Economic Impacts of the University of North Carolina at Asheville

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Economic Impacts of the University of North Carolina at Asheville"

Transcription

1 Economic Impacts of the University of North Carolina at Asheville Conducted by December 2017

2 Table of Contents Executive Summary 3 Finding Highlights 4 Introduction 5 UNC Asheville Economic Impacts Total Impacts 7 Major Activities: UNC Asheville Campus Operations 12 UNC Asheville Student Spending 13 UNC Asheville Outside Visitors 14 UNC Asheville Alumni Education Premium 15 Annual New Resident Attraction 16 Actual & Planned Capital Spending 17 Definitions 20 Firm Profile 21 Economic Impacts of the University of North Carolina at Asheville

3 Executive Summary Since 1927, UNC Asheville has been the creative and intellectual hub for a region inherently innovative and inspiring. As North Carolina s only designated liberal arts university among the 17 institutions of the University of North Carolina System, UNC Asheville is consistently ranked as one of the nation s top liberal arts universities, widely recognized for outstanding faculty, top notch academics, and championship winning athletics. About 3,800 undergraduate students and about 330 full and part time faculty collaborate to foster critical thinking and workforce skills to last a lifetime. Small class size, award winning faculty and a nationally acclaimed undergraduate research program foster creativity as well as recognition. The work being done by the university s faculty, staff, and students further enhance their reputations as innovators, difference makers, and leaders in their fields. Additionally, UNC Asheville faculty, staff, students, and Osher Lifelong Learning Institute (OLLI) members contribute over 100,000 volunteer hours annually. While the civic engagement of the UNC Asheville community is not measured for local economic impact, it represents a significant range of social, health, and broader economic outcomes. With a strategic plan charting UNC Asheville s mission driven course, the core values of diversity and inclusion, innovation, and sustainability permeate the university. Four strategic directions support those core values: academic rigor, student success, community engagement, and organizational capacity. Together they bring the strategic plan to life and establish a solid foundation to make the greatest impact on the region. The university is an important driver of Asheville s creative economy; raising local economic output by $450 million. Through its faculty, students, staff and facilities, UNC Asheville serves as a comprehensive and dynamic academic, cultural, economic and social center of the Asheville region. In the report that follows, the economic impact of the University for the fiscal year 2017 on the Asheville North Carolina metro area is explained on many levels. The study examines the annual impacts of: 1. UNCA Campus Operations ($278 million output) 2. UNCA Student Spending ($44.3 million output) 3. Outside Visitors ($15.3 million output) 4. UNCA Alumni Education Premium ($96.1 million output) 5. Annual New Resident Attraction ($9.4 million output) 6. On Campus Capital Spending ($7.0 million output) It is clear that UNC Asheville is an engine of economic growth within the region. While it is impossible to put a value on the cultural impact of the institution, the students and wide scope of events held on campus reinforce the critical role the university plays in the creative economy. UNC Asheville s regional impact is multifaceted, vibrant, sustainable, and diverse, further solidifying its status as the academic, cultural, economic and social hub of the region. Economic Impacts of the University of North Carolina at Asheville

4 Finding Highlights Economic activity generated by UNC Asheville supports 3,911 local jobs, adds $164.6 million in local income, and raises total economic output in the Asheville area by $450 million For every dollar the state of North Carolina appropriates to UNC Asheville: o Income increases by $4.13 in the Asheville area o Total economic output increases by $11.30 in the Asheville area Economic activity generated by UNC Asheville increases annual tax revenues by more than $62.4 million dollars: o $8.9 million in County & Local tax revenues o $14.8 million in State tax revenues o $38.7 million in Federal tax revenues Direct on campus operations employment accounts for less than one quarter of the total local jobs UNC Asheville supports. For example, UNC Asheville supports 500 local jobs in Retail Trade, 488 local jobs in Health & Social Services, 425 local jobs in Restaurants & Lodging and local 367 jobs in Real Estate & Rental Services UNC Asheville students spend over $31 million annually in the local economy o Student spending annually supports 404 local jobs, raises economic output by $44.3 million, and increases tax revenues by $5.2 million Visitors who traveled from outside the Asheville area to attend or participate in a UNC Asheville event spend an estimated $9.2 million annually in the local economy o The visitor spending annually supports 166 local jobs, raises local economic output by $15.3 million, and increases tax revenues by $2 million Graduates of UNC Asheville living in the Asheville area increase local earnings by $115.9 million on an account of having attained a Bachelor's or Graduate s degree o The alumni education premium supports 835 local jobs by means of added spending, raises economic output by $96.1 million, and increases tax revenues by $12.2 million UNC Asheville attracts new residents to the Asheville area. Results from the Osher Lifelong Learning Institute attribute the annual relocation of 115 new households, partially on account of the Institute s activities and introduction to the community o Added local spending from new 115 households supports 81 local jobs, raises economic output by $9.4 million, and increases tax revenues by $1.1 million Beginning in the current 2017 fiscal year through 2021, UNC Asheville is planning to spend slightly more than $79 million on capital projects, the spending will support an annual average of 224 local jobs, add $3.1 million in income, raise economic output by $31 million and generate $2.6 million in tax revenues Economic Impacts of the University of North Carolina at Asheville

