The Premier, Lara Giddings, today welcomed another show of confidence in Tasmania's economy, through new private investment.

The owners of the Tasmanian brewer, J. Boag and Son, have announced plans to invest more than $12 million upgrading the company's iconic Launceston brewery.

"Boags' owners, Lion, clearly feel a great sense of optimism and opportunity about their future in Tasmania," Ms Giddings said.

"This upgrade will boost Boags' Launceston production by 65 per cent, as Lion closes its Western Australian brewery.

"Western Australia's loss is very much our gain, and it's fantastic to see an ambitious local operation going from strength to strength," she said.

The Minister for Economic Development, David O'Byrne, said the announcement's a boost for the northern construction and transport industries.

"I've visited the Launceston brewery, and been impressed with the commitment and ambition on show," Mr O'Byrne said.

"Both the construction project and extra imports this will generate are great news for northern jobs," he said.  

The Boags upgrade will take about a year to complete.

It adds to $4.3 billion of private investment recorded in the year to June 2012, as business confidence also shows signs of recovery.

Other projects announced recently announced include the $25 million Bunnings Warehouse development in Burnie, plans for a second Bunnings in Launceston, the $85 million upgrade of Norske Skog's Boyer Mill, the $60 million expansion of aquaculture on the West Coast and $400 million worth of investment in dairy.

These projects are all evidence of the State Government working with the private sector to build jobs and opportunities in Tasmania.