City of Moreton Bay marks City status with economic update
Published 11 October 2024
City of Moreton Bay has shared impressive economic results during the first year of officially being a city.
At the annual ‘State of the City’ event alongside CEO Scott Waters, Mayor Peter Flannery said City of Moreton Bay’s local economy is now valued at an impressive $22 billion after experiencing rapid growth and economic expansion from an $18 billion economy in 2021.
“Our growth isn’t due to luck, but an ambitious and strategic plan to grow our economy, and the drive and tenacity of our 32,000 local businesses,” Mayor Flannery said.
“City of Moreton Bay has attracted 4,000 new businesses in the last year alone, demonstrating that we aren’t just a place to do business, we’re the place to grow a business.
“Businesses and investors look to local leadership to provide consistency in policies and reliable partnerships for investment, and I’m proud to say that we are recognised as one of the most stable local governments in Queensland.
“We have also been independently rated as one of the most investor friendly cities and Queensland’s leading small business friendly Council, and to back up these ratings, Council has attracted $250 million in new economic activity and supported 900 jobs in the last financial year alone.
“We also have a healthy pipeline of future opportunities with potential to secure $1.37 billion in investment and 1,228 jobs for our city.
“Plus, we have more local businesses turning over $10 million than in neighbouring cities like Logan and Sunshine Coast.
“Last year our gross domestic product growth was higher than Brisbane’s.
“This demonstrates that City of Moreton Bay is on track to reach our goal of building a $40 billion economy and creating 100,000 new jobs by 2041.
“City of Moreton Bay’s enviable reputation as a visitor destination sees our tourism industry welcome 4.6 million visitors who in this past year contributed $2 billion across the economy.
"This visitor demand combined with the growth of our city lays the groundwork for much-needed new hotel investments.
“The future looks even brighter with $20 billion in public and private investment planned for the years ahead and a runway to the 2032 Olympic and Paralympic Games including our recently announced $205.5 million Moreton Bay Indoor Sports Centre.
“Council’s own commitment to growth and opportunity is reflected in our actions including a $922 million council budget which includes a $277 million capital works budget.
“I say loud and clear, City of Moreton Bay shouldn’t be underestimated, and we are a reliable partner for long-term investment.”
Local businesses continue to enjoy several key advantages in the strategically located City of Moreton Bay including a skilled and abundant workforce supported by record population growth, a strong economy with a wealth of government and private investment, and a stable Council with a clear vision for the future.
Find out more about City of Moreton Bay at our Invest Moreton Bay page.