Prime Centrum Blog

City of Culture status: The impacts of culture-led economic regeneration

February 15, 2018

Published by: Nicola Behan

When Liverpool became European Capital of Culture in 2008, visitor figures increased by 34% generating £754m for the local economy, which has “grown from £2bn to £4bn in the eight years after“, said Phil Redmond, chairman of the UK City of Culture panel and the Institute of Cultural Capital.

Creative Director, Phil Redmond led Liverpool’s year of culture and initiated the UK City of Culture scheme on the back of Liverpool’s success.

“Culture is the sum of everything we do. Culture is the sum of all our creativity. Culture lays the foundations to build the tourism industry. “If you put on a big event, if you put on a big attraction, you bring in hundreds of thousands of people into the city and it’s the hundreds and thousands of people who bring the cash and cash is the real fuel of regeneration.”

UK City of Culture 2017, Hull was the second city to be awarded the title and the city and is undergoing a process of transformation and regeneration that is unparalleled anywhere else in the UK – acting as catalyst to a new era of prosperity and winning the acclaim of City of Culture.

Hull: the City of Culture in numbers:

City_of_culture_email_Graphics

The city is undergoing a 10 year action plan with over £1billion of investment, attracting both government and private funding. This investment that Hull is seeing, coupled with the legacy of winning the global accolade UK City of Culture 2017, means confidence in the area and the city’s international profile is the highest it has ever been.

Paramount to the continuation of its development Hull City Council has pledged £250 million into the UK City of Culture Legacy Plan, including investing £36m into a state of the art music and events complex the Hull Venue, £16m into its Cruise Terminal capitalising on its growing demand for European cruise ships as well as £86m into opportunities in its Cultural Quarter.

The UK’s 5 year forecast shows the North West Leading the growth with 16.5% expected, 3.9% above the national average and 7.8% ahead of Central London. The region that has the next highest projection is Yorkshire and The Humber, with Hull at the heart of this ascension.

Most notably, by 2020 Yorkshire and The Humber is set to match the growth in the North West, highlighting that it is earlier in its growth cycle, making now the time to make the most of lower entry levels and a the full benefits of a complete growth cycle.

Graph_1GraphSource: JLL


Newsletter

Subscribe to receive updates about industry news and product launches.

*We respect your privacy. Your personal details will not be shared with third parties. By submitting this form you hereby agree to our privacy policy