Success story

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Co-ordinated support from the North West Development Agency (NWDA) has led to the transformation of Liverpool’s waterfront and commercial district. The delivery of a number of major infrastructure projects will ensure that the city inherits long-lasting economic benefits as a result of its Capital of Culture status in 2008. The result is a vastly expanded city economy, with investor demand driving growth faster than any other regional city in the UK.

Through the creation of Liverpool Commercial District, the NWDA played a major role in helping to improve the city’s commercial environment and to encourage private sector investment. By 2007, this vision had successfully created or safeguarded 1,500 new jobs in the city and, against an Agency investment of £7m, had levered in an economic impact of £56m. Projections estimate this figure will increase to £289m over the programme’s lifetime.

Along Liverpool waterfront, a number of important infrastructure schemes have taken shape over the past ten years, all of which have happened because of NWDA support and leadership. A flagship development for 2008, Liverpool Arena and Convention Centre is already generating a huge economic impact. It contributes £200m to the local economy each year with 700,000 people passing through its doors in the first 12 months alone. The development has already increased footfall to the Albert Dock by 50%.

Elsewhere on the waterfront, the £19m Cruise Liner facility opened in September 2007, attracting international visitors to the City and helping to boost tourism revenue. In 2007/08 more than 25,000 passengers cruised into the city, generating around £2m of extra spending.

Construction of the new Museum of Liverpool is also nearing completion, alongside an extension to the Leeds Liverpool Canal. The link is expected to generate 200,000 extra visitors annually to Liverpool’s docks, with an additional tourism spend of £1.9m, while the Museum itself is expected to become a major visitor attraction for the Northwest, generating 750,000 visitors each year upon its completion in 2010. The development will be complemented by a £120m mixed use scheme, providing more than 10,000 sq m of retail and leisure facilities and almost 400 residential units.