Popular culture has taught us a lot of ways of looking at the future of Gold Coast business. We can use tarot cards, a crystal ball or even hijack Marty McFly and Doc Brown's DeLorean car to travel through time. However, we'd hazard that these aren't options readily available (or reliable) for you.
No, one of the best ways to gauge the future of business conditions in Surfers Paradise and beyond is to look at the hard data available to us. And with the release of Deloitte's December 2015 Queensland Business Outlook, we can do just that.
Queensland's economy hasn't received a perfect scorecard, but there are a lot of positives to be taken from the Deloitte report. For example, even though the Commonwealth predicts GDP to grow at 2.75 per cent in the long term, the Sunshine State has GDP increases of 3.7 per cent every year forecast through to 2020.
That isn't just better than the national figure, it's above every other state and territory, Deloitte states.
On top of this, private consumption will continue to play an important role for Gold Coast retailers and business. Deloitte notes that this sector, which makes up more than 50 per cent of the state's entire economy, is going to keep rising at 3.2 per cent per annum. The nationwide figure sits at 2.6 per cent. This is especially important as the state's economy continues to move away from the resources boom, as Deloitte partner Mark Ingham pointed out:
"With $4 billion in engineering construction lost since June last year, business investment needs new horizons and opportunities as more gas construction projects cross the finish line and begin production," he noted in a 9 December media release.
So, if you're a Gold Coast retailer, or looking to pick up Surfers Paradise commercial property, certain metrics are definitely moving in your favour.
Of course, this shift in the resources economy doesn't have many negative impacts for commercial prospects on the Gold Coast, as it hasn't been the driving force behind the local economy. An economy.id report on the region compiled for the City of Gold Coast highlights retail trade as the most important part of the local economy among some 58,000 local businesses.
And for the future, there could be a rapid expansion in the IT industry. Kevin Russo, technology advisory leader for Deloitte has stated that digital processes are behind a lot of growth in the Queensland economy.
"It is providing new sources of economic growth for the state, with a growing number of ICT jobs projected to be in demand over the next five years," he noted. Coupling digital initiatives and marketing with your retail leasing on the Gold Coast could be the key to expanding revenue and achieving even greater success.
The Queensland government has already remarked positively on the strong outlook for the state. Curtis Pitt, state treasurer, said back in September that Deloitte forecasts are more or less in line with what the government thinks will happen with the economy, backing up the positivity in many sectors.
Education, agribusiness, wealth management and gas were outlined as growth industries, but tourism in particular is one for locals to continue watching.
"Deloitte forecasts international visitors to Queensland will grow by 4.9 per cent each year over the next three years," Mr Pitt noted.
With positives coming from seemingly every angle, it might be time to start putting your 2016 plans into motion for commercial leasing on the Gold Coast. The summer is a great time to get involved in local industry and start generating revenue.