Attachment 7- Economic Impact Statement

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8.2 Economic          Construction period effects
benefits
                      Significant employment will be generated during construction of the proposed Noosa
                      Civic Village, which is expected to commence in 2024 and be completed in 2026, over an
                      18-month timeframe.

                      Table 17 presents an estimate of the capital investment and construction-related
                      employment associated with construction of Noosa Civic Village, based on information
                      provided by Stockwell which indicates a total construction cost of $125m for Noosa Civic
                      Village and a further $60m associated with the Stage 2 Retail application.

                      Applying typical labour cost ratios, the indicative construction cost would require a total
                      labour input of 490 full-time equivalent jobs (FTE) during construction phases, of which
                      330 FTE jobs are associate with work undertaken on the VMU project. This represents a
                      total average of 380 jobs each year during the combined projects, or an average of 220
                      jobs per year for Noosa Civic Village.

                      Approximately another 900 indirect FTE jobs would be created in the wider economy as
                      the two projects are constructed, of which 600 indirect jobs would be generated a a
                      result of the VMU project. A share of these indirect jobs would be retained locally
                      through supply contracts, expenditures and wages, etc.

Table 17—             Item                                                   Noosa Civic Village               Stage 2 Retail   Combined effects
Construction          Estimated construction cost                                          $125m                       $60m                $185m
employment
                      Labour cost (@25%)                                                     $31m                      $15m                 $46m
generation
                      Average construction wage (FTE)                                                        $95,000
Source: Deep End      Direct employment (FTE – total job years)                                330                       160                  490
Services; Stockwell   Indirect employment (FTE – job years)                                    600                       300                  900
                      Construction period                                              18 months                    12 months
                      Direct employment (FTE – jobs per year)                                  220                       160                  380


                      Ongoing effects
                      Ongoing economic impacts from development of Noosa Civic Village would include the
                      creation of employment through additional economic activity, as well as other effects
                      that are less easy to measure, such as added choice and convenience for local shoppers,
                      improved housing diversity and affordability, and shorter commute times to access jobs.
                      Additional ongoing economic effects would be derived from the proposed Stage 2 Retail
                      development, including job creation and a widening of the retail offer leading to less need
                      for travel to more distant centres.

                      Employment

                      Estimates of employment generation associated with the proposed uses are presented in
                      Table 18, based on applying broad staffing benchmarks for each use, each of which is
                      based on employment to floorspace ratios or other measures drawn from experience
                      with facility developers.

                      The analysis shows that development of Noosa Civic Village would generate
                      approximately 500 employment positions within the site, equivalent to nearly 380 full-
                      time equivalent (FTE) jobs once the use of casual and part-time positions is considered.

                      Noosa Village Mixed Use Development – Economic Impact Statement for Development Application                  Deep End Services