The Piece Hall’s Major Economic Contribution Revealed
New financial figures show that The Piece Hall in Halifax has contributed to the economy by generating an estimated £680 million over the last decade.
It’s also been confirmed that, despite the ongoing unprecedented economic conditions, The Piece Hall Charitable Trust has a projected surplus of £290k for the financial year, 2024-25.
A significant economic impact assessment undertaken by leading professional services providers for the heritage and cultural sectors, Counterculture, has looked at the local, regional and national benefits brought by The Piece Hall.
Their calculations showed The Piece Hall contributed £680 million in economic impact between 2015 (when the Trust was formed) and 2025, with projections indicating that it will continue to bring an ongoing boost of around £90m per year into the region. That’s an annual economic benefit of £426 for every resident of Calderdale.
Counterculture’s analysis, using a standard Treasury Green Book compliant methodology, describes the economic impact of The Piece Hall as “significant and rising in real terms”.
This is attributed to the sustained increase in visitor numbers, resulting in increased spend across the town and wider Borough, plus a major increase in large scale live ticketed events which draw audiences from across the north of England and even further afield, resulting in significant revenue increases for hotels, restaurants, bars, transport operators and retailers in Halifax and beyond.
Tracy Brabin, Mayor of West Yorkshire, said:
“The Piece Hall is a jewel in West Yorkshire’s crown, and these figures demonstrate the vital role it plays in our economic and cultural life. Our tourism sector is booming, growing by almost 8% over the past year, and it’s places like The Piece Hall that have helped us to attract over 70 million visitors and £6 billion of investment in that time.
“The Piece Hall’s incredible success demonstrates the power of the creative industries and culture to drive growth, support jobs and business, create pride in our communities, and build a brighter West Yorkshire that works for all.”
Chair of The Piece Hall Trust, Orphy Robinson MBE, said:
“It’s fantastic to see clear, independent analysis of just how significant The Piece Hall’s impact has been. This shows that we are continuing to make good on our promise to be the key driver of regeneration in the area. As a not-for-profit organisation and community asset, The Piece Hall Trust’s purpose is to drive inward investment and economic benefit for the people of Calderdale while keeping this unique building open, with any surplus reinvested. This report shows we are delivering on these key objectives, and with the right support, will continue to do so for the foreseeable future.”
Counterculture’s report also reveals that around 7.2 million visitors from outside of Calderdale have been attracted into the Borough because of The Piece Hall, delivering a major boost for local businesses.
Cllr Jane Scullion, Calderdale Council’s Leader, added:
“Our ambition for The Piece Hall transformation was to conserve the building for future generations, whilst creating a world-class cultural and heritage destination that would strengthen the local economy.
“Not only is this happening, but The Piece Hall has also brought unforgettable experiences and a source of pride to local people, as well as sparking interest and visits from all over the world – a powerful testament to the value of culture.
“It was a key venue throughout the successful Calderdale Year of Culture 2024, and will remain central to the CultureDale legacy and to the borough’s 10-year aspiration, ‘Vision 34’.”
A paper accompanying The Economic Impact Report, which analyses The Piece Hall’s current financial model, also confirms the reported loss for the 18-month financial year to September 2024 of £700k has now been succeeded by a surplus of £290k (subject to final confirmation from auditors) for the financial year to the end of September 2025.
The paper also highlights the key steps taken by the Trust over the last eighteen months to reduce costs and improve income, including:
- Expansion of the summer shows programme to increase net income
- Introduction of a restoration levy on the Live at The Piece Hall concert tickets, in line with many other listed building venues
- A comprehensive review of all commercial operations, expenditure and contracts with reductions implemented across the business
- Enhanced philanthropic fundraising and increased non-Governmental grant income
- A reinvigorated letting strategy resulting in increased occupancy rates
CEO of The Piece Hall Trust, Nicky Chance-Thompson MBE DL FRSA, concluded:
“A huge amount of hard work has been going on behind the scenes over the last 12 months to recalibrate The Piece Hall for the current financial and fiscal landscape. Like the entire events and hospitality industry we were hit hard by the cost-of-living crisis, huge hikes in energy prices and changes in customer behaviour and we are pleased our latest recalibration has led to increased profits in this financial year.”
“While unprecedented economic conditions prevail The Piece Hall like many other businesses and organisations will be subject to short term hits and wins, but long term, as this report clearly shows, the entire borough of Calderdale continues to benefit significantly from The Piece Hall.”
The Piece Hall is the home of TK Maxx presents Live at The Piece Hall. The 2026 summer season will see more that 40 global headliners perform in the unique heritage site.
2025 Awards List:
Back Stage Brilliance Award – The Live Awards 2025
Event of the Year – Yorkshire Post Tourism Awards
Inspirational Venue – Northern Music Awards
Muddy Stilettoes 2025 – Best Arts, Culture and Theatre
For more information please contact alice.bailey@thepiecehall.co.uk or call 01422 525116
ABOUT THE PIECE HALL:
Run by The Piece Hall Charitable Trust, this grade 1 listed building is the only remaining Georgian cloth hall in the world and welcomes around three million visitors a year.
First opened in 1779 for the trading of ‘pieces’ of hand-woven woollen fabric produced as part of Yorkshire’s thriving ‘cottage industry’, this stunning heritage site is now an award-winning, free to enter, contemporary leisure, retail, and arts destination with a treasure trove of high-quality independent shops, bars, cafés, and restaurants.
Its 66,000sq ft open air courtyard, on a par with the great piazzas of Europe, plays host to a year-round programme of world class live music, including its flagship summer series ‘TK Maxx presents Live at The Piece Hall’, major cultural events and community festivals, alongside food, drink and craft markets.
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