Economic Impact Survey Shows Potential
16 June 2016
Heritage-led investment is set to create more than 420 jobs and pump £20m a year into Bishop Auckland.
Top accountancy firm Ernst & Young (EY) has looked at the potential financial impact on Bishop Auckland of the combined £100m developments at Auckland Castle and Kynren.
Headline figures from the report include:
- £5m+ total economic impact per annum on the local economy as a result of the changes to Auckland Castle alone.
- 190,000 expected annual visitors to the Auckland Castle destinations by 2020 as a result of the multi-million pound investment.
- 430,000+ visitors annually by 2020 drawn by the combined Auckland Castle and Kynren by Eleven Arches projects and other improvements to Bishop Auckland.
- 107+ new full time posts and up to 320 additional indirect jobs created in Bishop Auckland as a result of the Auckland Castle projects.
- 1,700 staff and volunteer training opportunities created in key areas by the Auckland Castle Trust’s developments.
- 7,935 heritage skills and training opportunities produced as a result of the Auckland Castle Trust’s activities.
This is the first time the expected economic impact on Bishop Auckland of the developments at the Castle and its associated projects has been weighed in this way.
David Ronn, Managing Director of the Auckland Castle Trust, said: “There has been a lot of anecdotal information on what the benefits of these investments will have on the local economy and the people of this area of South Durham, but this is the first time hard economic data on what those advantages will be has come from an independent source. The vision since the Trust took over Auckland Castle in 2012 has always been very simple – to create job and business opportunities for this area. The purpose of the Ernst & Young report is to be clear about what those benefits will be, and to encourage support from those who have an interest in the county and the town.”
The EY report predicts a new wave of retail outlets will be attracted to the town on the back of the collective Bishop Auckland projects, and that local business and investor confidence will grow.
Read the report here.