Economic Value Investigation Findings Released
30 May 2022
Council is working to better understand the economic value of the Narangba Innovation Precinct. Any future land use planning must balance the protection and viability of industry activities in the precinct with the safety, health and amenity of surrounding areas.
To accurately understand the economic value of the precinct, Council engaged an independent consultant, Lucid Economics, to undertake an economic value investigation.
Throughout 2021, Lucid Economics explored the contribution that industries and businesses within the precinct have to the local economy. The investigation identified:
- existing economic value of the precinct
- future economic potential of the precinct
- function and role of the precinct within the wider Moreton Bay Region
- economic implications of future land use changes to the precinct.
The findings of the economic value investigation will help Council better understand the importance of the precinct and how it performs for the Regional Economic Development Strategy 2020-2041 (REDS).
Council’s REDS provides long-term economic direction with an aim to build a $40 billion economy by attracting and generating 100,000 new jobs for the region by 2041. Given the important role the Narangba Innovation Precinct plays within the region’s economy, it’s essential the REDS is considered in any future land use policy position.
Read the full Narangba Innovation Precinct Economic Assessment report by Lucid Economics.
The Narangba Innovation Precinct produces a considerable economic contribution to the Moreton Bay Region, providing a high level of industry value, employment and exports, relative to its size.
- Strong employment growth rate compared to the broader Moreton Bay Region.
- Employment grew by nearly 50% between 2011 and 2016.
- The precinct is home to the highest concentration of workers within the manufacturing sector for the Moreton Bay Region
- Gross regional product
- $740 million total gross regional product in 2021.
Industry value add
- The precinct has the highest industry value added per employee in the Moreton Bay Region.
- $320 million industry value added in 2021.
- Strong growth in exports, outperforming the average for the region.
- $227 million in exports in 2021.
Local supply chain
- Over 70% of local supply comes from within the region (average for manufacturing industry is 28%).
- With greater business certainty, the precinct could deliver an estimated 589 new jobs and $129 million additional gross regional product.
Observations from Lucid Economics
Many of the businesses in the Narangba Innovation Precinct represent the highest standard of technology and are leaders in their field. Many have planned business expansions that involve new capital investment in equipment and infrastructure, further enhancing and modernising industry processes within the precinct.
Lucid Economics has highlighted the importance of providing greater certainty within the planning scheme for businesses that choose to invest in the region by demonstrating support for growth of existing and established high-value businesses within the precinct.
The Narangba Innovation Precinct clearly has a strong role to play in contributing to the achievement of Council’s Regional Economic Development Strategy.
The economic value investigation is one part of the Narangba Innovation Precinct study. The second part, the environmental health investigation is complex and still ongoing.
Together the investigations will help Council better understand the precinct, and inform a new draft policy position, including future amendments to the MBRC Planning Scheme 2016.