Culture and tourism in economic development and inward investment - Dr Jim Coleman

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Presentation given by Dr Jim Coleman, head of economics, Happold Consulting, at the Crossovers conference in the Economic Development Resource Centre, University of Geenwich, 19th September 2012

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Culture and tourism in economic development and inward investment - Dr Jim Coleman

  1. 1. Culture & Tourismin Economic Development & Inward Investment Dr Jim Coleman Head of Economics - Happold Consulting Crossovers Event University of Greenwich 19th September 2012
  2. 2. Creative & Cultural Industries?• Advertising• Architecture• Art & Antiques• Crafts• Design• Fashion• Film• Music• Visual Arts• Performing Arts• Publishing• Software & Gaming• Broadcasting• Museums
  3. 3. Creative & Cultural Industries:Economic Characteristics• Support 2million jobs in the UK• £600billion or 6.2% GVA – Particularly important to London – Financial Services = 8.3%• UK has the world’s largest creative sector as a share of the economy• Creative Industries grew by 5% per year, versus 3% for the whole economy• Exports of £16.6billion in 2007 – 4.5% of all goods and services exported • Biggest grouping – software, computer games and electronic publishing
  4. 4. Tourism Sector?• Accommodation• Attractions• Events and Conferences• Food and Beverage• Tourism Services• Transportation• Travel Trade• Adventure Tourism and Recreation
  5. 5. Tourism Sector: Economic Characteristics• Britain’s 5th largest industry• 3rd largest export earner• worth c£115 billion a year• Employs c2.6 million people• Supports over 200,000 SMEs• Overseas visitors contribute £3 billion to the Treasury every year.
  6. 6. Creative & Cultural Industries & Tourism Relevance to Economic Development?• Employment generation• New business formation• Supply chain development• Skills enhancement• Multiplier impacts• Community development• Place making, image & marketing• Demonstrating creative capacity
  7. 7. Creative & Cultural Industries & Tourism Relevance to Economic Development?• Synergy between Culture & Creative Industries & other sectors – Digital Technology – Business Services
  8. 8. Challenges - domestic• Cuts to public spending – Threat to places that have based regeneration strategies on cultural industries & creative quarters – Cuts to specialised education (e.g. Design)• Small companies – Difficult to raise finance for major change/development – How to protect intellectual property• Rapid pace of digital change
  9. 9. Challenges - international• Competition – China, Brazil, South Korea, Russia, Middle East• Strong national and regional policy• Significant funding• Quality• Rapid pace of development
  10. 10. Culture & Tourism• Drivers and facilitators of economic development and inward investment• How best to take this forward under challenging conditions?
  11. 11. Culture & Tourism As part of Regeneration?• Effective strategy• Resilient business models• Finance• Effective planning & physical regeneration• Well defined product targeted at a specific market segment• Understanding place context• Displacement
  12. 12. Culture & Tourism As part of inward investment?• Understanding what inward investors want?• Who are the target investors?• Matching offer to investor needs?• Demonstrating quality of life/place• Demonstrating availability of a high quality skills base
  13. 13. Culture & Tourism As part of International Competitiveness• Demonstrating the presence of a creative environment• Education and training• Space• The importance of design across the economy
  14. 14. Conclusions• Definition• Product• Business resilience• Legacy• Impact• Communication• Participation

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