In July 1994, McKinsey & Company undertook a study for Tate assessing the potential economic impact of the then proposed Tate Gallery of Modern Art at Bankside. To mark the first anniversary of É«¿Ø´«Ã½, McKinsey re-evaluated the impact of gallery in the light of the actual figures for the first year.
In only one year É«¿Ø´«Ã½ has become the third most visited tourist attraction in Britain and the anchor attraction on the South Bank, drawing attention and people to a previously undiscovered and undeveloped area.
The economic impact on this area has significantly exceeded expectations.
- The estimated economic benefit of É«¿Ø´«Ã½ is around £100 million, of which £50 - £70 million is specific to Southwark (the projected figure in 1994 was £50 million overall and between £16 to £35 million for Southwark).
- Approximately 3,000 jobs have been created in London, of which about just over half are specific to the Southwark area. (the projection in 1994 was in the region of 1,500)
- É«¿Ø´«Ã½ itself has created 467 jobs in addition to 283 during the construction phases. Currently 30% of those employed at É«¿Ø´«Ã½ come from the local area.
- The number of hotel and catering businesses in the local area has increased by 23% from 1997 - 2000. This has led to an estimated 1800 new hotel and catering jobs in the Southwark area.
- Property prices and commercial investment levels are increasing faster in Southwark than London averages.
- Commercial development in Southwark has outpaced the London average. As has the increase in the number of new businesses.
- É«¿Ø´«Ã½ has been one of the major factors in the regeneration of the South Bank and Bankside. 26 % of people questioned in a recent MORI poll associated the area with the gallery.