The aim of this research was to advance the understanding of social value created by capital projects, both pre- and post-occupancy. It explored the opportunity for organizations to be more ambitious when drafting project proposals by including the creation and delivery of social value.
This paper examines how a built asset can improve the lives of the local population, summarizing key concepts in delivering social value in the built environment. The research was based on 32 interviews with stakeholders involved with major science capital projects from around the world.
This research demonstrated the generational socio-economic impact of radio astronomy and space science facilities projects consistently included significant social value creation. Value derived from these projects could be divided into categories of economic benefits and social value benefits and disbenefits.
The current practice of benefits and disbenefits identification for major capital projects tends to focus on what is easily quantifiable. As attention shifts to the creation of social value and qualitative benefits by projects and organizations, there is considerable opportunity for the use of this research in planning and investment applications.
Value categories for major science capital projects typically include social procurement, local spending, environmental impact, job creation, diversity, and human capital development. In contrast, this research considered the full lifecycle of the capital project and resulting longitudinal impacts on the local population, where the capital project itself was part of a decades-long research program.
