By JOHN VAN KLAVEREN
Geelong’s billion dollar-plus investment boom is continuing, with a renewed emphasis on a technology and health-driven economy.
Road, hospital, residential, arts and retail projects worth $1.2 billion are underway and further regional projects worth $582 million are awaiting a start.
Another $1 billion in projects are on the drawing board.
The building boom is in stark contrast to recent reports highlighting the vulnerability of the region’s economy and hidden joblessness.
The list of projects in the building boom excludes more than $1.3 billion of “confidential investment enquiries” for Geelong Ring Road Employment precinct that would create another 1000 jobs, Geelong’s council has confirmed .
Key projects underway include:
* Princes Hwy duplication to Winchelsea, $220 million;
* Geelong Hospital expansion $93 million;
* Baanip Blvd ring road link to Surf Coast Hwy, $90.4 million;
* New Norlane initiative, $80 million:
* Bellarine Lakes Village, Moolap, $80 million;
* St John of God Hospital upgrade, $67 million;
* Waurn Ponds Shopping Centre expansion, $65 million;
* Centre for Advanced Design in Engineering Training, Deakin Waurn Ponds, $55 million;
* Geelong Library and Heritage Centre upgrade, $45 million; and
* Geelong Centre for Emerging Infectious diseases, $12 million
Projects awaiting commencement include a $447 million Epworth Hospital at Waurn Ponds, a $70 million expansion of Leopold’s Gateway Plaza shopping centre and a $65 million St Mary’s Terrace residential and commercial development in Myers St, Geelong.
Infrastructure works worth $500 million for Geelong’s booming port are on the drawing board, while City Hall is seeking $140 million for Simonds Stadium’s stage four and five redevelopment and $33 million for a Yarra St Pier.
Mayor Darryn Lyons said the growth of a variety of industries was a positive for Geelong.
He said construction delivered $1.95 billion to the Geelong economy per year and retailing $1.14 billion, making the two sectors the third and sixth largest industries in Geelong.
“Both industry sectors are reliable indicators of consumer confidence and, combined with other signifiers such as car registrations, births, and new ABNs, it’s very clear Geelong’s economy is buoyant if not booming.
“It’s evident that Geelong is certainly a lucrative and appealing place to invest.
“Geelong is acknowledged as one of the great lifestyle cities of Australia and it’s this fact that has contributed much to our continuing strong economic indicators.”
