A report has revealed that an Edinburgh attraction is expected to bring £58.1m a year to the Scottish economy after a multi-million pound refurbishment.
The National Museum of Scotland is currently undergoing a £46m renovation which involves new facilities being built and more space created. Bosses claim that the revamp will increase its scope for business with confirmation of bookings for gala dinners, conferences and major exhibitions running until 2014.
The official study was commissioned by National Museums Scotland and compiled by independent consultants Biggar Economics. The report was based on visitor numbers, its business potential as a conference, an events space and a centre for unique learning experiences for schools and families.
The establishment was valued at £48.8m to the economy before it was partially closed in Spring 2008 for refurbishment. It is anticipated that the £10m increase in revenue is based on a boost of spin-off benefits with other attractions, hotels and restaurants and a rise in visitors when it re-opens. The number of visitors are predicted to increase from 800,000 a year to 1.1m.
Lan Pham, a spokesman for Biggar Economics claimed the figure was ‘not definite but more of an approximation to capture the value’. She said, “It’s about seeing the roles the National Museum Scotland plays in attracting visitors and if they’re happy with the attraction.”
It is expected to generate the equivalent of 2,611 jobs in its first year and that the National Museums Scotland will contribute nearly £3 to the Scottish Economy for every £1 invested by the Scottish Government.
Dr Gordon Rintoul, Director of National Museums Scotland said: “This Report underlines the significant economic benefit that the re-developed National Museum of Scotland will bring to Edinburgh and Scotland when it opens next summer.
“It shows the real financial contribution that we make to Scotland’s economy, both through the visitors we attract and the projects, business and employment that we support through our activities. Our Museums and collections are a key social, cultural and educational asset for our nation, and this report confirms our place as one of the key contributors to the competitiveness of Edinburgh and Scotland’s unique tourism offer.”
Its planned official opening will be in July next year.