Economic impact
The regeneration of the harbour and seafront is integral to driving the economy, nurturing new businesses, and creating local employment opportunities by being an attractive place for residents and visitors to spend time.
The proposed redevelopment would support 700 full-time equivalent (FTE) jobs, of which nearly 400 would be net additional jobs in the district, according to an independent report by Amion Consulting. This would be a welcome boost to Folkestone and Hythe, which suffer from above average unemployment when compared to large parts of the rest of Kent.
When completed, the harbour and seafront would add an estimated £17.3m a year to the district’s economy, thanks to the new homes, restaurants and retail property, in addition to new public space.
The harbour redevelopment would support the much-needed growth of the economy. Folkestone’s performance has increased by 3.3% since 2012 compared to 18.6% for Kent as a whole, in terms of the measurement of its Gross Value Added (GVA).
Amion has calculated that when the homes are occupied, residents will spend an estimated £19.7m in the local economy per year which could support 169 direct full-time equivalent jobs in local shops, restaurants and other businesses outside of the development itself.
The council will benefit from the council tax receipts, estimated to be worth nearly £1.4m a year from the new homes. The development’s anticipated rateable value of £797,000 per annum and business rates worth £353,500 a year would help support local services.