This study was prepared by Canmac Economics, Ltd. in July, 2009.
The purpose of this report is to document the economic impact of the proposed Central Library Project.
Canmac’s assessment of the project’s economic impact is estimated by simulating the construction and operational expenditures using the Nova Scotia Input-Output Model.
The major findings of this report are as follows:
- During the construction phase the project will create: Total employment of 422 jobs.Total household income of $16,752,042. Total Provincial Gross Domestic Product of $40,605,371.
- For a typical year of operation the project will create: Total employment of 175 jobs.Total household income of $7,702,345. Total Provincial Gross Domestic Product of $11,102,394.
- Over 13 years the project will create, through the Federal share, incremental household income benefits of $16,478,011.
- In addition to the economic impact, the project has significant legacy impacts. The Central Library Project will:Build a strong urban core – a key component of the HRM economic development strategy.
- Provide the necessary economic infrastructure for developing HRM’s creative economy.
- Revitalize the business district where it is located.