The Gold Coast is outperforming forecasted economic growth and overall state and national figures, becoming Australia's fastest growing economy in recent years.
The 2024 Economic Outlook report released today at Gold Coast Business Week revealed that the city's GRP growth rate between 2021-2023 sat at 17.4% surpassing Queensland's economic growth at 11% and Australia at 9.8%.
The trend is expected to continue with the high medium-term growth forecast for the Gold Coast at 10.07% to 2028 which is the fastest growing economy projection compared to Brisbane (9.53%), Queensland (7.93%) and Australia (7.91%).
In 2023 alone, the speed of economic growth on the Gold Coast was 3% outperforming Queensland at 2.4% and exceeding a projected 1.6%.
The 2023 growth rate saw the Gold Coast economy expand to $45.38 billion which is approximately $630 million above forecast.
Gold Coast Mayor Tom Tate said it was a diversified economy, population growth and increased employment and business investment that contributed to the city's economic success post-COVID.
"The City of Gold Coast's continued investment into a diverse range of industries has led to the strongest average annual population growth in the country between 2021-2023," Mayor Tate said.
"Since COVID, the Gold Coast has flourished with a vast number of work and business opportunities that have created a sustainable cycle of economic activity and this will continue to evolve.
"Our economy is diverse and has become much more than just tourism. We have a favourable employment landscape plus strong business and investment incentives which all contribute to this outstanding growth.
"It's no wonder the Gold Coast is a place where people want to invest, live, work and visit," Mayor Tate added.
The positive economic landscape for Gold Coasters is reflected in the employment growth figure which is up 7.4% to June 2023 representing over 17,600 additional full time equivalent jobs and a low unemployment rate of 2.8% compared to the national rate of 3.9%.
The Gold Coast's population has increased to 666,087 as at June 2023, with the city growing quickly towards an estimated population of 1 million by 2040.
"The Gold Coast economy still has plenty of capacity compared to larger cities where they are already at capacity. Gold Coast has more room to grow," Mayor Tate said.
"A remarkable 13.3% growth in business investment far surpasses Queensland's decline of -0.8% and Australia's modest growth of 2.4%. High growth percentage signals strong business and economic development for the future."
"While many Australians are feeling cost of living effects, on the Gold Coast these are mitigated by businesses creating new and better employment opportunities for a diverse range of sectors."
The City's investment and business attraction program supports continued growth and new investment in the city including expansions for local businesses and incentives for those looking to relocate and invest in new ventures on the Gold Coast.
The incentives offered by the City include cash rebates on capital investments, reimbursement on expenditures and benefits depending on the number and quality of jobs created.
The City's diverse range of incentive programs have proven highly successful with massive growth in the sectors of technology growing over 50% in 2023 and the sport and screen industry expanding more than 30%.
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