5 Introduction Background & Purpose The University of North Carolina Asheville retained SYNEVA Economics LLC to conduct a comprehensive analysis of the University s impact upon the Asheville North Carolina regional economy. The purpose of the analysis was to gain a greater understanding and appreciation of the University s economic effects upon the region. The analysis is expected to objectively quantify local spending that occurs as a result of the presence of UNC Asheville; and track that spending as it moves through the local economy. Results of the analysis can demonstrate the economic contribution and value of UNC Asheville in terms of local supported jobs, increased income, Value added, raised economic output, and additional tax revenues generated. Limitations Economic impact analyses use spending as the primary factor to capture the effects of an economic activity. Spending presents a quantifiable variable from which an analyst can reliably model and track where and how dollars will flow in a particular situation. While spending is an important element, it fails to capture broader social and cultural impacts. This is a severe shortcoming in the context of measuring the impact of a University; an institution that at its core widely impacts the local social and cultural environment. Issues such as innovation or creativity, which are increasingly recognized as critical factors in economic development, are rooted within social or cultural forces and are thus largely untouched by an analysis based primarily on spending. As such, the reader should recognize that the results presented in this analysis likely capture only a small portion of the actual total impact that UNC Asheville has on the Asheville area. Methodology To measure economic impacts the IMPLAN system 1 was employed. IMPLAN is an input output model that is comprised of software and regional data sets. IMPLAN is an acronym for IMpact analysis for PLANning. The IMPLAN model was originally developed by the USDA Forest Service in cooperation with the Federal Emergency Management Agency (FEMA) and the USDI Bureau of Land Management to assist in resource management and planning. Currently the model is used by hundreds of public, private, and academic organizations. The overriding objective of the model is to measure the full economic impact to a local economy as the result of a specific economic activity. The model is built upon a matrix detailing the input output relationships among industries and consumers. The primary matrix structure is derived from the National Bureau of Economic Analysis s Benchmark Input Output Model. The national model was realigned to match the regional Asheville economy. Output ratios and imports for over 536 industrial 1 IMPLAN Group, Inc., Northcross Drive, Suite 120 Huntersville, NC Economic Impacts of the University of North Carolina at Asheville

6 sectors in the area are assigned. Purchase coefficients are derived to measure the percentage of intermediate and final demands that are satisfied from local production and the percentage that are imported from outside the area. Consumer expenditure patterns, price deflators, industry employment levels, household income groups and the area population are also factored in for the local economy. The analysis measures the impacts occurring in the Asheville North Carolina metropolitan area. The Asheville metropolitan area is comprised of four counties (Buncombe, Haywood, Henderson, and Madison) located in the western part of North Carolina (Figure 1). The U.S. Census Bureau delineates a metropolitan area based on worker flows and the presence of a dense central urban core; terming the entire area a single economic entity. The City of Asheville in Buncombe County is the metropolitan area s urban core, and worker flows from and to the surrounding three counties demonstrate strong cross boundary economic linkages. UNC Asheville is located in central Buncombe County. In the report, references to the local economy, community or area all denote the Asheville North metropolitan area. Results are presented for a single oneyear period, based on information covering the University s fiscal year Figure 1 Four County Asheville Metropolitan Area The economic impacts are measured as three local effects: direct, indirect, and induced. 2 Each of these effects is expressed in terms of their effect on jobs (local employment), income (local wages and proprietor income), value added (incremental value of production less intermediate outputs), output (total value of production), and tax revenues. 2 Direct effects are those initial changes occurring to a organization in expenditures or production as a result of a change in demand. Indirect effects occur to industries in the backward linked industries that supply the firm. Induced effects result from household spending generated by the additional income received in the local area. A more complete description can be found in Definitions section. Economic Impacts of the University of North Carolina at Asheville

7 UNC Asheville Total Economic Impacts UNC Asheville s total economic impact is the sum of six major economic activities: UNCA Campus Operations UNCA Student Spending Outside Visitors UNCA Alumni Education Premium Annual New Resident Attraction On Campus Capital Spending UNC Asheville s total economic impact results in $450 million of economic output in the Asheville area (Table 1). The University supports 3,911 local jobs annually and raises labor income by $164.6 million. Local economic activities stimulated by UNC Asheville generate annual tax revenues of $162.4 million (Table 2). Table 1 UNC Asheville Total Economic Impact Effects Employment Labor Income Value Added Output Direct 1,187 $70,469,215 $93,740,553 $135,899,567 Indirect 380 $10,703,262 $20,982,806 $44,412,094 Induced 2,345 $83,474,006 $146,756,350 $270,077,363 Total 3,911 $164,646,482 $261,479,709 $450,389,025 Table 2 UNC Asheville Total Tax Revenues Generated County & Local $8,918,316 State $14,829,447 Federal $38,726,523 Total $62,474,286 In terms of return on investment, UNC Asheville appropriations from the state of North Carolina totaled $39,864,860 in Fiscal Year ; meaning for every dollar appropriated by the state, labor income increased by $4.13, economic value was raised by $6.56 and total economic output increased by $11.30 in the Asheville area (Figure 2). Economic Impacts of the University of North Carolina at Asheville

8 Figure 2 UNC Asheville Total Return on Investment For every dollar invested by the State of North Carolina... $11.30 $6.56 $4.13 $1.00 Invested by State Labor Income Increase Economic Value Added Economic Output Increase Direct on campus operations employment accounts for less than one quarter of the total local jobs UNC Asheville supports in the Asheville metro. UNCA faculty and staff employment of 823 is 21 percent of the full 3,911 local jobs supported (Figure 3). Economic Impacts of the University of North Carolina at Asheville

9 Figure 3 UNC Asheville Local Employment Supported Among the six major components of UNC Asheville s total economic impact when counting total effects, Campus Operations is unsurprisingly the largest contributor; accounting for 61 percent of the total jobs supported, 70 percent of total labor income, 65 percent of added value, 62 percent of total output and 66 percent of the total tax revenue generated (Tables 3 7). Table 3 UNC Asheville Employment Impacts Major Component Breakdown Direct Indirect Induced Total UNC Asheville Total Economic Impact 1, ,345 3,911 Major Components: UNCA Campus Operations ,290 2,376 UNCA Student Spending Outside Visitors UNCA Alumni Education Premium Annual New Resident Attraction On Campus Capital Spending Economic Impacts of the University of North Carolina at Asheville

