The economic outlook is strengthening in North and North West Queensland according to a new report.
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Regional Development Australia's new Townsville and North West Queensland Economic Outlook report prepared by Regional Economic Advisory finds the Townsville and North West Queensland economy benefited from the rising commodity prices and reopening of Queensland's borders at the end of 2020.
"While the region has experienced minimal direct COVID cases, the border closures and restrictions on business operations has had a devastating impact on a number of industries," the report said.
The tourism sector, including aviation and hospitality as well as international education have been particularly hard hit.
Ongoing trade relations with China could also affect key mining and agricultural export sectors and business confidence.
However the regional property market has experienced a resurgence, with limited rental vacancy, record low interest rates, and improved borrowing conditions driving increased transaction activity and rental/ price growth across many parts of Townsville and North West Queensland.
Matthew Kelly of Regional Economic Advisory said:despite COVID-19's impact on industries in the region the economic Outlook for 2021 was looking positive.
"With decreasing unemployment in some areas, increasing building approvals and a strong pipeline of projects throughout the region, we are seeing signs of improved economic performance," Mr Kelly said.
In our region the report points to continued progress with CopperString while Grand Central Industries is progressing the $31m Cloncurry Intermodal Terminal.
The report said the project is shovel ready and finalising project finance. The debottlenecking rail infrastructure will increase the capacity of the Great Northern Rail Line by up to four million tonnes a year and provide greater rail access for junior miners.
Meanwhile big projects in the mid west include the Hughenden Irrigation Project, the 15 Mile Irrigation Project and the Richmond Agriculture Project.
RDA chair Frank Beveridge said the region contributes $16.9 billion to the national economy.
"It has an extensive range of investment and growth opportunities and we look forward to working with REA to highlight these and continue to develop a strong, confident and vibrant region," he said.
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