It is recognised that the visitor economy across many regions of the UK plays a critical role in economic and social development. Working as tourism economic impact consultants, we carry out impact assessments and economic modelling, which often form an important consideration in terms of funding and planning applications. It is recognised that the visitor economy across many regions of the UK plays a critical role in economic and social development. Working as tourism economic impact consultants, we carry out impact assessments and economic modelling, which often form an important consideration in terms of funding and planning applications.
Impact assessments and economic modelling are useful tools in identifying the potential regenerative impact that a tourism project will have in the locality, for example an investment in a new visitor attraction, hotel and events programme. Tourism economic impacts assessment are also useful for evaluating the impact and performance of a wider destination. We specialise in tourism related projects and offer:
- A strategic approach: readiness and ability to think long-term and imaginatively about new potential
- A good grasp of the economic impact analysis
- A sound economic approach
- Relevant experience that can be drawn upon to shape and develop the study
Measuring economic impacts
Planning Solutions Consulting can help clients identify the economic impact of tourism investment programmes. In addition to analysing and interpreting existing datasets, our extensive experience in carrying out primary research enables us to provide a robust assessment of impacts. In terms of economic modelling, this is likely to include:
- Likely gross and net economic impacts
- The impact of direct and indirect jobs, plus further employment generated by the induced or multiplier
- Spend by the business in the wider economy – both indirect and direct spend
- Visitor spending on:-
- Using shops
- Eating out
- Visiting attractions and entertainment venues
Measuring regenerative impacts
In our experience, the regenerative impacts of a typical development project will fall under 3 principal categories:
- Economic: including forecasting benefits in terms of jobs and income
- Social: including new training opportunities; new social facilities and improvements to local services / facilities etc.
- Placemaking: including positive changes in image and perception; destination development, improvements to local environment; development of open space etc.
In addition, any impact assessment will need to focus on how the development addresses any existing economic development, land use and regeneration policy.
These insights can develop a clear, robust and evidence-based understanding of the contribution that an organisation/destination makes to the economy. Planning Solutions Consulting offers tailored economic reporting which can drive stronger decision-making and deliver better outcomes.
PSC also works on economic modelling contingency valuation projects where we help to identify the value people place on the natural environment.
Our team has worked on a number of tourism economic impact assessments and economic modelling projects:
- Whitby seafront – producing a contingent valuation model to identify the ‘value’ of the seafront beach area, this was part of a wider coastal defence planning project
- South East Wales Visitor Attractor model
- Clacton Seafront – economic impact modelling to identify the economic impact of an investment programme to transform a stretch of coast line
- Cefn Coed Colliery Museum – producing a supporting impact assessment to identify wider impact of the museum redevelopment
How can we help?
If you would like to find out more about our tourism economic impact assessment and economic feasibility please contact Kevin Brown, firstname.lastname@example.org