The Gold Coast’s population is expected to exceed 1 million in around 15 years, as the city boasts one of the nation’s fastest growing economies.
Mayor Tom Tate said the city’s 2024 Economic Outlook report, released today, showed the Gold Coast’s Gross Regional Product (GRP) growth rate between 2021-2023 was 17.4 percent, surpassing Queensland’s economic growth of 11 percent and the national rate of Australia 9.8 percent.
Mayor Tate said the trend was expected to continue with the high medium-term growth forecast for the Gold Coast at 10.07 percent to 2028.
He said this was the fastest growing economy projection, compared to Brisbane (9.53 percent), Queensland (7.93 percent) and Australia (7.91 percent).
“The 2023 growth rate saw the Gold Coast economy expand to $45.38 billion which is approximately $630 million above forecast.”
Mayor Tate said a diversified economy, population growth and increased employment and business investment contributed to the city’s economic success post-COVID.
“The City of Gold Coast’s continued investment into a diverse range of industries has led to the strongest average annual population growth in the country between 2021-2023.
“Since COVID, the Gold Coast has flourished with a vast number of work and business opportunities that have created a sustainable cycle of economic activity and this will continue to evolve.
“Our economy is diverse and has become much more than just tourism. We have a favourable employment landscape plus strong business and investment incentives which all contribute to this outstanding growth.”
Mayor Tate said the positive economic landscape was reflected in the employment growth figure which was up 7.4 percent to June 2023, representing over 17,600 additional full time equivalent jobs, and a low unemployment rate of 2.8 percent, compared to the national rate of 3.9 percent.
He said the Gold Coast’s population had increased to 666,087, as at June 2023, with the city growing towards an estimated population of 1 million by 2040.
“The Gold Coast economy still has plenty of capacity compared to larger cities where they are already at capacity. Gold Coast has more room to grow,” Mayor Tate said.
