EEDA prooves its worth to local economy
INDEPENDENT research has confirmed the positive impact that the East of England Development is having on the regional economy. The report, based on a study of more than 60% of EEDA's investment between 2002 and 2007, found that between �525million and �820million of wealth has been created for the region from a spend by EEDA of �142million.
INDEPENDENT research has confirmed the positive impact that the East of England Development is having on the regional economy.
The report, based on a study of more than 60% of EEDA's investment between 2002 and 2007, found that between �525million and �820million of wealth has been created for the region from a spend by EEDA of �142million.
This represents a return on investment of between �3.70 and �5.80 for every �1 invested, with a mid point of �4.75.
With the future benefit of projects and programmes taken into account, EEDA's contribution to the regional economy is expected to rise to between �874 million and �1.3 billion. This would represent a return on investment of between �6.10 and �9.10 for every �1 invested, with a mid point of �7.60.
EEDA chairman Richard Ellis welcomed the findings of the study - compiled by the PA Consulting Group and SQW - and said the agency was looking to do even better in future in benefiting businesses and communities in the region.
“This independent report from PA and SQW clearly shows how we are benefiting businesses and communities right across the East of England and providing good value for money for the taxpayer,” said Mr Ellis.
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“Whilst we are pleased with the findings, we clearly recognise that the economic environment in which we are operating has changed and there is no room for complacency. We want to learn from the report in order to do even better in future.”
EEDA's investment during the period under study included some �24.8million in Ipswich, including nearly �20million towards the University Campus Suffolk project, which ensured that the scheme went ahead, and the support for the IP-City business incubator centre.
In Essex, EEDA's support included �2.5million towards the cost of a buoy maintenance facility for Trinity House in Harwich which avoided jobs being relocated outside the region.
A national evaluation of the work undertaken by the regional development agencies such as EEDA, conducted by PricewaterhouseCoopers and also published yesterday, has found that each �1 invested by RDAs generates at least �4.50 for the regional economy.
Business Secretary Lord Mandelson said: “The RDAs are working. We have clear evidence that their programmes are helping to drive regional economies - creating jobs, helping businesses and boosting skills.”