Development Status Report reveals $13billion to be spent in Toowoomba region

THE Toowoomba region has a projected development spend of $13billion with major infrastructure projects driving confidence in the region’s economy.

The significant figure is the result of Toowoomba and Surat Basin Enterprise’s November 2016 Development Status Report, the eighth report produced in the past five years.

TSBE executive chairman Shane Charles said he was pleased to see the development spend continue to increase, up about $3billion on 2015’s report, signalling growing infrastructure requirements.

“Infrastructure brings prosperity and investment in the diverse Toowoomba economy, including the QIC Grand Central re-development, the Wellcamp airport, the second range crossing, agriculture and resources, proving Toowoomba is a safe harbour for investment,” Mr Charles said.

“Despite the fact the general economy is doing it tough and many Toowoomba residents might have experienced challenging times, optimism in the Toowoomba Region is at an all-time high.”

Large projects in the report include retirement resorts, school upgrades, housing developments, site redevelopments and construction as well as major highway and transport construction and upgrades, solar projects, agriculture expansions and development.

“TSBE produces this report to highlight to our members and the supply chain what projects are occurring but more importantly we do it to show those outside of Toowoomba that we are living up to the hype. We don’t just talk about how good this region is, it’s backed up by spending and projects,” he said.

Mr Charles said it was not just the big-ticket projects that had contributed to the growth and spending, with the DSR detailing all projects with spending over $2million.

Government contributions in the region are strong from both Queensland Government for Building Stronger Regions funding and the Federal Government’s investment upgrading the road network.

“This isn’t just TSBE and the mayor spruiking the region, the sentiments are backed by private investment, development and prolonged growth.”

Current conservative estimates