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

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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  • 1. Culture & Tourismin Economic Development & Inward Investment Dr Jim Coleman Head of Economics - Happold Consulting Crossovers Event University of Greenwich 19th September 2012
  • 2. Creative & Cultural Industries?• Advertising• Architecture• Art & Antiques• Crafts• Design• Fashion• Film• Music• Visual Arts• Performing Arts• Publishing• Software & Gaming• Broadcasting• Museums
  • 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. Tourism Sector?• Accommodation• Attractions• Events and Conferences• Food and Beverage• Tourism Services• Transportation• Travel Trade• Adventure Tourism and Recreation
  • 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. 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. Creative & Cultural Industries & Tourism Relevance to Economic Development?• Synergy between Culture & Creative Industries & other sectors – Digital Technology – Business Services
  • 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. Challenges - international• Competition – China, Brazil, South Korea, Russia, Middle East• Strong national and regional policy• Significant funding• Quality• Rapid pace of development
  • 10. Culture & Tourism• Drivers and facilitators of economic development and inward investment• How best to take this forward under challenging conditions?
  • 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. 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. 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. Conclusions• Definition• Product• Business resilience• Legacy• Impact• Communication• Participation

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