WELCOME to boomtown. Logan is a city in the grips of massive growth according to a new economic snapshot of the city.
Gross regional product rose to $13.48 billion – up 20 per cent – from June 2016 to 2017. New business registrations rose 31 per cent.
Unemployment rose 0.1 per cent to 6.9 per cent – higher than the national average of about about 5.6 per cent but at about the same level as it has been for some time.
Logan City Council’s bi-annual economic analysis reported population increased by 1.9 per cent from 2016 to 2017. The official estimated population was 319,652 at June 2017.
Most residential growth occurred in the southwest suburbs of Park Ridge, Logan Village, Yarrabilba and Flagstone.
Logan acting mayor Cherie Dalley said the report showed Logan as a city on the move and attracting investment.
“Our GRP growing by 20 per cent to June last year shows just how well our city is performing,” Cr Dalley said.
“There are more encouraging stats to be found in the analysis, including an overall 3.6 per cent in businesses in Logan to June last year. New business registrations jumped 31 per cent from October last year to March 2018.”
Planning and economic development committee chair Cr Russell Lutton said attempts to sustainably grow the city were paying off. Analysis showed the economy was performing strongly.
Cr Lutton said projects and initiatives in council’s record-breaking $850 million 2018-19 would continue the strong momentum.
“All these signs are promising, especially when you factor in that our recently delivered budget had a focus on stimulating investment and growth, which should see these positive economic indicators continue to grow,” he said.
Development and property market highlights in the analysis included:
- The majority of non-residential development approved for the period July to December 2017 was for 34,203m2 of industrial, followed by retail 8,848m2 and the remainder of 8,155m2.
- Most residential construction has occurred in Park Ridge, Logan Village,Yarrabilba and Flagstone.
- For the March 2018 quarter, the market outlook for house sales in Logan was positive and should continue to perform strongly due to overall affordability, availability and locality
- Logan recorded strong annual residential house sales growth of four per cent to $395,000,
- unit/townhouse sales also recorded an increase of 0.7 per cent. Quarterly figures record strong sales growth in several Logan suburbs, and a steady rental market with a vacancy rate of two per cent
- unemployment showed signs of levelling, rising 0.1 per cent to 6.9 per cent
Cr Lutton said council officers were working with stakeholders to better understand the drivers behind unemployment.
“We are experiencing positive economic conditions and investor sentiment throughout Logan that will translate to more jobs in our region over time,” he said.
“The council is an active participant, facilitating new investment and jobs with the ultimate goal of increasing employment opportunities for local residents.”