10 Table 4 UNC Asheville Labor Income Impacts Major Component Breakdown Direct Indirect Induced Total UNC Asheville Total Economic Impact $70,469,215 $10,703,262 $83,474,006 $164,646,482 Major Components: UNCA Campus Operations $61,910,895 $7,030,970 $45,934,600 $114,876,465 UNCA Student Spending $4,028,666 $2,351,271 $4,084,436 $10,464,374 Outside Visitors $2,390,393 $603,646 $1,917,305 $4,911,344 UNCA Alumni Education Premium $0 $0 $29,708,783 $29,708,783 Annual New Resident Attraction $1,378,901 $388,990 $1,132,019 $2,899,910 On Campus Capital Spending $760,360 $328,384 $696,863 $1,785,607 Table 5 UNC Asheville Value Added Impacts Major Component Breakdown Direct Indirect Induced Total UNC Asheville Total Economic Impact $93,740,553 $20,982,806 $146,756,350 $261,479,709 Major Components: UNCA Campus Operations $73,365,915 $14,718,315 $80,712,990 $168,797,220 UNCA Student Spending $12,947,311 $4,082,761 $7,191,036 $24,221,108 Outside Visitors $4,014,499 $980,033 $3,373,580 $8,368,112 UNCA Alumni Education Premium $0 $0 $52,259,046 $52,259,046 Annual New Resident Attraction $2,448,429 $671,329 $1,992,197 $5,111,956 On Campus Capital Spending $964,399 $530,367 $1,227,501 $2,722,268 Table 6 UNC Asheville Total Output Impacts Major Component Breakdown Direct Indirect Induced Total UNC Asheville Total Economic Impact $135,899,567 $44,412,094 $270,077,363 $450,389,025 Major Components: UNCA Campus Operations $97,896,602 $31,639,076 $148,552,107 $278,087,784 UNCA Student Spending $22,898,010 $8,183,562 $13,226,168 $44,307,739 Outside Visitors $7,123,249 $2,055,333 $6,207,158 $15,385,740 UNCA Alumni Education Premium $0 $0 $96,169,828 $96,169,828 Annual New Resident Attraction $4,361,707 $1,395,748 $3,665,098 $9,422,553 On Campus Capital Spending $3,620,000 $1,138,376 $2,257,004 $7,015,380 Economic Impacts of the University of North Carolina at Asheville

11 Table 7 UNC Asheville Tax Revenues Generated Major Component Breakdown County & Local State Federal Total UNC Asheville Total Economic Impact $8,918,316 $14,829,447 $38,726,523 $62,474,286 Major Components: UNCA Campus Operations $5,545,202 $9,478,315 $26,081,592 $41,105,109 UNCA Student Spending $876,090 $1,349,575 $3,009,504 $5,235,169 Outside Visitors $349,393 $540,345 $1,204,721 $2,094,458 UNCA Alumni Education Premium $1,891,230 $3,032,792 $7,329,316 $12,253,339 Annual New Resident Attraction $183,903 $295,326 $716,548 $1,195,777 On Campus Capital Spending $72,498 $133,093 $384,843 $590,434 An examination of employment impacts by industry demonstrates the far reaching effects of UNC Asheville on the Asheville economy. For example, outside of Educational Services, UNC Asheville supports 500 local jobs in Retail Trade, 488 local jobs in Health & Social Services, 425 local jobs in Restaurants & Lodging and local 367 jobs in Real Estate & Rental Services (Table 8). Table 8 UNC Asheville Employment Impacts By Industry Sector Industry Direct Indirect Induced Total Educational Services Retail trade Health & Social Services Restaurants & Lodging Real Estate & Rental Services Other Misc. Services Administrative Services Professional, Scientific & Tech Services Arts Entertainment & Recreation Finance & Insurance Transportation & Warehousing Construction Wholesale Trade Information Manufacturing Forestry, Fish & Hunting Government Utilities Management of Companies Mining Total 1, ,345 3,911 Economic Impacts of the University of North Carolina at Asheville

12 Major Activities: UNC Asheville Campus Operations UNC Asheville Campus Operations include the impacts of operating expenses, purchases from suppliers and household spending by faculty and staff. Operating expenses include the regular purchasing of products and services to run the University. For fiscal year total operating expenses for UNC Asheville equaled $97,896, In the fiscal year UNC Asheville engaged 823 permanent employees; 706 full time and 117 part time. Total annual salaries and benefits for these employees equaled $61,910,895. UNC Asheville s campus operations support a total of 2,376 local jobs; 823 directly, 263 indirectly and 1,290 induced (Table 9). In terms of income activity, campus operations spending cause local labor income to increase by $114.8 million. Annually, economic value rises $168.7 million and total economic output increases by $278 million in the Asheville region as a result of spending on operations by UNC Asheville. As local purchases are made they generate additional tax revenues; increasing county, local, state and Federal revenues by $41.1 million annually (Table 10). A sample of supported local jobs resulting from UNC Asheville campus operations demonstrates the wide ranging impacts as spending flows through the Asheville economy; examples include 264 jobs in Health & Social Services, 228 jobs in Retail Trade and 201 jobs in Restaurants & Lodging. Table 9 UNC Asheville Campus Operations Effects Employment Labor Income Value Added Output Direct 823 $61,910,895 $73,365,915 $97,896,602 Indirect 263 $7,030,970 $14,718,315 $31,639,076 Induced 1,290 $45,934,600 $80,712,990 $148,552,107 Total 2,376 $114,876,465 $168,797,220 $278,087,784 Table 10 UNC Asheville Campus Operations Tax Revenues Generated County & Local $5,545,202 State $9,478,315 Federal $26,081,592 Total $41,105,109 3 UNC Asheville Factbook , Office of Institutional Research, Effectiveness and Planning Economic Impacts of the University of North Carolina at Asheville

13 UNC Asheville Student Spending UNC Asheville student enrollment as of Fall 2017 totaled 3,830. Of these students, 2,470 (64%) lived offcampus, with the remaining 1,360 (36%) living on campus. Based on the yearly estimated cost of attendance expected local spending figures were derived for each of the two groups of students. Spending on tuition, fees, books, supplies, loan fees, and health insurance was not included. Off campus students spending comprises room & board, transportation and personal items. On campus students spending comprises transportation and personal items. In total, estimated annual local student spending equals $31,264,320. Local spending by UNC Asheville students supports 404 local jobs (Table 11). In terms of income activity, student spending causes local labor income to increase by $10.4 million. Annually, total economic output increases by $44.3 million in the Asheville region as a result of student spending. As student spending occurs it generates additional tax revenues; increasing County & local, state and Federal revenues by $5.2 million annually (Table 12). A sample of local industries impacted by UNC Asheville student spending includes annually supporting 148 jobs in Real Estate & Rental Services, 80 jobs in Retail Trade and 42 jobs in Administrative Services. Table 11 UNC Asheville Student Spending Local Impacts Effects Employment Labor Income Value Added Output Direct 212 $4,028,666 $12,947,311 $22,898,010 Indirect 78 $2,351,271 $4,082,761 $8,183,562 Induced 115 $4,084,436 $7,191,036 $13,226,168 Total 404 $10,464,374 $24,221,108 $44,307,739 Table 12 UNC Asheville Student Spending Tax Revenues Generated County & Local $876,090 State $1,349,575 Federal $3,009,504 Total $5,235,169 Economic Impacts of the University of North Carolina at Asheville

