At the heart of concern is the dismal state of Douglas Tourism, and the impact this is having on the overall Douglas Economy. The DSC website has published a Douglas Gross Regional Product trend graph that demonstrates a decline of -16% between 2008 and 2017: from $767 million to $645 million. If we factor in CPI, the real decline is -36%.
Douglas Gross Regional Product is a measure of wealth in our community, and underpins the degree to which the citizens have a sense of well-being or anxiety around their families’ security and future prospects. No wonder there’s been an ever increasing “struggle street sentiment” from businesses through to the wider community. It’s a performance we simply cannot sustain.
A zero growth economy is unacceptable, but a declining economy, without any DSC or TPDD leadership commentary, is unbelievable. We’ve researched many Regions, and have been unable to find anywhere with a poorer underlying economic performance over the last eight to ten years.
Douglas Tourism is a key driver of the overall Douglas Economy, and has been for many years, with an 80%+ economic dependence. The performance of Douglas Tourism has shown zero growth over this period. Little wonder when you understand that TPDD has no Tourism Growth Budgets, or real KPI’s that would drive a performance culture, necessary to achieve growth. This economic backdrop translates to affect Investor Confidence which in turn, impacts current Infrastructure improvements, and new Infrastructure projects.