Evaluation of Faulds Park

The evaluation examined the development of the high quality business site at Faulds Park, Gourock. It aimed to assess and quantify the overall economic impact of the support given by Scottish Enterprise (SE) and SE Renfrewshire to Faulds Park, and the effect this has had on the Inverclyde and wider Renfrewshire economies.

The methodology consisted of desk-based assessment; consultation with the key partner organisation, SE Renfrewshire and Inverclyde Council, and other relevant bodies; appraisal of the economy at local, regional and national level; and benchmarking of Faulds Park with other comparable business developments.

The evaluation found that SE Renfrewshire’s investment in site preparation and other support for Faulds Park has yielded considerable additional economic benefit, particularly to the Inverclyde area. Since 1993, an average of 690 people have been employed at the site with approximately 300 employed at present. It is estimated that some 83% are net additional to the local area. It is also estimated that the site presently generates an additional £13 million per annum to the local economy and some £1.25 million per annum nationally. Since 1993, it is estimated that on site activity has generated an additional £276 million to the local economy, and a further £103 million to the Scottish economy. It is suggested that it is not possible to specifically attribute these impacts to particular sources of public sector funding. Claims that both SE Renfrewshire’s investment and the rates and tax revenues foregone through Enterprise Zone (EZ) designation have been critical to the development of Faulds Park. It concludes that the value of Scottish Enterprise’s involvement in establishing Faulds Park as a competitive business environment has proved to be significant in generating employment opportunities and income into the local economy over the last 13 years.

Suggests that although EZ designation was an important factor, it is probable that SE investment would have proceeded without this. Notes that without appropriate access and site preparation, the site (and indeed the broader area) would not have been able to accommodate development of the scale and nature ultimately accommodated. Suggests that in the absence of public sector intervention it is unlikely that any development would have taken place on the site.