Economic evaluation - Coffs Harbour Cultural and Civic Space, NSW

Economic evaluation - Coffs Harbour Cultural and Civic Space, NSW

About the project

Our economic consulting team conducted a comprehensive economic evaluation of the proposed Cultural and Civic Space project in Coffs Harbour, New South Wales. This project aimed to address the shortfall in regional-level cultural and community facilities by creating a new community 'heart' for the city, while also boosting tourism and economic activity in the CBD.

Our method

To evaluate the full range of economic, cultural, and social benefits of the project, our team employed a multi-faceted approach:

1. Benefit-Cost Analysis (BCA): Conducted in accordance with Australian and NSW Government guidelines, adapted from frameworks used for library and information services assessments.
2. Economic Impact Analysis (EIA): Utilized the LGA Economic Impact Model to assess the project's effect on both the national and local economy.
3. Wider Community Benefit Analysis: Examined qualitative impacts not captured in the BCA to provide a holistic view of the project's benefits.

Key findings

Our analysis revealed significant potential benefits from the Coffs Harbour Cultural and Civic Space project including a positive benefit cost ration, significant job creation and tourism benefits. 

Our analysis identified several significant social and cultural benefits:

• Community Cohesion: Improved access to cultural facilities and programs targeted at at-risk groups.
• Educational Resources: Enhanced access to learning opportunities and cultural activities.
• CBD Revitalization: Diversification of CBD offerings, supporting its role as a key employment and cultural hub.
• Environmental Benefits: Reduced car trips due to co-location of services.

Results

Our comprehensive economic evaluation provided robust, independent evidence to support the business case for the Coffs Harbour Cultural and Civic Space project. Key outcomes include:

1. Demonstrated the project's potential to address socio-economic challenges in the region.
2. Highlighted the significant cultural and economic benefits of the investment.
3. Quantified the project's potential to boost tourism and revitalize the CBD.
4. Provided a strong rationale for investment, showing positive returns and community benefits.

The project was successful in obtaining funding, with our analysis playing a crucial role.

About our economic consulting team

Our economic consulting team is engaged by councils and organisations across Australia to provide in-depth insights behind the data. Our experts draw on their knowledge of urban and regional economic development and years of experience working with decision makers across Australia. This information is used by councils to develop evidence based economic development strategies, investment attraction plans and support grant applications.

If you need help on a project, please contact us and we will get in touch.