PROJECT HAILS pounds 1bn CITY BOOM.Byline: MARY MURTAGH
LIVERPOOL is set for a pounds 1bn boom as work on Europe's largest retail development gets under way.
Scores of Merseyside firms from builders to caterers will be involved in Grosvenor's pounds 800m Paradise Street development, and more than 1, 000 local labourers will find work building the 2. 5 million square feet of new shops, housing and leisure facilities.
Economists estimate the project will generate at least pounds 1bn extra revenue for the city as the development changes the face of the city.
Research into the impact of the Paradise Street development has revealed: n In 2008 shoppers will spend an extra pounds 500m in the city's shops.
By 2013 the city centre's turnover will have doubled from pounds 1.1bn to pounds 2.1bn.
4, 400 permanent jobs n created.
3, 300 construction jobs created during the project.
Work has already begun on the project, with surveys carried out and designers putting the finishing touches finishing touches finish npl the finishing touches → der letzte Schliff
finishing touches npl → ultimi ritocchi mpl to plans for the multi-storey car park under Chavasse Park Chavasse park was an open space in Liverpool city centre, notable mainly for its commemoration of the Chavasse family; Francis (2nd Bishop of Liverpool) and his sons Christopher ( Olympic athlete and later bishop of Rochester) and Noel (doctor, and one of only 5 men who won the and the new Paradise Street bus station.
Construction work will start in October with hundreds of workers involved in work such as demolition.
Professor Peter Stoney ston·ey
Variant of stony. , senior fellow in macro economics at Liverpool University, told the ECHO: ``The arithmetic is straightforward. If you have 1, 000 people working on the project earning on average pounds 20, 000 a year that means they have pounds 20m of spending power The power of legislatures to tax and spend.
Spending power is conferred to state and federal legislatures through their constitution. Judicial Review of legislative spending varies from state to state, but the law of federal spending informs courts in all states. .
``There will be a big uplift in the city particularly if they are employing local firms and people.
``It will have a massive effect on the local construction and shop fitting industry and the multiplier effect of the project will be a catalyst for regeneration.
``A least a billion pounds will be generated by the project. ''
Construction has been divided into phases to limit disruption to the city centre.
Tops for shoppers
LIVERPOOL has moved up five places to become the UK's 13th top shopping areas.
The city is set to enter into the top five when the pounds 800m Paradise Street develop-
ment opens, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. research by the British Council of Shopping Centres.
Chester is 11th. The top three are London's West End, Glasgow and Birmingham.
JOBS GALORE: The Paradise Street section