According to the BBC, the public artwork, which will mark the Scotland-England border at Gretna, could provide financial benefits for the economy in a number of ways.
The £4.8m landmark has been designed by Charles Jencks and Cecil Balmond.
Work on the project is anticipated to begin in 2015, but this month, Dumfries and Galloway Council will decide whether it will match £1m which has already been secured from Creative Scotland for the scheme.
An independent assessment of the project was carried out by BOP Consulting on behalf of the Council and public art development company Wide Open.
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Some of the report's key findings included:
• £2m into the economy from construction
• £4m-a-year from extra tourism
• £6m to £10m worth of national and international publicity in the first four months
• £300,000-a year locally, and similar Scotland-wide, from operational spending.
Dr Jan Hogarth, Project Director, is quoted by the BBC as saying: "Great landmarks like the Angel of the North and the Star of Caledonia bring real benefits in terms of tourism, jobs and regeneration.
"The project will have a significant economic impact, creating the equivalent of 70 new permanent jobs for the region and attracting many more visitors.
"Dumfries and Galloway is doing a superb job of harnessing the power of the artistic and creative sectors to help revive our economy and create new opportunities for the future.
"The Star of Caledonia will not just be a landmark for Scotland, but a powerful symbol of the vitality of this region as a centre of artistic excellence."
(JP/MH)
