THE regeneration of Scotland’s canals has acted as a catalyst for an extraordinary £1.53 billion of investment on and around their banks, and has contributed to the creation of thousands of new homes and jobs.

An economic study announced at a Marine Tourism symposium at the Scottish Parliament, showed the revitalisation of Scotland’s canals has attracted the windfall in regeneration, tourism and infrastructure projects across the Highland and Lowland canals.

This has seen more than 9000 housing units built, the creation of almost 8500 full-time equivalent (FTE) jobs and 9200 temporary construction jobs since 2010.

The Scottish Canals study said the investment in the canal corridors had been since the re-opening of the Lowland inland waterways in 2002.

Commissioned from Peter Brett Associates, now part of Stantec, the study tracked the economic performance of the canals between January 2016 and June 2019, and revealed that the pace of change accelerating with a 250% increase in investment in the last three years compared to the previous period (2010-2015). The last three years alone have seen the creation more than 2100 FTE roles and 4400 construction jobs – up 6.5% on the previous period. Between January 2016 and June 2019, the Highland canal network, including the Caledonian and Crinan Canals, benefitted from £61.1 million investment – a 176% increase on the previous period.

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This saw the creation of a record 626 temporary construction job and the building of 468 new houses.

Michael Matheson, Transport, Infrastructure and Connectivity Secretary, said: “Scotland’s canals have always been a catalyst for economic growth and now, more than ever before, our canals are helping to reduce social inequalities, redevelop and reconnect communities – alongside being successful leisure destinations in their own right. The continued innovation by Scottish Canals has been a big part of this success story, and although there are undoubtedly challenges in maintaining these historic assets, I welcome this latest report which confirms the importance they play in creating new jobs, to new homes and wider regeneration.

“To secure the future of the network, we increased Scottish Canals funding to record levels in the budget for 2019/20, in recognition of the challenges faced in maintaining our historic waterways – but also with the knowledge about what our canals have already delivered for Scotland and will continue to do so in the years ahead.”

In the same period, the Forth & Clyde and Union Canals on the Lowlands saw the creation of over 2000 FTE jobs, 3700 construction posts and over 3000 new homes, thanks to an estimated £568m investment.

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Scottish Canals chief executive, Catherine Topley, said: “Scotland’s canals have played a vital role in the country’s economic prosperity for over 200 years, driving wealth creation during the industrial revolution to being major tourist attractions and leisure destinations today which attract over 20m visits a year from walkers, cyclists, paddlers and boaters.

“This economic report demonstrates what we have known for some time; that our canals are just as important in meeting the challenges of the 21st century, whether it is helping tackle climate change and health inequalities or delivering against the Government’s agenda for new homes, jobs and tourist spend. As custodians of these valuable heritage assets, at Scottish Canals we are committed to using our inland waterways in new and innovative ways that benefit everyone in Scotland.”