14 UNC Asheville Outside Visitors UNC Asheville attracted outside visitors 4 for a variety of events such as admissions tours and open houses, athletic competitions, summer camps and the National Physical Education and Sports School Institute. Over fiscal year it is estimated that $9.2 million was spent locally by slightly more than 52 thousand outside visitors attending UNC Asheville events. Spending patterns of outside visitors are derived from two methodologies. For sporting events a model of event attendee spending utilized by the National Association of Sports Commissions was employed. 5 For nonsporting events, spending patterns of Asheville area leisure visitors by Longwoods International for was adopted. 6 Spending by outside visitors at UNC Asheville events annually supports 166 local jobs (Table 13). In terms of income, the outside spending causes local labor income to increase by $4.9 million. Annually, economic value is raised by $8.3 million and total economic output increased by $15.3 million in the Asheville region as a result of the spending by outside visitors. As spending occurs it generates additional tax revenues; increasing County, local, state and Federal revenues by $2 million annually (Table 14). A sample of the local industries impacted by outside visitors to UNC Asheville events includes annually supporting 74 jobs in Restaurants & Lodging, 23 jobs in Retail Trade and 17 jobs in Arts Entertainment & Recreation. Table 13 UNC Asheville Outside Visitors Local Impacts Effects Employment Labor Income Value Added Output Direct 93 $2,390,393 $4,014,499 $7,123,249 Indirect 18 $603,646 $980,033 $2,055,333 Induced 54 $1,917,305 $3,373,580 $6,207,158 Total 166 $4,911,344 $8,368,112 $15,385,740 4 Outside visitors only includes nonresidents from outside the four county Asheville metropolitan area, under the reasoning that economic activity by residents does not represent new spending to the area. 5 Based on studies completed by Sportsimpacts at over 50 sporting events spanning various market sizes and sporting event types, and a Consumer Spending study conducted by the University of Arizona Sports Management program that analyzed daily visitor spending trends at 30 sporting events spanning various market sizes and event types. Source: National Association of Sports Commissions (NASC). 6 Asheville 2016 Visitor Research, Longwoods International; courtesy of Buncombe County Tourism Development Authority. Economic Impacts of the University of North Carolina at Asheville

15 Table 14 UNC Asheville Outside Visitors Tax Revenues Generated County & Local $349,393 State $540,345 Federal $1,204,721 Total $2,094,458 UNC Asheville Alumni Education Premium This study gauges economic impacts primarily by measuring the changes in local spending. To truly measure the local value of a postsecondary degree this analysis would also need to include such factors as added employment opportunities, increased productivity, improvements in quality of life, and other more intangible, yet significant, variables. To roughly gauge the cumulative value of postsecondary degrees earned by UNC Asheville alumni in the Asheville economy the additional spending from raised incomes is analyzed. As such it should be recognized that these results are limited; capturing only a very small portion of the true community impacts. Presently 7,198 UNC Asheville alumni reside in the four county Asheville metro. 7 According to the U.S. Census Bureau, the median annual earnings for Asheville metro residents over the age of 25 who have attained a Bachelor's or Graduate degree is $16,111 greater than those who have not. 8 Annually then, UNC Asheville alumni should expect to add $115.9 million in local earnings as an account of having attained a Bachelor's or Graduate degree. The increase in local spending from the earnings premium of UNC Asheville alumni support 835 local jobs 9 (Table 15). In terms of income activity, the added spending causes local labor income to increase by $28.7 million. Annually, economic value is raised by $52 million and total economic output increases by $96 million in the Asheville region as a result of the increased spending. As the added spending occurs it generates additional tax revenues; increasing county, local, state and Federal revenues by a total of $12.2 million annually (Table 16). 7 UNC Asheville Fact Book , Office of Institutional Research, Effectiveness and Planning American Community Survey 5 Year Estimates. Weighted median annual earnings are $41,699 for those with a Bachelor's or Graduate degree and $25,588 for those with less educational attainment. 9 Because the increase represents an increase in compensation, the impacts are all induced. Economic Impacts of the University of North Carolina at Asheville

16 Table 15 UNC Asheville Alumni Premium Local Impacts Effects Employment Labor Income Value Added Output Induced 835 $29,708,783 $52,259,046 $96,169,828 Total 835 $29,708,783 $52,259,046 $96,169,828 Table 16 UNC Asheville Alumni Premium Tax Revenues Generated County & Local $1,891,230 State $3,032,792 Federal $7,329,316 Total $12,253,339 Annual New Resident Attraction The presence of a college or university can be a positive determining factor in where people live. Access to collegiate educational programs and cultural or sporting events is generally viewed as a powerful force for attracting new residents. However, actually attributing the number of residents who have moved to the area as a result of the presence of a college or university can be difficult to document. UNC Asheville is fortunate to have a campus organization which regularly surveys its participants and quantifies the number that subsequently moves to the area. The Osher Lifelong Learning Institute (OLLI) 10 estimates an annual attraction of 115 new households. The data provides a credible baseline from which to estimate impacts. Because the analysis does not account for other sources of new resident attraction, and only counts the impact for the single year the resident moves to the Asheville area, the total results likely well underestimates the full impact. The added local spending from new 115 households 11 supports 81 local jobs annually (Table 17). In terms of income activity, the added spending causes local labor income to increase by $2.8 million. Annually, economic value rises by $5.1 million and total economic output increases by $9.4 million in the Asheville region as a result of increased spending of 1115 new households. As the added spending occurs it generates additional tax revenues; increasing county, local, state and Federal tax revenues by $1.19 million annually (Table 18). 10 The Osher Lifelong Learning Institute at UNC A conducts ongoing programs in the arts and humanities, the natural world, civic engagement, wellness, life transition and retirement relocation planning, and intergenerational co learning. 11 To estimate annual household spending; personal consumption expenditures ratios from the U.S. Census Bureau were applied on a weighted average OLLI participant household income. Economic Impacts of the University of North Carolina at Asheville

