Economic Impact Assessment
This brief outlines the approach to carry out an Economic Impact Assessment of Radio 1's Big Weekend 2011 - taking place in Carlisle on the 14 and 15 May 2011.
The approach outlined below will deliver a robust, evidence-based,verifiable Economic Impact Assessment. The approach is rooted in rigorous economics and best practice approaches (ie. HM Treasury, English Partnerships and Scottish Enterprise Guidance on Economic Impact Assessments and Additionality) that are recognised by, and communicable to, funders, economic decision makers and practitioners as well as a range of visitor economy, tourism, and cultural professionals. The Economic Impact Assessment will assess:
• Impacts of Visitor Spending on the Local Economy.
• Impacts of the 'set up' and 'delivery' of the Big Weekend, including short term employment creation and procurement/supply chain impacts.
Assessing these impacts will provide estimates of:
• Total spend by visitors to the Big Weekend in the local economy.
• Total spend on (cost of) set up and delivery of all aspects of the Big Weekend.
• Estimation of the employment and net additional value (ie. Gross Value Added (GVA)) of the Big Weekend to the local economy based on the above calculations.
• Additional wider impacts of the Big Weekend - (eg. propensity of visitors to return to Carlisle/surrounding area for future visits, legacy of impact of the event).
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