Mini Projects in Cornwall

Question 1

What was the purpose of the Newquay Aerohub business park and what were the benefits and failures
?

Answer 1

Aim: To diversify Cornwall’s economy away from its dependence on tourism and widen the quaternary sector.

+Attract investment (aircraft related industries)
+100s of new high-value, skilled permanent jobs would be created
- ‘New’ jobs were actually existing jobs but displaced from the public to private sector.
- Many companies now bankrupt (failure in long term)

Question 2

How many sites in the second park were vacant by 2023?

Answer 2

New park built in 2019 with 12 sites- 10 were vacant by 2023.

Question 3

What was the purpose of The Wave Hub and what were the benefits and failures
?

Answer 3

Aim: To harness wave energy to transfer into electricity.
+Promises the creation of 170 jobs in quaternary industry (economic diversity)
+Earnings estimated at £76 million
- Huge cost
- Benefits not delivered; knowledge economy unsuccessful, sold and converted to wind farms in 2021 as unused.

Question 4

How much did the wave hub cost to create?

Answer 4

£42 million

Question 5

What was the purpose of The Eden Project and what were the benefits and failures
?

Answer 5

Aim: Conversion of old mines into conservatories as a tourist attraction
+Direct employment of 400 jobs all year round (not affected by seasonality)
+Used 2700 local suppliers (multiplier effect)
+Reduction of land pollutants
+Encouraged wider employment eg the regeneration of St Austell town centre.
-Relied on public funding for expensive cost

Question 6

Between 2001 and 2022 how much did the Eden Project generate for the Cornish economy?

Answer 6

£1.7 billion (a 1215% return on its cost)

Question 7

What percentage of suppliers for The Eden project were from within Cornwall?

Answer 7

More than 50% of its suppliers in 2009 were from within Cornwall.

Question 8

What was the purpose of Falmouth University and what were the benefits and failures
?

Answer 8

Aim: Provide higher education to develop knowledge economy to reduce brain drain.
+Provides help for graduates to set up business for long term success.
+Helps locals secure jobs in knowledge based companies in Cornwall
- Studentification increases demand for rental properties and increases house prices.