A new press release from the Townsville Council has revealed that the planned CBD Utilities upgrade will amount to a total of $55.3 million over a construction period of four years.
According to the press release, this step will provide a huge injection of jobs as well as provide the base infrastructure required to develop the city centre even further.
"The CBD Utilities Upgrade is a defining infrastructure project for the city that will ensure we have the building blocks in place to better support the exciting Waterfront PDA proposal and other new development in the inner-city," said Mayor Jenny Hill.
"Importantly, this major infrastructure project will also provide a stimulus for the local economy during the four-year construction period by providing work for local sub-contractors and workers."
This undertaking includes installation of over 20 kilometres of water pipes and sewerage, which will replace the current mains, some of which are reported to be up to 60 years old.
Return from the brink?
This announcement follows the release of the CommSec State of the States report, in which Queensland ranked sixth; only performing better than Tasmania and South Australia.
A new focus on revitalisation could bring Queensland back from the brink, however, as one of the major reasons for this low ranking was the lack of construction work done. Queensland ranked last in this measure, having only completed $8,999 million worth of building in the last quarter.
The new upgrade will affect more than just the building figures, however. It is considered "vital" for achieving the target of 30,000 people living and working in the CBD by 2030, demonstrating it's importance to the growth of Townsville.
To find out how you can take advantage of this improved infrastructure with property in Townsville, speak to your local mortgage broker.