City of Culture 2025 is expected to bring 7,000 new jobs and a visitor spend of around £700 million to Bradford, according to a report prepared for the local council.
Prime Minister Boris Johnson led the congratulations on Tuesday night when Bradford was announced as the successor to Coventry.
On Wednesday, Bradford Council said its analysis showed that the district will attract £26 for every £1 invested by 2030 due to the City of Culture 2025.
Winning the race came with an award of £275,000 from the government to put into a year of events but the bid team has stressed that this will unlock millions of pounds of private sector investment for years to come.
The projected positive impact of being the next City of Culture is laid out in research which will be presented to the council’s executive on June 7.
The report predicts that, by 2030, City of Culture 2025 will generate nearly 7,000 new jobs, more than 16 million visitors and a visitor spend of £689 million.
Leader of Bradford Council Susan Hinchcliffe said: “Being UK City of Culture brings with it so many opportunities for people not only in terms of creativity and culture, but also for employment, attracting inward investment, boosting the local economy and opening up opportunities for young people to enhance their skills.
“The way that people from across the district have got behind the bid and the confidence people are now starting to show, the Bradford district has started to come to life like never before.
“We have already seen significant return on our investment on the bid alone – generating nearly five times in revenue against what we invested since 2019.
“We now expect to see this kind of support and return on our investment accelerate significantly, with an expected £26 generated for every £1 we put in.”
Bradford’s victory was announced live on television by Culture Secretary Nadine Dorries.
The city beat fellow finalists County Durham, Southampton and Wrexham County Borough.
Ms Dorries, who revealed the winner on the BBC’s The One Show, said the standard of entries this year had been “phenomenal”.
The Bradford 2025 official bid account on Twitter wrote: “This is our time to celebrate our extraordinary district – and for our young population to become leaders and change-makers to begin an exciting new chapter in our story.”
Also tweeting his congratulations, Mr Johnson said: “This title builds on the rich history and dynamism of the city, bringing investment and opportunity for everyone who lives and works there.”
Bradford 2025 is set to feature more than 1,000 new performances and events including 365 artist commissions, a series of major arts festivals and national and international collaborations.
Those involved in the campaign said the win is a “game-changer” for the district – which includes Bradford, Keighley, Ilkley, Haworth, Shipley and Bingley – and will put it “firmly on the national and international stage”.
A creative director and a managing director will be appointed this year to lead the delivery.
The shortlist was compiled from a record group of 20 that registered bids to take over the title from Coventry.
The advisory panel, chaired by Sir Phil Redmond, visited the four shortlisted places before making their final recommendation in May, which was later approved by Ms Dorries.
Since winning the title, Coventry has seen more than £172 million invested in music concerts and the UK’s first permanent immersive digital art gallery, as well as a further £500 million for the city’s regeneration, the Department for Digital, Culture, Media and Sport said.