Mining boom is far from over
There has been plenty of discussion of what the future has in store for the resources sector recently – and figures seem to support the idea that it hasn't quite had its day.
Mining towns have provided opportunities for property investing over recent years and if statistics are to be believed, this will continue for some time to come.
The Queensland Department of Natural Resources and Mines (DNRM) revealed that there are currently 96 coal development projects underway across the state.
These vary from major extensions to current mines to greenfield projects, Shift Miner reports, with each one providing employment opportunities to people in their local areas and beyond.
The DNRM estimates that there are more than 35,000 full-time jobs available in the mining sector at the moment and predicts that many more will be created over the next five years.
New mines continue to be opened
Several large-scale mining projects have been established across Queensland even over the past few weeks – such as BHP Billiton Mitsubishi Alliance's new Daunia mine.
This mine alone has been responsible for creating 900 jobs, while bringing a $1.4 billion boost to the economy – an additional 450 roles are likely to be made available during the ongoing operation of the mine.
Around 4.5 million tonnes of coal is expected to be produced at the site each year, meaning it will continue to operate for many years to come.
Not only this, the Queensland state government recently announced its commitment to reinvigorating uranium mining throughout the region, which will also increase employment prospects.
It is forecast that uranium mines will generate significant revenue for the state over the next 20 years, as well as helping to support the wider economy and facilitating job creation.
What's in store for the resources sector?
Any property investor will no doubt be keen to know what the future is expected to hold for the resources sector.
After all, any investment needs to be made with the best possible knowledge of an area to ensure its chances of success are maximised.
Projections from the DNRM show that next year, $5 billion worth of greenfield projects will get underway, with an additional $1.3 billion of brownfield developments in the pipeline.
Through these projects alone, it is estimated that 1,500 jobs will be created, with an additional 3,495 on the cards for the following year.
By 2016-17, the department believes that seven greenfield and five brownfield projects will be planned, both of which will create more than 2,000 positions.
With such strong employment prospects, demand for Queensland rental property is only likely to rise – and investors need to be in a position to take advantage of this trend.