Success is more than appearances
23 February 2017 | Posted in: News
According to a recent report compiled by the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, every dollar invested in Renew Newcastle in 2016, generated an impressive fourteen-times that in economic benefit to the city.
The visual evidence of activity in the Hunter Street mall is evident, the shop fronts are 90% commercially leased and the area is attracting business and residential interest creating a vibrant community. The new independent study on the social and economic benefits of Renew Newcastle demonstrates the change is more than just appearances.
The report demonstrates that creative space activation creates new jobs, develops participant’s skills, engages volunteers, creates intellectual capital, mitigates blight and improves business and community confidence and regional tourism value.
The report determined that Renew Newcastle yields a return on investment of 14.4:1
The report states:
In a numerical sense Renew has placed 220 projects into spaces, activated some 75 previously unused properties and seen 35 of its projects move from Renew spaces into their own commercially leased spaces.
Renew has been instrumental in the establishment of similar initiatives in cities around Australia and around the world. Indeed Renew’s national and international reach has promoted Newcastle as not only a model of revitalisation, but as a place of creativity and a popular tourist destination.
The formal cost-benefit analysis found Renew Newcastle to provide a benefit of just over $3million, in return for its slightly more than $200,000 in costs. This represents a benefit cost ratio of 14.4, meaning every dollar spent by Renew Newcastle provides $14.40 in benefits. Renew is indeed a highly beneficial project.
We are proud of what has been achieved and the success is clear and rewarding to us, but to see our effort as a monetary figure giving economic and social value back to the community is extremely satisfying.
We rely on the support of our funding partners NSW Government, Hunter Development Corporation, Urban Growth, Newcastle City Council and Newcastle Now and are excited to be able to demonstrate such value for their investments.
Read the Economic Evaluation Report for further details.
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