A SIX figure investment by Dumfries and Galloway Council to bring a global cycling event to the region helped to generate 14 times as much money for local businesses.
The paracycling events of the UCI Cycling World Championships, which were staged locally from August 9-12, created a direct economic impact of £1,888,277, according to a study by financial experts.
And James Law Research Associates, who carried out an independent analysis of the economic impact, credited Dumfries and Galloway Council for a smart investment to ensure the cycling event went ahead in the region.
The firm produced a 67-page report, which said: “The investment made by Dumfries and Galloway Council was fundamental in bringing 2023 UCI Cycling World Championships – paracycling to the region.
“The council’s investment of £130,000 was instrumental in achieving a direct economic impact of over £1.8M for businesses in Dumfries and Galloway.
“The direct economic impact is a measure of the total amount of additional expenditure within a defined geographical area, which can be directly attributed to staging an event.
“Based on visitor and organiser spending, the direct economic impact is an assessment of the net increase in spending as a result of the event.”
In August 2021, South of Scotland Enterprise also committed £250,000 of its own funding towards the World Para-Cycling Championships, which was also crucial.
Now five months on from the cycling events in Dumfries and Galloway, a full review has been completed.
James Law Research Associates calculated that £1,003,167 was generated for the accommodation sector in the region from 4532 booked bed nights.
A further £546,634 was spent by athletes/teams, spectators and event staff on food, drink and other items.
Meanwhile, £338,476 was spent by organisers, with contractors/suppliers based in Dumfries and Galloway, which further boosted the regional economy.
It was totalled that 1326 local residents also spectated and are estimated to have spent a total of £68,952 over the course of the event.
The study reported that there were 411 competitors from 59 countries who spent on average 8.5 days in the region.
It was also confirmed that 110 individuals volunteered a total of 3018 hours.
The athlete/team spend on accommodation and other items related to their participation makes up 64 per cent of the economic impact, organiser spend in the region was 27 per cent, and spectators spent nine per cent.
The economic and social impact of the cycling event is to be discussed at the council’s communities committee next Tuesday.