Impacts 08 release their latest report on Capital of Culture results
Impacts 08 is happy to announce the publication of three new reports within the research theme of Economic Impacts and Processes. The reports can be found on our website at:
http://www.liv.ac.uk/impacts08/Dissemination/Business_Impacts.htm
The Business of Culture: European Capital of Culture impacts and engagement with the regional and local business base
This area of research looks at the impact of the Liverpool European Capital of Culture (ECoC) award, denomination and programming on the business community in Liverpool, Merseyside and the North West. The reports can be outlined as follows:
- Doing Business in the European Capital of Culture: A Profile of Impact on the Merseyside and North West Business Base
- Tourism and the Business of Culture: The views of small and medium sized tourism enterprises
These first two reports explore the strength of the SME and larger business sectors in Liverpool, Merseyside and the North West and how this is affected by Liverpool’s ECoC designation and activities. The reports assess: sustainability issues of the local business base; business attitudes to, and knowledge of, the Liverpool ECoC and engagement with culture; business opportunities that have arisen from the Liverpool ECoC process; the process of engagement of the Culture Company with the Merseyside business community. Both reports build on a baseline of economic indicators published in 2007.
- European Capital of Culture and Liverpool’s Developer Market: Impacts and interactions
The third report explores the impact and interrelation of the ECoC nomination, process and rebranding of the city on the major physical infrastructure investment taking place between 2002 and 2009. The project involved interviews with senior executives in infrastructure projects and key officers in organisations charged with city centre development.
To view all our reports visit:
http://www.liv.ac.uk/impacts08/Dissemination/I08reports.htm
Best wishes
The Impacts 08 Team
www.impacts08.net
Findings to date:
ECoC impact on the local and regional economy:
- Current research findings see businesses operating in an environment of growth across the region and particularly within Merseyside, and in general the potential for continued economic growth in the city is viewed positively.
- The ECoC is seen as an entirely positive, but relatively minor factor within Liverpool’s economic revival compared to infrastructure investments such as Liverpool One and the Arena and Convention Centre.
- Benefits are expected to arise from additional tourist activity in 2008, attracting senior management staff as a result of a good and more visible cultural offer, and local image change.
ECoC impact on the local and regional business base:
- Ten percent of Merseyside businesses reported gains in sales during the financial year 2005/06 attributable to ECoC 2008; on average, these enterprises estimated it to be 12% of their total sales.
- It is thus estimated that 1% of Merseyside sales are attributable to the ECoC, inputting £216m into the sub-regional GVA. Using the same calculations, £529m of NW sales can be attributed to the ECoC.
Business views on culture as a driver for regeneration:
- There are mixed results with respect to the value placed on culture as a driver for the wider economy. The larger infrastructure developers (operating in the fields of commercial and residential property, hotels and transport) saw the value of a strong cultural offer - whether night-time economy, heritage or arts specific - and expected that the ECoC would strengthen this further. The smaller enterprises interviewed in 2007 did not make this connection as clearly, but many saw benefits arising from Liverpool’s 2008 ECoC status for themselves and the sector.
- The improved image of Liverpool within the UK, viewed by many as attributable to the ECoC, was seen as having a positive impact on property values and sales arising from relocation or expansion of existing businesses and business and leisure visits.
Sub-regional engagement with ECoC and Liverpool Culture Company:
- In 2006, there was already a generally high level of knowledge of, and interest in, the ECoC among businesses of all sectors in the Merseyside area, with a fairly high level of knowledge and some interest from businesses across the North West.
- A shared issue across the business sectors was communication with, and information sharing by, the Liverpool Culture Company, with many respondents spontaneously mentioning this. As with other issues above, this is explored more fully in the reports themselves.
- Another criticism was that the Culture Company had failed to maximise the potential benefits of working closely with existing businesses. However, businesses did feel that the excessive negative press had not been helpful or fair.
