- Last updated:
- 20 Jun 2018
Strong Economic Foundations
The Sunshine Coast economy (A$17.7 billion) has outpaced most of the regional economies in the country in terms of growth over the last 15 years (NIEIR, 2017; AEC, 2018). The economy is anticipated to grow in a strong and sustainable manner over the next 20 years to reach A$33 billion in 2033, accompanied by an increase in knowledge-based jobs, exports and household income.
The average annual economic growth of the Sunshine Coast from 2001-2016 (4 per cent) has outperformed most modern major economies in the world (World Bank, 2017). During this time, the local economy has easily exceeded the growth of the national economy by 1.1 percentage points.
The Sunshine Coast is the 9th largest local government area in Australia with a population of 311,511 in 2017 (ABS, 2018). Strong future population growth, including another expected 190,500 residents by 2041, provides a strong foundation for future economic growth (Queensland Government Statistician's Office, 2017).
The Sunshine Coast economy is also rapidly advancing, having added more than 20,000 jobs over the last five years (Department of Jobs and Small Business, 2017). Future economic conditions are expected to deliver on-going, strong economic growth on the Sunshine Coast.
The Sunshine Coast’s economy continues to evolve into a modern, ‘smart’ economy based on sound growth across numerous high valued and knowledge-based sectors including professional business services, innovative manufacturing and numerous high-tech start-ups.
The strength of the regional economy is based in its diversity and strength across a number of key sectors including healthcare, education, finance and professional business services.
The latest Sunshine Coast Business Confidence Survey reflects the very positive outlook of the 30,000 businesses registered on the Coast, demonstrating increasing confidence trends over time since 2009, and the high degree of confidence in current and future economic growth in the region (Boardroom Business, 2017).
Regional Economic Strategy
Sunshine Coast - The Natural Advantage: Regional Economic Development Strategy 2013-2033 is designed to drive economic growth and sets four goals for the region over 20 years. The strategy's goals are supported by an initial five-year implementation plan focused on outcome-based actions, to provide the foundations to generate sustained regional economic growth and associated investment returns.
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