Pinewood Studios: Business Case and Economic Impact Assessment

Pinewood Studios LtdPinewood Studios: Business Case and Economic Impact AssessmentJanuary 2013Table 4.8: Net additional operational employment – workplace basedGross direct(incl.multipliers)Less leakageGross localdirectLessdisplacementNet localdirectLessdeadweight 73Total net localadditionalUK 3,556 - 3,556 356 3,200 122 3,078LEP 1,943 - 1,943 10 1,933 74 1,859Beaconsfieldconstituency1,781 - 1,781 4 1,777 68 1,709South Bucks 1,749 - 1,749 4 1,745 67 1,6784.5.3 Gross value added4.5.3.1 Table 4.9 shows the gross GVA impact per annum that could be associated with Pinewood onthe basis of existing operations and after the proposed expansion, as well as the gross and netadditional impact that can be attributed to the development proposals at each spatial level.4.5.3.2 The gross estimates of GVA are based on the employment figures in Table 4.5, with an averageGVA per employee figure of £49,800 assumed for direct jobs and a figure of £47,000 assumedfor indirect, induced and wider. In terms of the net additional impact of PSDF, the GVAestimates are derived from applying the appropriate displacement rates and deadweight set outabove for each spatial level to the PSDF gross impact GVA figures. 74 Leakage has not beenapplied as GVA is a workplace based measure.Table 4.9: Summary of GVA impact per annumUK LEP BeaconsfieldconstituencySouth BucksExisting operations £220 million £101 million £93 million £92 millionTotal after expansion £392 million £197 million £182 million £179 millionGross impact of PSDF £172 million £96 million £88 million £87 millionNet additional impactof PSDFNote: subject to rounding£149 million £92 million £85 million £83 million7374After taking account of displacement and multiplier effects, but not adjusting for leakage, it is estimated that the South Dock and Camelotdevelopments would create 122 jobs at the UK level, 74 jobs at the LEP level, 68 jobs at the Beaconsfield constituency level and 67 jobs atthe South Bucks levelThe difference between the gross and net additional PSDF GVA effect, particularly at the LEP, Beaconsfield and South Bucks level, is verysmall due to the relatively low level of displacement and deadweight assumed.60