Mount Isa’s economic development strategy
The Mount Isa Economic Development Strategy was released by the Mount Isa City Council in mid-2023 to provide a roadmap for Mount Isa’s economic growth through to the end of 2028. Let’s take a look at some of the key aspects of the strategy in terms of Mt Isa commercial property.
Key goals of the strategy
Key goals of the strategy include helping Mount Isa to:
- grow our population (currently just under 19,000)
- attract more new businesses and investment
- encourage existing business expansion (there are currently about 900 registered businesses in Mount Isa, with
- about half being non-employing)
- support industry diversification, and
- promote local career opportunities.
Mount Isa’s current economic landscape
For just over 100 years, mining has been the backbone of Mount Isa’s economy. While that will continue to be the case for many years to come, there are opportunities to grow our agriculture, health, tourism, manufacturing, education and training industries as both Australia and the world transitions to a new energy mix.
Mount Isa’s assets include our natural minerals, strategic location and vast amount of industrial land, as well as our well-established heavy industry capabilities and supply chains.
Commodity prices for Mount Isa’s zinc, phosphate, silver, lead and uranium have more than doubled in recent years and are likely to remain strong due to the aggressive renewable energy targets being set by many governments around the world, including Australia’s.
Current challenges for Mount Isa include the high cost of transport, water and energy, and the planned closure of Glencore’s underground copper mine in 2025.
Mount Isa’s top industries
Mount Isa’s top 5 industries in terms of current employment are:
- mining (just over 35% of Mount Isa’s workforce)
- healthcare
- education and training
- rental, hiring and real estate services
- retail.
Mount Isa’s top 5 industries in terms of current gross regional product are:
- mining (just over 50%)
- healthcare
- rental, hiring and real estate services
- education and training
- public administration.
Mount Isa’s top 3 industries in terms of export earnings are:
- mining (nearly three-quarters of all exports)
- agriculture
- manufacturing.
Planned infrastructure investments
Major infrastructure investments that are planned for the Mount Isa region include:
- the CopperString 2.0 project that will join us to the National Electricity Grid by 2030.
- APA Group’s plans for their Mica Creek Solar Farm to help power Mount Isa’s mining industry.
- Vast Solar’s potential plans to develop a solar power and storage plant in Mount Isa.
- a $30 million State government support package to accelerate the development of resource projects in the region over the next five years.
- the Mount Isa City Council making freehold land available to repurpose the old Mount Isa abattoir site to become a green-energy powered, recycled industrial water site.
All of these infrastructure projects should have a positive impact on the Mount Isa commercial property landscape.
Broader economic indicators
Of course, Mount Isa is affected by developments in the broader Queensland, Australian and international economies. Factors such as interest rates, unemployment rates, and economic growth rates in these broader economies have an impact on the local Mt Isa economy.
Interest rates in Australia may have peaked with many analysts now tipping slight falls in 2024, which could stimulate business investment. Unemployment levels are forecast to remain low, and economic growth rates are forecast to be moderate both here in Australia and in the global economy.
About us
Jays Real Estate has been Mount Isa’s premier commercial and residential real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.