17 Table 17 UNC Asheville New Resident Attraction Local Impacts Effects Employment Labor Income Value Added Output Direct 37 $1,378,901 $2,448,429 $4,361,707 Indirect 12 $388,990 $671,329 $1,395,748 Induced 32 $1,132,019 $1,992,197 $3,665,098 Total 81 $2,899,910 $5,111,956 $9,422,553 Table 18 UNC Asheville New Resident Attraction Tax Revenues Generated County & Local $183,903 State $295,326 Federal $716,548 Total $1,195,777 Actual & Planned Capital Spending Actual & Planned Capital Spending includes capital spending for the current 2017 fiscal year and planned capital spending for the following four fiscal years. Across the entire five year period the University is planning to spend a total of slightly more than $79 million on capital projects. The largest capital project is the $33.8 million construction of a new apartment style 294 bed residence hall. Additionally, the University will receive $21 million from Connect NC Bond proceeds for the renovation of Owen Hall and Carmichael Hall. Other capital projects include the renovation of the Highsmith Student Center and the Justice Center. Capital spending in the current 2017 fiscal year supported a total of 50 jobs in the local economy. Over the following four years capital spending will annually support between 64 and 474 local jobs (Table 18). Over the entire period capital spending will support an annual average of 224 local jobs, add $3.1 million in local income, raise $12.1 million in local economic value, increase local economic output by $31 million and generate $2.6 million in tax revenues (Tables 19 23). Economic Impacts of the University of North Carolina at Asheville

18 Table 19 UNC Asheville Capital Spending Annual Employment Impacts Five Year Average Direct Indirect Induced Total Table 20 UNC Asheville Capital Spending Labor Income Impacts Five Year Average Direct $760,360 $6,180,001 $7,192,624 $1,896,151 $970,696 $3,399,966 Indirect $328,384 $2,658,748 $3,096,080 $808,638 $408,953 $1,460,161 Induced $696,863 $5,657,367 $6,585,426 $1,731,257 $883,087 $3,110,800 Total $1,785,607 $14,496,116 $16,874,130 $4,436,046 $2,262,736 $7,970,927 Table 21 UNC Asheville Capital Spending Value Added Impacts Five Year Average Direct $964,399 $7,833,844 $9,118,200 $2,400,442 $1,226,647 $4,308,706 Indirect $530,367 $4,292,676 $4,999,002 $1,304,597 $659,073 $2,357,143 Induced $1,227,501 $9,965,162 $11,599,909 $3,049,445 $1,555,420 $5,479,488 Total $2,722,268 $22,091,682 $25,717,111 $6,754,485 $3,441,140 $12,145,337 Table 22 UNC Asheville Capital Spending Output Impacts Five Year Average Direct $3,620,000 $29,095,000 $33,916,000 $8,700,000 $4,294,000 $15,925,000 Indirect $1,138,376 $9,182,107 $10,698,159 $2,768,523 $1,382,975 $5,034,028 Induced $2,257,004 $18,323,046 $21,328,852 $5,607,132 $2,860,071 $10,075,221 Total $7,015,380 $56,600,152 $65,943,011 $17,075,656 $8,537,047 $31,034,249 Economic Impacts of the University of North Carolina at Asheville

19 Table 23 UNC Asheville Capital Spending Tax Revenues Generated Five Year Average County & Local $72,498 $588,668 $685,219 $180,214 $91,974 $323,715 State $133,093 $1,080,515 $1,257,764 $330,672 $168,681 $594,145 Federal $384,843 $3,125,471 $3,637,992 $957,275 $488,873 $1,718,891 Total $590,434 $4,794,654 $5,580,976 $1,468,161 $749,527 $2,636,750 Economic Impacts of the University of North Carolina at Asheville

20 Definitions Local Asheville Economy Time Period Direct Effect Indirect Effect Induced Effect Total Effect IMPLAN Labor Income Value Added Output Tax Revenues The local Asheville economy represents the four county metropolitan statistical area (Buncombe, Haywood, Henderson, and Madison counties). All impacts occur within a one year period. Primary data for the economic activities were collected for Fiscal Year The set of expenditures applied to the predictive model (i.e., I/O multipliers) for impact analysis. It is a series (or single) of production changes or expenditures made by producers/consumers as a result of an activity or policy. These initial changes are determined by the analyst to be a result of this activity or policy. The impact of local industries buying goods and services from other local industries. The cycle of spending works its way backward through the supply chain until all money leaks from the local economy, either through imports or by payments to value added. The response by an economy to an initial change (direct effect) that occurs through re spending of income received by a component of value added. This money is recirculated through the household spending patterns causing further local economic activity. The sum of direct, indirect, and induced effects. IMPLAN (IMpact analysis for PLANning) economic impact modeling system. IMPLAN is used to create complete detailed multi regional Social Accounting Matrices (SAMs) and Multiplier Models of reginal economies. All forms of employment income, including Employee Compensation (wages and benefits) and Proprietor Income. Incremental value of production less intermediate outputs. The difference between an industry's or an establishment's total output and the cost of its intermediate inputs. Output represents the value of industry production. For manufacturers this is sales plus/minus change in inventory. For service sectors production = sales. For Retail and wholesale trade, output = gross margin and not gross sales. An estimate of the changes in income received by Federal, State, County and Local governments that stem from a specific economic impact or activity. Local agencies include cities, townships, villages, public school and fire districts Economic Impacts of the University of North Carolina at Asheville

