LW Developments has been in the business for more than 40 years, witnessing first-hand how development can bring enduring prosperity to an area.
While improving the quality of life for a community, development also fosters prosperity and Gross Value Added (GVA) on a much broader scale.
Here we look at just some of the benefits of development and the predicted gains of one of our exciting upcoming projects for 2024 – a new stadium for Cheshunt FC along with 4,000 sq m of commercial and community facilities and 163 new homes.
Job creation and employment opportunities
One of the most immediate and tangible benefits of development is job creation.
Whether they involve constructing new homes, upgrading transportation networks or expanding industries, development projects require a skilled workforce. This demand for labour spans various fields, from construction workers and engineers to architects and project managers.
A preliminary economic impact assessment estimated the project at Cheshunt will create 1,323 construction jobs over four years with £149m Gross Valued Added from the construction jobs, supply chain and local spend over the construction period.
In addition, an estimated £77.8m Gross Value Added is expected to be generated from direct jobs in commercial, leisure and community spaces over 10 years.
Such projects often generate a ripple effect of job opportunities. As new infrastructure or industries emerge, businesses related to these sectors tend to proliferate.
This ecosystem not only reduces unemployment rates but also bolsters local economies.
Increased property values
Property values usually rise in areas that undergo significant development as a direct result of enhanced amenities and increased demand for properties in these regions.
As property values increase, homeowners and property investors benefit from appreciating asset values, leading to personal wealth growth.
Additionally, higher property tax revenue for local authorities can be reinvested into essential community services such as education, healthcare and public infrastructure, leading to a cycle of improvement.
At Cheshunt, there is a £29.5m expected spend from new residents living in the 163 energy-efficient homes with £4m in estimated council tax and business rate receipts over 10 years.
Enhanced local business ecosystem
Development projects, especially those in urban areas, often create increased foot traffic and consumer spending. The influx of residents, workers and visitors stimulates local businesses, helping them thrive.
Shops, restaurants and service providers often see a surge in sales and revenue, leading to business growth and further job opportunities within the community.
With its extensive new facilities, the Cheshunt project is expected to bring £26m of amenity benefits and land value uplift from a new and attractive community area and high-quality development.
Attraction of investment
Development projects, especially large-scale ones, also draw the attention of investors and businesses seeking growth opportunities.
The prospect of a well-developed area with modern infrastructure, a skilled workforce and a conducive business environment can be a magnet for domestic and overseas investment.
To sum up
Development is more than just a construction project.
It offers a multitude of economic benefits that extend far beyond their initial scope, having a lasting impact on the places where we live, work and play.
Dean Williamson MRICS