Outcome: the local economy will be boosted
What this outcome means
If your project is a success, there will be additional income for existing local businesses and jobs will be created or supported. There may also be new businesses in your local area.
You’ll be able to show that local businesses have benefited from your project. This will be because you spent your grant locally, or you encouraged more tourists to visit the local area. It may be because you provided new premises for businesses that moved into the area or expanded their operations within it, which resulted in new jobs being created or further investment in your local area.
What we are looking for
You will be able to show that these changes have happened as a direct result of your project.
You’ll do this by using information about the local economy, both before and after your project.
You can find this information from places such as your local authority, economic development agency or tourism organisations.
Things to consider
- Heritage contributes to local economies: the money spent on the project and the people attracted to the area as a result of the project, can generate money and opportunities for local businesses supporting local jobs.
- Supply chains and services: the supplies and the services procured, including in other industries – such as construction or food and drink - create income for other businesses.
- Visitors and tourists: the visitors and tourists attracted to the locality who spend money with local businesses, support jobs by creating income for local businesses.
- Creating new business premises: providing premises for new businesses that move into the area, creates new jobs and attracts further investment, which all helps to boost the economy.
- Be realistic: be realistic about the direct impact of the project – don’t over-claim for the direct difference the project will make.
- Dig deeper: use information about the local economy from the local authority, economic development agency or tourism organisation. The information can help to work out how the project can contribute.
- Economic impact can be long-term: look at the period of time over which the project is expected to make economic impacts – this can be long-term, for example, five years down the line.
- Impact zone: define the geographical scope – the local authority area, the county and/or the region. The project may impact areas differently.
- Measure the impact from a baseline study or data and describe the chosen method. There are resources available to help you work out what to measure and how.
- Unlock other funding: showing how the project contributes to the local economy can unlock other funding. The value an industry creates for the economy is often measured by GVA (Gross Value Added).