21 Firm Profile SYNEVA Economics, incorporated in the State of North Carolina since 2003 and based in Asheville, is an innovative leader in data driven regional economic analysis. As a regional economic research expert, SYNEVA Economics follows an adaptive business model, its role adjusting to the specific needs of each client and project. The firm at times works directly with municipal, community and economic development leadership and at other times serves as the research expert for firms such as Deloitte, Garner Economics, McCallum Sweeney Consulting, Magellan Strategy Group, Urban3, and Younger Associates. SYNEVA Economics broad portfolio includes economic assessments for dozens of communities, industry targeting, economic impact analyses, workforce & skills assessments, micro demographic analyses, and a host of custom analyses answering specific site and client needs. The range of research activities has been as diverse as economic impact analyses of universities, international airports and major infrastructure projects to micro demographics analyses of neighborhood gentrification and sub state health insurance coverage. Besides economic developers, municipalities, and workforce development boards, SYNEVA Economics clients have included commercial developers, community organizations, architectural and planning firms, a national insurance provider, and even the national offices of the Boy Scouts of America in site selection decisions. Innovative projects have included in depth evaluations of community and industry trends for the cities of Charlotte NC and Atlanta GA. Besides numerous community level assignments, comprehensive workforce assessments have been conducted for the St. Joe Company in Florida, and an exhaustive evaluation of precise workers skills for all workforce investment areas in the state of Mississippi. SYNEVA Economics projects have included the economic impacts of a permanent National Scouting Center for the Boys Scouts of America, Greenville Spartanburg International Airport, Asheville Regional Airport and the National Medal of Honor Museum in Charleston SC. For complete listing of projects and current activities visit Contact Information: Tom Tveidt, Research Economist SYNEVA Economics, LLC PO Box 885 Asheville NC SYNEVA Economics, LLC has prepared this report for the sole use of the Client. This report may not be relied upon by any other party without express written agreement. SYNEVA Economics, LLC has exercised due and customary care in conducting this analysis, but has not independently verified information provided by others. No other warranty, express or implied is made in relation to the conduct of the Client or the contents of the analysis. SYNEVA Economics, LLC assumes no liability for any loss resulting from errors, omissions, or misrepresentations made by others. Any findings stated in this report are based on circumstances and facts as they existed at the time the work was performed. Any changes in circumstances and facts upon which this report is based may adversely affect the finding contained in this report. Economic Impacts of the University of North Carolina at Asheville

The Economic Impact of Tourism in Walworth County, Wisconsin. July 2013

The Economic Impact of Tourism in Walworth County, Wisconsin. July 2013 The Economic Impact of Tourism in Walworth County, Wisconsin July 2013 Key themes for 2012 The Walworth County, Wisconsin visitor economy continued its brisk growth in 2012. Visitor spending rose 11% after

More information

Economic Impacts of Campgrounds in New York State

Economic Impacts of Campgrounds in New York State Economic Impacts of Campgrounds in New York State June 2017 Report Submitted to: Executive Summary Executive Summary New York State is home to approximately 350 privately owned campgrounds with 30,000

More information

The Economic Impact of Tourism in: Dane County & Madison, Wisconsin. April 2017

The Economic Impact of Tourism in: Dane County & Madison, Wisconsin. April 2017 The Economic Impact of Tourism in: Dane County & Madison, Wisconsin April 2017 Key themes for 2016 Visitor spending continued growing in Dane County, Wisconsin in 2016, growing 5.2% to surpass $1.2 billion.

More information

The Economic Impact of Tourism on Galveston Island, Texas Analysis

The Economic Impact of Tourism on Galveston Island, Texas Analysis The Economic Impact of Tourism on Galveston Island, Texas 2012 Analysis Headline Results Headline results Tourism is a significant contributor to business sales, employment, and taxes on Galveston Island.

More information

The Economic Impact of Travel in Kansas. Tourism Satellite Account Calendar Year 2013

The Economic Impact of Travel in Kansas. Tourism Satellite Account Calendar Year 2013 The Economic Impact of Travel in Kansas Tourism Satellite Account Calendar Year 2013 Who we are Tourism Economics Union of industry expertise and economic disciplines Real world insights based on quantitative

More information

Economic Impact of Tourism in Hillsborough County September 2016

Economic Impact of Tourism in Hillsborough County September 2016 Economic Impact of Tourism in Hillsborough County - 2015 September 2016 Key findings for 2015 Almost 22 million people visited Hillsborough County in 2015. Visits to Hillsborough County increased 4.5%

More information

The Economic Impact of Tourism in Maryland. Tourism Satellite Account Calendar Year 2015

The Economic Impact of Tourism in Maryland. Tourism Satellite Account Calendar Year 2015 The Economic Impact of Tourism in Maryland Tourism Satellite Account Calendar Year 2015 MD tourism economy reaches new peaks The Maryland visitor economy continued to grow in 2015; tourism industry sales

More information

Economic Impact of Tourism in South Dakota, December 2017

Economic Impact of Tourism in South Dakota, December 2017 Economic Impact of Tourism in South Dakota, 2017 December 2017 1) Key findings 1) Growth continues in 2017 but pales against the event driven years of 2015 and 2016 in South Dakota Key facts about South

More information

The Economic Impact of the 2015 ASICS Los Angeles Marathon. September 2015

The Economic Impact of the 2015 ASICS Los Angeles Marathon. September 2015 The Economic Impact of the 2015 ASICS Los Angeles Marathon September 2015 Introduction and definitions This study measures the economic impact of the 2015 ASICS Los Angeles Marathon held in March 2015.

More information

REPORT ON THE ECONOMIC IMPACT OF TOURISM. Raleigh, North Carolina

REPORT ON THE ECONOMIC IMPACT OF TOURISM. Raleigh, North Carolina 2016 REPORT ON THE ECONOMIC IMPACT OF TOURISM Raleigh, North Carolina Table of Contents 2 OVERVIEW 3 HEADLINE RESULTS 5 KEY TRENDS 8 VISITORS & SPENDING Visitor details in 2016 Composition of tourism spending

More information

NAPA VALLEY VISITOR INDUSTRY 2016 Economic Impact Report

NAPA VALLEY VISITOR INDUSTRY 2016 Economic Impact Report NAPA VALLEY VISITOR INDUSTRY 2016 Economic Impact Report Research prepared for Visit Napa Valley by Destination Analysts, Inc. Table of Contents S E C T I O N 1 Introduction 2 S E C T I O N 2 Executive

More information

Benchmarking Travel & Tourism in United Arab Emirates

Benchmarking Travel & Tourism in United Arab Emirates Benchmarking Travel & Tourism in United Arab Emirates How does Travel & Tourism compare to other sectors? Summary of Findings, November 2013 Sponsored by: Outline Introduction... 3 UAE summary...... 8

