Abstract
Regional economic development has long been acknowledged as an important objective of government policy. Natural resources are also recognised as drivers of economic development. However, the importance of place-based resources such as peripheral coastlines and Harbour areas are less understood. This research provides insights into an industry based on its region’s natural resource and the value it generates for sustainable economic development. Using the world’s second largest natural Harbour region, the current research measures the economic activities associated with the Marine Leisure Industry in Cork Harbour, and estimates the economic impact on the local economy. The research establishes a multiplier specific to the industry, one that has the potential for use across Ireland. Cork Harbour, located in the south-west of Ireland generates approximately €6.6m direct expenditure by the industry. Based on the multiplier, the Marine Leisure Industry is estimated to account for approximately €11m of output supporting 29 direct jobs and 290 indirect jobs. With potential to grow berthing capacity, the region has real opportunities to increase the economic impact of this indigenous industry for the city, its hinterland and beyond. Our findings challenge policymakers to consider creating an enabling environment for the marine leisure industry to flourish and recognise the value of place-based resource as a driver of regional development.
Recommended Citation
ConwayLenihan, Aisling and McGuirk, Helen
(2019)
"The Economic Value of a Place-Based Resource for Regional Development,"
Irish Business Journal: Vol. 12:
No.
1, Article 5.
Available at:
https://sword.cit.ie/irishbusinessjournal/vol12/iss1/5
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