The Townsville North Queensland Economic Snapshot, in partnership with James Cook University and AEC, provides a regional economic outlook and commentary with key quarterly statistics including unemployment, business confidence, building approvals, property, and tourism.
Click the video to hear an overview of our latest Quarterly Economic Snapshot with Townsville Enterprise's Wayde Chiesa, James Cook University Associate Professor Riccardo Welters, and AEC Economist Jonathan Pavetto.
Despite the once in a hundred-year flooding event and the economic ramifications of the COVID-19 pandemic, business confidence in Townsville is at its highest point in 14 years. Although business confidence is on the rise, COVID-19 has had significant negative impacts on the tourism market. In the Townsville North Queensland region, interstate travel has declined by 74% from September 2019 to September 2020, and international travel has declined by 52% over the same period of time.
Although the tourism market has been negatively impacted by COVID-19, the residential property market has experienced positive signs of growth since the introduction of Federal Government HomeBuilder grant. The demand for vacant land has significantly increased, reflecting the demand for a change in lifestyle living, which has favoured regional Australia compared to larger capital centres.