More information

NAPA VALLEY VISITOR INDUSTRY 2012 Economic Impact Report

NAPA VALLEY VISITOR INDUSTRY 2012 Economic Impact Report Join Visit Napa Valley NAPA VALLEY VISITOR INDUSTRY 2012 Economic Impact Report Research prepared for Visit Napa Valley by Destination Analysts, Inc. Table of Contents SECTION 1 Introduction 2 SECTION

More information

NAPA VALLEY VISITOR INDUSTRY 2014 Economic Impact Report

NAPA VALLEY VISITOR INDUSTRY 2014 Economic Impact Report NAPA VALLEY VISITOR INDUSTRY 2014 Economic Impact Report Research prepared for Visit Napa Valley by Destination Analysts, Inc. Table of Contents SECTION 1 Introduction 2 SECTION 2 Executive Summary 5 SECTION

More information

Benchmarking Travel & Tourism in Russia

Benchmarking Travel & Tourism in Russia Benchmarking Travel & Tourism in Russia How does Travel & Tourism compare to other sectors? Sponsored by: Summary of Findings, November 2013 Outline Introduction... 3 Russia summary..... 8 Data sources

More information

United Kingdom. How does Travel & Tourism compare to other sectors? GDP. Size. Share. UK GDP Impact by Industry. UK GDP Impact by Industry

United Kingdom. How does Travel & Tourism compare to other sectors? GDP. Size. Share. UK GDP Impact by Industry. UK GDP Impact by Industry United Kingdom Stonehenge in Wiltshire Agriculture Automotive Banking Chemicals Communications Education Financial Mining Other Service Manufacturing Manufacturing Services Exports Retail (without wholesale)

More information

ESTIMATION OF ECONOMIC IMPACTS FOR AIRPORTS IN HAWTHORNE, EUREKA, AND ELY, NEVADA

ESTIMATION OF ECONOMIC IMPACTS FOR AIRPORTS IN HAWTHORNE, EUREKA, AND ELY, NEVADA TECHNICAL REPORT UCED 97/98-14 ESTIMATION OF ECONOMIC IMPACTS FOR AIRPORTS IN HAWTHORNE, EUREKA, AND ELY, NEVADA UNIVERSITY OF NEVADA, RENO ESTIMATION OF ECONOMIC IMPACTS FOR AIRPORTS IN HAWTHORNE, EUREKA

More information

Asheville Metro Economic Report nd Quarter

Asheville Metro Economic Report nd Quarter Asheville Metro Economic Report 2017 2nd Quarter Johnson Price Sprinkle PA provides Asheville Metro Economic Report - 2017 Second Quarter. JPS is a sixty-year-old accounting firm serving Western North

More information

The Economic Impact of Tourism on the District of Thanet 2011

The Economic Impact of Tourism on the District of Thanet 2011 The Economic Impact of Tourism on the District of Thanet 2011 Prepared by: Tourism South East Research Unit 40 Chamberlayne Road Eastleigh Hampshire SO50 5JH CONTENTS 1. Summary of Results 1 2. Table of

More information

TOURISM AS AN ECONOMIC ENGINE FOR GREATER PHILADELPHIA

TOURISM AS AN ECONOMIC ENGINE FOR GREATER PHILADELPHIA TOURISM AS AN ECONOMIC ENGINE FOR GREATER PHILADELPHIA 2015 Visitation and Economic Impact Report FINAL REPORT SUBMITTED TO: VISIT PHILADELPHIA 30 S. 17 th St, Suite 2010 Philadelphia, PA 19103 FINAL REPORT

More information

Figure 1.1 St. John s Location. 2.0 Overview/Structure

Figure 1.1 St. John s Location. 2.0 Overview/Structure St. John s Region 1.0 Introduction Newfoundland and Labrador s most dominant service centre, St. John s (population = 100,645) is also the province s capital and largest community (Government of Newfoundland

More information

Produced by: Destination Research Sergi Jarques, Director

Produced by: Destination Research Sergi Jarques, Director Produced by: Destination Research Sergi Jarques, Director Economic Impact of Tourism Norfolk - 2016 Contents Page Summary Results 2 Contextual analysis 4 Volume of Tourism 7 Staying Visitors - Accommodation

More information

The 2001 Economic Impact of Connecticut s Travel and Tourism Industry

The 2001 Economic Impact of Connecticut s Travel and Tourism Industry The 2001 Economic Impact of Connecticut s Travel and Tourism Industry EXECUTIVE SUMMARY Fred V. Carstensen, Director Stan McMillen, Manager, Research Projects Murat Arik, Research Associate Hulya Varol,

More information

CHAPTER THREE Profile of, and Direct Economic Impacts from, Florida Heritage Tourism

CHAPTER THREE Profile of, and Direct Economic Impacts from, Florida Heritage Tourism CHAPTER THREE Profile of, and Direct Economic Impacts from, Florida Heritage Tourism III-1 III-2 INTRODUCTION Giant and growing, the U.S. travel and tourism industry has captured the attention of state

More information

The Economic Impact of Tourism on Calderdale Prepared by: Tourism South East Research Unit 40 Chamberlayne Road Eastleigh Hampshire SO50 5JH

The Economic Impact of Tourism on Calderdale Prepared by: Tourism South East Research Unit 40 Chamberlayne Road Eastleigh Hampshire SO50 5JH The Economic Impact of Tourism on Calderdale 2015 Prepared by: Tourism South East Research Unit 40 Chamberlayne Road Eastleigh Hampshire SO50 5JH CONTENTS 1. Summary of Results 1 2. Table of Results Table

More information

Puerto Ricans in Rhode Island, the United States, and Puerto Rico, 2013

Puerto Ricans in Rhode Island, the United States, and Puerto Rico, 2013 Issued September 2016 Centro DS2015US-07 Puerto Ricans in Rhode Island, the United States, and Puerto Rico, 2013 In 2013 an estimated 36,217 Puerto Ricans lived in Rhode Island and accounted for at least

More information

Puerto Ricans in Georgia, the United States, and Puerto Rico, 2014

Puerto Ricans in Georgia, the United States, and Puerto Rico, 2014 Issued September 2016 Centro DS2014GA-14 Puerto Ricans in Georgia, the United States, and Puerto Rico, 2014 In 2014, an estimated 89,462 Puerto Ricans lived in Georgia and accounted for 1.7 percent of

More information

Puerto Ricans in Ohio, the United States, and Puerto Rico, 2014

Puerto Ricans in Ohio, the United States, and Puerto Rico, 2014 Issued April 2016 Centro DS2015US-12 Puerto Ricans in Ohio, the United States, and Puerto Rico, 2014 In 2014, Ohio had the tenth largest number of Puerto Ricans in the United States with 108,174 residents,

More information

Crown Corporation Business Plans. Trade Centre Limited

Crown Corporation Business Plans. Trade Centre Limited Crown Corporation Business Plans Trade Centre Limited Contents Message from the CEO and the Chair... 5 Mandate... 7 Alignment with Government s Priorities... 7 Core Responsibilities... 9 Budget Context...

