, Scientific and 13.0% Technical Services $1.05 billion Manufacturing (+$211 million over 5 years) $2.82 billion HOUSING MARKET Median sales price of dwellings PROJECT UPDATES (Annual figures, June 2018/19) The housing market in Logan • The Palaszczuk Government, Logan remained strong with a 1.3 per City Council and nine key developers cent increase in the value of 1.3% have signed a landmark agreement sales and a slight drop in house to deliver $1.2 billion of essential sales volume to 3,219 sales. The 2.4% infrastructure for the Yarrabilba average time needed to sell a and Greater Flagstone priority house was 45 days while units development areas (PDAs) over the took an average of 81 days to sell. next 45 years. The average sale price for houses • The construction of Transurban’s House $400,000 was $400,000—an increase of Unit/Town $280,000 $512m Logan Enhancement Project 1.3 per cent for the year. (REIQ Sep 2018) (REIQ Sep 2018) is nearing completion with the Logan Motorway upgrade officially opened Houses - Top suburbs Houses - Top suburbs on 19 August 2019. The upgrade for $ growth for number of sales to the key intersection of the Logan • Beenleigh • Crestmead Motorway and Wembley Road is • Browns Plains • Marsden also nearing completion and already • Eagleby • Regents Park improving freight productivity. • Greenbank • Rochedale South • Construction of the $6.2 million • Jimboomba • Shailer extension of Third Avenue • Windaroo Park Rochedale South between Gilmore Road and a new signalised intersection at Wembley Shailer Road Berrinba is expected to be Browns Plains Park Marsden completed September 2019. Regents Park Crestmead • Distillery Road Market in Eagleby Greenbank Eagleby Beenleigh is now looking for retailers with an expected open late 2020. Windaroo • Combined fund of $10.3 million to deliver projects in Meadowbrook, Logan Central and Jimboomba Jimboomba following Council held summits. • An $18.87 million refurbishment and expansion of Logan Hospital’s maternity ward, birthing unit and special care nursery to begin this year and be complete by 2021. SOURCES: Business entries and exits, Australian Business Register (ABR), Economy.id industry structure and industry sector profiles use a National Australian Government Accounts regional econometric model developed by National Institute of Economic and Industry Research (NIEIR) economy.id.com.au Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits, 2016-2018, Cat. 8165.0. economy.id.com.au Economic Development and Strategy Branch, Logan City Council Small Area Labour Markets Australia, Australian Government, Department of Real Estate Institute of Queensland (REIQ) Queensland Market Monitor, Employment, Skills, Small & Family Business, ABS State Details, March quarter June 2019, Issue 42 2019, ABS 5206.0, released 14 June 2019 Transurban Logan Enhancement Project Queensland Government Statistician’s Office, Queensland Regional Database loganenhancementproject.com.au qgso.qld.gov.au FOR MORE INFORMATION CONTACT: Logan Office of Economic Development E: [email protected] P: 07 3412 4888 loed.com.au.
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