In 2011, the V&A Waterfront Management Company appointed Stratecon, formerly EiS, to quantify the economic contributions that the V&A Waterfront made to the City of Cape Town, the Western Cape and the country as a whole. That report was completed in 2013 and reported up to the end of 2011/2012 financial year.
Further research was conducted for the update, covering the 2012/2013 and 2013/2014 financial years (the financial year runs from April – March).
The finding have shown the V&A Waterfront’s positive contribution to job creation, economic stimulation, tourism revenue and property values. It highlights that the V&A Waterfront is a success story of the City of Cape Town, Western Cape and South Africa, giving Capetonians a basis for their pride in this historic landmark.
In the period measured (April 2012 to March 2014), the direct value added is the equivalent of 1.75% of the Western Cape GGP in 2014.
Growth in employment in South Africa will largely be fostered by growth of small business. The V&A Waterfront’s focus on enterprise development has led to meaningful growth in this sector too. The 181 small businesses at the V&A Waterfront not only create jobs, but also positively impact the economy through the number of products sourced and produced locally.
The research showed that the future developments at the V&A Waterfront could contribute a further R223.7 billion to normal GDP by 2007. There was an increase in normal footfall from 21.5 million visitors in 2012 to 23.1 million in 2014 (7.6% increase).
V&A WATERFRONT ECONOMIC CONTRIBUTION BOOKLET