THE State’s flood recovery and burgeoning LNG industry have driven a new historic high in construction investment, according to acting Treasurer and Minister for State Development and Trade Rachel Nolan.
Nolan says the latest Deloitte Access Economics Investment Monitor has indicated a positive outlook for Queensland.
"The State Government's building program kept the construction industry going during the GFC and now confidence is returning and the private sector is stepping in," she says.
"Business investment in Queensland has started to recover, and the recent surge in the value of 'definite' or committed projects, points to a strong recovery in business investment in 2011-12 and beyond.
"Investment in Queensland totalled $184.1 billion in the March quarter 2011 - an increase of $2.5 million or 1.4 per cent from the December quarter last year.
"More importantly, the value of commit ted investment surged a further $18.7 million or 31.1 per cent in the March quarter. And this is off the back of a 32.9 per cent rise in the December quarter."
Nolan says the report credited the spike in committed investment to the Santos/Petronas' GLNG Final Investment Decision and Commonwealth Government commitments towards rebuilding flood affected areas.
"The GLNG project at Gladstone is worth $16.2 billion and the new LNG industry still has much more to give in terms of investment with two more project FIDs scheduled over the next year or two," she says.
"Additionally, the Commonwealth Government's $3.9 billion commitment to rebuild communities devastated by floods also contributed to the rise in investment."