Cornubia set to unlock significant economic benefits
A proposed 1 200 ha mixed-use development in eThekwini is believed to be an initiative that will change the face of KwaZulu-Natal, an independent cost benefit and macroeconomic impact analysis study has found.
The Cornubia development, north of Durban, was expected to have a “large impact” on job creation in eThekwini during both the construction and operational phases, and unlock a significant contribution to the local gross domestic product (GDP).
The development was expected to contribute about 10%, or R3.3-billion, to eThekwini’s GDP and 5% to the provincial economy’s GDP of R22.9-billion.
“Nationally, the Cornubia development will contribute 2%, or R50.4-billion, to the South African GDP,” said Tongaat Hulett Developments development director Karen Petersen.
The analysis, initiated by the eThekwini municipality and undertaken by KPMG showed that, in the long term, nearly 285 000 new employment opportunities could be created on the back of associated commercial activities.
This represented 12% of total employment in the province.
“This will be achieved through 39 000 direct jobs, 144 000 indirect jobs, and an additional 45 000 jobs in the rest of the province, as well as 54 000 jobs resulting from the economic impact of salaries and wages paid to employees at the development,” Petersen explained.
This excluded some 250 000 employment opportunities during the construction phase of the Cornubia development, which was a joint undertaking by the eThekwini municipality and Tongaat Hulett Developments.
“This phase of the project will pump as much as R700-million into lower-income households through job creation opportunities, which nearly doubles to R1.3-billion in income for these households during the operational phase of the development,” she said.
The construction phase was expected to contribute roughly R8.5-billion to the economy of eThekwini, representing 4% of the local economy’s GDP.
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