With Brisbane's new airport runway opening early July 2020, albeit to currently reduced traffic, we wanted to highlight some of the key components and benefits the completion of this $1.3 billion project will have for Brisbane's economy.
Work on the site began in 2012 with the major stages of construction now in progress and on track to open shortly.
Brisbane will soon have the best runway system in Australia effectively doubling its current capacity.
It has been estimated by 2035 the new runway will lead to the creation of 7,800 new jobs and contribute an additional $5 billion in annual economic benefit to the Brisbane region.
The project will also lead to a greater choice in airlines, destinations, and flight times for consumers.
This new runway is a key piece of infrastructure that will enable the continued growth of Brisbane and the nation.
The wider contribution Brisbane Airport made to the Australian economy in 2012/2013 has been assessed at $5.3 billion and is estimated to grow to $13.4 billion by 2034.
By 2034 airport employee numbers are forecast to rise to over 50,000 which will drive an increase in the direct economic contribution of Brisbane Airport to $8.2 billion per year.
As Australia’s third busiest airport, welcoming 22.7 million passengers in FY17, with passenger numbers expected to grow to around 50 million by 2035, Brisbane Airport is Queensland’s most important aviation hub and is essential to cater for this demand.
We look forward to seeing how the opening of this new runway changes the travel and economic landscape for Brisbane.
To stay up-to-date make sure you join our Property Market Pulse Newsletter here.
Adam Duffy - Partner at Meridian Australia
P: (02) 9939 3249