Our Economic Impact

Published: 02/05/2024

The Taymouth Estate has undertaken a number of initiatives to keep local residents and businesses informed about the project’s progress and what it means for the environment, access and economy in the region.

These initiatives were prompted by our discussions with our neighbours, local councils and elected officials as well our desire to share information about the benefits we see Taymouth Castle bringing to the community. 

As part of this effort, we have engaged Ekos, Ltd, a consultancy firm specialising in economic and social research to perform an analysis of how the project may impact jobs, taxes, investment and the economy generally.

The analysis was based on information about the project provided by the Estate and data from a variety of independent and official sources. The analysis adhered to HM Treasury Green Book best practice guidance for economic appraisal. The approach and all projections were performed solely at the discretion of Ekos.

Among the report’s conclusions:

  • Overall economic impact: Over 25 years, the Estate is estimated to contribute £390 million gross value added to the Perth and Kinross economy, including £210 million in local wages. The study projects that Taymouth Castle Estate will contribute to an uplift of at least 6% in the number of local jobs within the Highland Ward of Perth and Kinross.
  • Construction jobs and wages: The project is projected to create 2,620 construction jobs in the region, including £70 million in associated wages and £160 million in GVA.
  • Ongoing jobs and wages: Apart from construction, ongoing operations of the Estate are likely to create an additional 200 jobs and £8 million in annual wages for employees in Perth and Kinross.
  • Spending at local businesses: Spending at restaurants, shops and other local businesses by those living or staying at the Estate will create 55 jobs in Perth and Kinross and £1 million in annual wages.
  • Investments in homes by residents: Residents of the Estate are projected to spend £420 million constructing, outfitting and furnishing their homes.
  • Tax receipts:  Over a 25-year period, the Estate is projected to generate £55 million in income tax and national insurance receipts, and £11 million in council tax.

This increased economic activity is particularly important to the region. Since 2016, although Perth and Kinross has seen a negligible increase in employment (0,8%), the total number employed within the local ‘Highland’ ward has decreased by more than 5%. The study estimates that Taymouth Castle Estate will contribute to an uplift of at least 6% in the number of local jobs.

The study also highlights a potential benefit to primary education in Perth and Kinross. Authors of the study note that some workers who move to the area are likely to have children who will enrol in the local schools. This will help address the challenges associated with falling school rolls in the region over the past several years.   

While important, the economic activity generated by the Estate does not tell the entire story.  Maintaining and enhancing the quality of life in the region also requires a commitment to preserving and protecting the environment, honouring the Scottish tradition of open access, and contributing to the wellbeing of the community in other ways. 

We, at the Estate, are committed to having a broad positive impact in the region today and for years to come.

To read the full report, click here.