A six-figure investment by Dumfries and Galloway Council to bring a world-class cycling event to the region has resulted in a 14x return for local businesses.
The UCI Cycling World Championships para-cycling event held here from August 9 to 12 generated a direct economic impact of £1,888,277, according to research by financial experts.
James Law Research Associates, which carried out an independent analysis of the economic impact, also praised Dumfries and Galloway Council for making a smart investment to ensure cycling events are held in the area. .
The company produced a 67-page report stating: “The investment by Dumfries and Galloway Council was fundamental in bringing the 2023 UCI Cycling World Championships (Paracycling) to the region.
“The council’s £130,000 investment has helped us achieve more than £1.8m of direct economic impact for Dumfries and businesses across the city.
Galloway.
“Direct economic impact is a measure of the total amount of additional spending within a defined geographic area that can be directly attributable to hosting an event.
“Direct economic impact, based on visitor and organizer spending, measures the net increase in spending as a result of the event.”
In August 2021, South of Scotland Enterprise also made a vital contribution of £250,000 of its own funds towards the World Para-Cycling Championships.
It’s been 5 months since our cycling event in Dumfries and Galloway and a full review has been completed.
James Law Research Associates calculated that £1,003,167 was generated in the accommodation sector with 4,532 nights booked.
A further £546,634 was spent on food, drink and other items by players/teams, spectators and event staff.
Meanwhile, £338,476 was spent by contractors/suppliers and organizers based in Dumfries and Galloway, further boosting the local economy.
It was confirmed that 1,326 local residents attended the event, spending a total of £68,952 during the event.
The study involved 411 competitors from 59 countries, who reported spending an average of 8.5 days in the region.
It was also confirmed that 110 people volunteered for a total of 3,018 hours.
Spending on player and team accommodation and other items related to participation accounted for 64% of the economic impact, with local organizer spending accounting for 27% and spectator spending accounting for 9%.
The economic and social impact of the cycling event will be discussed at the council’s community committee next Tuesday, and an independent report will also be presented to councilors.