1. Triple our economic contribution to the local area
Our GVA total economic impact surged by 26% to £126.8m
With seven years to go before our target date, we are pleased to report that the strong progress this year means that our annual economic growth target has dropped to a tough but achievable 11.5% p.a.
The bad news of course is that the pandemic and its likely enduring economic impact has presented us with a real challenge in terms of meeting the target.
This goal is not an academic exercise for us; the value of our assets and those of our communities is inextricably linked to the value of the economy around us. As we have noted earlier, some of the most important drivers of the economy do not give us significant direct payback:
- Nearly half of our total contribution is the spend of our visitors outside of our gates. This means that we invert the normal approach of attractions and instead encourage our visitors to spend time and money elsewhere
- Our big events (Horse Trials, BBC Countryfile and last year Shakespeare’s Rose Theatre) often have a negative or only mildly positive impact on us but deliver significant economic contribution
