Chattanooga & Hamilton Co. Tourism Trends & Economic Outlook

Transcription

1 Chattanooga & Hamilton Co. Tourism Trends & Economic Outlook How Tourism Works for Chattanooga, TN January 21, 2010 Presentation by: Steve Morse, Ph.D. Director & Economist, Tourism Institute University of Tennessee Knoxville, TN

2 2009 General Manager of the Year for Medium Size Properties as Honored by the American Hotel & Lodging Association Andrea Anderson General Manager, Courtyard by Marriott, Downtown Chattanooga

3 2009 Lodging Employee of the Year for Medium Size Properties as Honored by the American Hotel & Lodging Association Shareef Smith Front Desk, Courtyard by Marriott Downtown Chattanooga

4 Chattanooga City Monthly Hotel Occupancy Rates, 2008 vs % % 45% 35% 2008 Source: Smith Travel Research

5 Chattanooga City Percent Change in Avg. Daily Rate (ADR), % 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.4% 2% 4% 6% 8% 10% 0.8% 0.9% 0.9% 2.2% 4.0% 3.6% 3.3% 4.7% Source: Smith Travel Research 7.7% 2.9% 2.6%

6 Chattanooga City Percent Change in Rev. Per Available Room (RevPAR), Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20% 15% 10% 5% 0% 5% 10% 15% 20% 15.1% 0.0% 4.2% 1.4% 1.5% 3.1% 6.5% 8.1% 11.9% 14.6% Source: Smith Travel Research 7.9% 9.8%

7 How much did Hamilton Co. Tourism grow in 2008? Blount Co. (Maryville) + 8.8% Hamilton Co. (Chattanooga) + 7.3% Knox Co. (Knoxville) + 7.2% TN State Avg. (Statewide) + 1.7% Sevier Co. (P. Forge, Gatlinburg) 0.2% Davidson Co. (Nashville) 1.1% Shelby Co. (Memphis) 1.0%

8 What are the impacts of tourism on the Hamilton County economy, 2008? Tourist Spending Jobs Created Worker Paychecks State Taxes Local County Taxes Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

9 Yearly Impacts of Tourism on the Hamilton County economy, 2008 Tourist Spending Tourists spent $ million Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

10 Yearly Impacts of Tourism on the Hamilton County economy, 2008 Jobs Created Tourism created 7,834 jobs Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

11 Yearly Impacts of Tourism on the Hamilton County economy, 2008 Tourism generated Worker Paychecks $ million in worker paychecks Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

12 Yearly Impacts of Tourism on the Hamilton County economy, 2008 Tourism generated $42.78 State Taxes million in State taxes Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

13 Yearly Impacts of Tourism on the Hamilton County economy, 2008 Tourism generated $16.72 million in Local County Taxes local county taxes Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

14 Hamilton Co. Tourist Spending, $800 $700 $600 $ , ($ millions) ($ millions) $400 $ Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

15 On an average day in Hamilton Co., how much do tourists spend on Transportation? Restaurants? Hotels & Lodging? Retail Trade? Entertainment &.Recreation?

16 On an average day in Hamilton Co., tourists spent $659,825 daily in Transportation (including air, car/truck, taxi, gas, rentals)

17 On an average day in Hamilton Co., tourists spent $638,944 daily in Restaurants (including drinking places & grocery stores)

18 On an average day in Hamilton Co., tourists spent $348,705 daily on Hotels & Lodging (including motels, campgrounds, vacation homes & condos, bed & breakfasts)

19 On an average day in Hamilton Co., tourists spent $223,422 daily on Retail Trade (including gifts, clothes, souvenirs, incidental retail)

20 On an average day in Hamilton Co., tourists spent $217,158 daily on Entertainment & Recreation (including parks, museums, historical sites, amusements, performing arts & shows, golf, fishing, water sports, spectator sports, theme parks)

21 Also on an average day in Hamilton Co., tourists spending generates $117,215 daily in State tax revenues $45,817 daily in local tax revenues $484,466 daily worker paychecks Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

22 Tourism Tax Relief for Hamilton Co. Each household in Hamilton Co. pays $395 less in State and local taxes as a result of taxes generated by tourism economic activity Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008 ; U.S. Census Bureau, Dr. Steve Morse, University of Tennessee

23 In other words, if it were not for State & local taxes generated by tourism Each Hamilton Co. Household would pay $395 more in taxes Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008 ; U.S. Census Bureau, Dr. Steve Morse, University of Tennessee

24 Predictions are difficult, Especially when you are talking about the future. Yogi Berra

25 What will be the shape of our recovery? V Shaped Quick Bounce Back? Economic Growth Now Jan Source: Dr. Steve Morse, University of Tennessee

26 V Shaped Quick Bounce Economic Recovery, Recession of Percent Change in Gross Domestic Product per quarter Source: U.S. Dept. of Commerce, Bureau of Economic Research

27 What will be the shape of our recovery? W Shaped Double Dip Recovery? Economic Growth Now Jan

28 Double Dip Economic Recovery, Recession of 1980 & Percent Change in Gross Domestic Product per quarter Source: U.S. Dept. of Commerce, Bureau of Economic Research

29 What will be the shape of our recovery? U Shaped, Long & Slow Recovery? Economic Growth Now Jan Source: Dr. Steve Morse, University of Tennessee

30 U Shaped Long & Slow Economic Recovery, Recession of Percent Change in Gross Domestic Product per quarter Source: U.S. Dept. of Commerce, Bureau of Economic Research

31 In summary: Tourism works for Hamilton Co., TN in 2008 Tourist Spending Jobs Created Worker Paychecks State Taxes Local County Taxes $ million 7,834 jobs $ million $42.78 million $16.72 million Source: TN Dept. of Tourist Development & U.S. Travel Association s Report The Economic Impact of Travel on Tennessee Counties, 2008

32 Thank you for inviting me! Questions? Comments? Steve Morse, Ph.D. Director & Economist Tourism Institute University of Tennessee Knoxville, TN Ph: (865) Web: