A new study has identified Toowoomba as the third most diverse economy in Australia. 

Commissioned by Toowoomba and Surat Basin Enterprise (TSBE), in conjunction with the Regional Development Australia, Darling Downs and South West (RDA DDSW), the report aims to show the benefits of relocating a business to Toowoomba.

According to the study, the city is "perfectly positioned" for long-term prosperity, especially with large projects supporting logistics infrastructure including the Toowoomba Second Range Crossing, Toowoomba Wellcamp Airport and the upcoming Inland Rail.

TSBE CEO, Ali Davenport said Toowoomba had a rare and strong strategic location with the converging of road, rail and air transport.

"Locating your business in Toowoomba is highly competitive with other major national hubs, with savings of approx. $25/m2 per annum compared with other locations," she said.

The study is part of an Industrial Comparison Report which showcases the strong strategic location of Toowoomba in terms of development costs, land acquisition costs, outgoings and transport operational costs.

This study compares these costs of industrial facilities with Toowoomba to three east coast locations – Yatala, Melbourne and Sydney – in regards to Food Manufacturing, Heavy Manufacturing/Maintenance, and Warehousing and Logistics.

The report highlights that Toowoomba offers large amounts of greenfield industrial land with average land sales of approximately $150/m2 which is between $70/m2 and $120/m2 less than Yatala and Melbourne and nearly $400/m2 cheaper than land in some areas in Sydney.

RDA DDSW, Chair Jim Cavaye said he expected the study to encourage further investment while providing businesses with important information to help them explore Toowoomba as a location to do business.

“Our board has highlighted investment attraction as one of our four key portfolios so collaborating with TSBE on this project is the start of the creation of a region-wide prospectus to encourage new businesses to the Darling Downs and South West," he said.

“Toowoomba is the trade gateway for our region.

"Businesses who relocate to Toowoomba will not only save on the cost of land but they will also be strategically located to service industry to the west whilst accessing trade routes to the east.”

Click here to view the full report.

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