The report, commissioned by the SECC in April 2006, reveals that the venue also contributed £107.1m to the rest of the UK in 2006-07 and had an economic impact on Glasgow of £336.3m.
The findings replace a similar project completed by KPMG in 1993. This earlier report found the SECC’s economic impact for Strathclyde reaching £49.7m and £31.5m for the rest of Scotland.
Mike Closier, group chief executive of the SECC, said: “In light of our continued growth and our expansion plans, we have commissioned this study to give a true reading of the impact of our business on a regional, Scottish and UK basis. The figures speak for themselves and our growth has been significant if not outstanding.”
Visitor, exhibitor and organiser expenditure is also estimated to sustain 6,582 jobs in the city. Events held at the venue sustain more than 1.5% of the total employment in Glasgow.
During 2006 the SECC hosted 244 events and attracted 1.29 million visitors. An estimated 30,000 exhibitors also visited the venue.
Geographical research determined that 25% of visitors were from Glasgow, 63% from the rest of Scotland and 8% from the rest of the UK. Following the rejection of the SECC’s bid for a supercasino, management has implemented a plan B for the site. It has appointed Macdonald Estates as the preferred property developer to undertake the new redevelopment project, which will comprise a multi-storey car park, five-star hotel and office accommodation.
It is hoped that the proposed development, which is subject to planning approval, will raise capital to fund the construction of the new £66m, 12,500-seat Scottish National Arena.
The arena is pivotal to the SECC’s QD2 redevelopment and the city’s 2014 Commonwealth bid.