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Ramsey Marina Economic Impact Study, Isle of Man

Ramsey Marina Economic Impact Study, Isle of Man

We were engaged to undertake a comparative economic impact assessment of two proposals for impounding water in Ramsey Harbour to create a marina. (2009)

A new marina and associated mixed-use development would provide new business opportunities, areas of economic activity and support the wider regeneration of Ramsey. Subcontracted to Hyder, the study was required to identify the level of additional economic activity that would be generated from each option and demonstrate the cost / benefit trade-offs. The benefits were measured in terms of:

  • The stream of direct income from mooring charges and ancillary services, produced by island residents, visiting vessels and events.
  • Additional spend by yacht owners and visitors on retail, entertainment etc.
  • An estimate of the overall indirect and induced benefits through additional economic activity in marina locations and elsewhere in the economy, based on the multipliers used by the Isle of Man Government and English Partnerships.
  • The likely number of additional jobs that will be created as a result of the marinas.
  • An estimate of the direct tax benefits that would result from the additional economic activity.
  • The additional exchequer benefits to the Treasury that will accrue from visitors, under the revision to the Island’s Common Purse agreement with the UK.
Categories
Business Needs, Communities, Developed Economies, Economic Analysis, Economic Impact Analysis, Marinas, Marine Leisure, Ports & Harbours, Public Sector, Regions, Rest of UK, Sectors, Skills, UK