A strong rate of employment has many advantages for a local economy. Not only does it mean residents are more inclined to stay in the specific area, but also that businesses are likely to be encouraged by local prospects.
The official employment indicator is released by the Australian Bureau of Statistics (ABS) each month. It sheds light on how many people are in jobs on a national scale, as well as how this compares to previous results.
The latest available data is for March 2016. According to the ABS, trend employment growth registered at 2.2 per cent. This marked a decline from 2.6 per cent in December last year, even though unemployment fell 0.4 per cent during this period.
Queensland's results were especially strong, which has the potential to lead to more businesses taking up commercial property in Surfers Paradise. With unemployment relatively low, there's every chance people will be enticed to the area in search of job opportunities – something the Sunshine State is apparently able to offer.
State treasurer Curtis Pitt reflected on the strength of the ABS figures. Unemployment has apparently remained at a two-year low in Queensland, registering at six per cent in March.
"Every one of those new jobs is a Queenslander starting their first job, or getting back after a long search, or a family getting a second income," Mr Pitt noted.
It's estimated that under the current government, as many as 61,300 new positions have been created. On a monthly basis, this translates to around 1,960 full-time roles coming to the fore.
Another factor that plays an important role in the success of the economy is confidence – something that has improved in the state as a result of increased employment options.
"Queenslanders are more confident about the future – and more willing to spend with Queensland businesses," iterated Mr Pitt.
This could give further incentive for buying commercial property on the Gold Coast. With strong employment and growing levels of confidence among consumers, there's every reason for companies to want to tap into this positivity and make the most of everything it has to offer.
"More confidence means more investment and more jobs," said Mr Pitt, emphasising that Queensland's is set to grow at a rate faster than any other state over the coming financial year.
The challenge now is to make sure these improved levels of confidence and employment growth can be sustained – something business owners will be keen to keep a close eye on in the near future. Future results from the ABS and other leading indicators will play an important role in making sure people have the most up-to-date information to hand.
The right combination of economic factors is coming together for would-be owners of commercial property in Surfers Paradise. A mix of improving employment conditions and buoyant sentiment could be just what's needed to give business owners the push they need to invest in new premises.
Here at Ray White Commercial Gold Coast, we can help you buy and sell real estate in this part of Queensland, helping you through every stage of the process. Whenever you sell commercial Surfers Paradise property, we will carry out an appraisal to ensure you receive a fair price. It's just one of the ways we set ourselves apart from the competition.
Make sure you get in touch with our team to discuss what steps you need to take to get onto the commercial property ladder in this highly desirable area.