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Positive Outlook for Townsville in 2022

The Queensland Country Bank Townsville Region Scorecard 2021-22 has been released, demonstrating a strong performance throughout 2021 and indicating there is solid optimism for continuing positive performance in 2022.

The report, compiled by James Cook University College of Business, Law and Governance Adjunct Professor Colin Dwyer in collaboration with local businesses, recognises the crucial connections between environment, economy and society across 28 local variables.

“The Queensland Country Bank Townsville Scorecard 2021-22 report found Townsville performed well in 2021 compared to previous time periods,” says Mr Dwyer.

“In 2022, we expect a net positive overall performance and a net positive economic performance. We expect positive jobs performance, positive business confidence, solid and diversified job adverts and good youth employment opportunities.

“We wouldn’t be surprised at continued positive performance in key primary and secondary industries (sugar, cattle, zinc and copper). We expect at least two large projects to increase construction activity in 2022 and the local residential construction and property sectors to outperform many other regions.”

Townsville’s Environmental performer of 2021 was the creation of a Hydrogen Cluster, which is an important recognition of the role the region will play in this critical future industry, further establishing itself as a distribution centre and home for sustainable industry.

Image credit: Phil Copp

Queensland Country Bank Stadium was identified as Townsville’s social asset of the year, exceeding expectations in its ability to deliver thousands of jobs, bed nights and millions of dollars into the local economy.

“The Queensland Country Bank Stadium did more than expected in 2021 by putting bums on seats, heads into beds, buyers into businesses and boosting Townsville tourism reputation,” he says.

“We expect another positive performance from Queensland Country Bank Stadium in 2022, but the 2021 performance would be hard to beat.”

Mr Dwyer says that while the outlook is positive, the region has its challenges and risks to navigate.

“Townsville has new challenges and opportunities compared to five and ten years ago.  Its challenges include, but not restricted to, a very tight residential vacancy rate, comparatively high and increasing home insurance premiums, unacceptable crime rates, skills shortages, Covid19 concerns and unacceptable number of road deaths.  It has continuing risk associated with Brisbane Olympics, a looming federal election, Covid 19, rising inflation and challenges associated with sea temperatures.”

The Townsville Regional Scorecard has been produced five times in the last fourteen years. The 2021-22 report obtained data from a variety of credible sources and key organisations including Australian Bureau of Statistics, PVW Partners, Queensland Sugar Limited, Ychart, Port of Townsville, Colliers, Corelogic, Peter Wheeler, Carl Valentine, Simon Pressley, Adj Prof Colin Dwyer and James Cook University.

View the Queensland Country Bank Townsville Region Score Card.

Stephen Boyle, JCU College of Business, Law and Governance; Brad Hodder, Queensland Country Bank; Adj Prof Colin Dwyer, JCU, Carl Valentine, PVW Partners.

 

BDMag

BDMag

Compiled by the BDmag editorial team