More information

Oregon Travel Impacts p

Oregon Travel Impacts p Oregon Travel Impacts 1992-2016p May 2017 Prepared for Oregon Tourism Commission Salem, Oregon OREGON TRAVEL IMPACTS, 1992-2016P STATEWIDE PRELIMINARY ESTIMATES DETAILED COUNTY ESTIMATES OVERNIGHT VISITOR

More information

THAILAND HOW DOES TRAVEL & TOURISM COMPARE TO OTHER SECTORS? BENCHMARK REPORT THAILAND 1 SPONSORS OF BENCHMARKING REPORT 2017

THAILAND HOW DOES TRAVEL & TOURISM COMPARE TO OTHER SECTORS? BENCHMARK REPORT THAILAND 1 SPONSORS OF BENCHMARKING REPORT 2017 THAILAND AGRICULTURE AUTOMOTIVE MANUFACTURING BANKING CHEMICALS MANUFACTURING COMMUNICATIONS CONSTRUCTION FINANCIAL SERVICES MINING OTHER SERVICE EXPORTS RETAIL (WITHOUT WHOLESALE) TOTAL ECONOMY TRAVEL

More information

Economic Impact of Tourism. Norfolk

Economic Impact of Tourism. Norfolk Economic Impact of Tourism Norfolk - 2009 Produced by: East of England Tourism Dettingen House Dettingen Way, Bury St Edmunds Suffolk IP33 3TU Tel. 01284 727480 Contextual analysis Regional Economic Trends

More information

Economic Impact of Tourism. Cambridgeshire 2010 Results

Economic Impact of Tourism. Cambridgeshire 2010 Results Economic Impact of Tourism Cambridgeshire 2010 Results Produced by: Tourism South East Research Department 40 Chamberlayne Road, Eastleigh, Hampshire, SO50 5JH sjarques@tourismse.com http://www.tourismsoutheast.com

More information

The History of Gaming in the State of Iowa

The History of Gaming in the State of Iowa The History of Gaming in the State of Iowa In May of 1983, the Iowa Legislature passed the Pari-Mutuel Wagering Act allowing qualified sponsoring organizations to apply for a license to conduct pari-mutuel

More information

Economic Impact of Nature Tourism on the Rio Grande Valley: Considering Peak and Off-Peak Visitation for 2011

Economic Impact of Nature Tourism on the Rio Grande Valley: Considering Peak and Off-Peak Visitation for 2011 Economic Impact of Nature Tourism on the Rio Grande Valley: Considering Peak and Off-Peak Visitation for 2011 Report prepared for the South Texas Nature Marketing Coop by: Department of Recreation, Park

More information

Page 1. Economic Impact Assessment of the Palm Island Community Company

Page 1. Economic Impact Assessment of the Palm Island Community Company Page 1 Economic Impact Assessment of the Palm Island Community Company INCORPORATING: Empower North is a group of expert consultants providing select clients with an integrated service across the specialist

More information

INTERNATIONAL DRIVE ECONOMIC IMPACT ANALYSIS. Luis Nieves-Ruiz, AICP Economic Development Program Manager March 29, 2017

INTERNATIONAL DRIVE ECONOMIC IMPACT ANALYSIS. Luis Nieves-Ruiz, AICP Economic Development Program Manager March 29, 2017 INTERNATIONAL DRIVE ECONOMIC IMPACT ANALYSIS Luis Nieves-Ruiz, AICP Economic Development Program Manager March 29, 2017 EAST CENTRAL FLORIDA REGIONAL PLANNING COUNCIL One of 10 RPCs Non-profit Agency Technical

More information

Economic contribution of the Qantas Group to Australia in FY17. Economic contribution of the Qantas Group to Australia in FY17 The Qantas Group

Economic contribution of the Qantas Group to Australia in FY17. Economic contribution of the Qantas Group to Australia in FY17 The Qantas Group Economic contribution of the Qantas Group to Australia in FY17 Economic contribution of the Qantas Group to Australia in FY17 The Qantas Group November 2017 1 Economic contribution of the Qantas Group

More information

Economic Contribution of Tourism to NSW

Economic Contribution of Tourism to NSW Economic Contribution of Tourism to NSW 2015-16 Tourism is a significant part of the NSW economy. In 2015-16, tourism contributed $38.1 billion (Tourism Consumption) to the NSW economy and employed 261,100

More information

Panama City Beach Travel Market Economic Impact Report. Prepared for: Panama City Beach Convention & Visitors Bureau

Panama City Beach Travel Market Economic Impact Report. Prepared for: Panama City Beach Convention & Visitors Bureau Panama City Beach 2016 Travel Market Economic Impact Report Presented by: Berkeley Young, President Young Strategies, Inc. Data Analysis: Larry D. Gustke, PhD Steve Morse, PhD Prepared for: Panama City

More information

Hamilton County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, Hamilton County (Chattanooga area)

Hamilton County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, Hamilton County (Chattanooga area) Hamilton County, TN Hamilton County (Chattanooga area) Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, Steve Morse, Ph.D. Director & Economist Tourism Institute University

More information

Measuring travel services and tourism in New Zealand. October 2013

Measuring travel services and tourism in New Zealand. October 2013 Measuring travel services and tourism in New Zealand October 2013 Outline Travel in the New Zealand economy Different measures for travel and tourism How are travel and tourism statistics compiled? Publications

More information

THE ECONOMIC SIGNIFICANCE OF TOURISM AND NATURE TOURISM IN CORPUS CHRISTI 2012 UPDATE

THE ECONOMIC SIGNIFICANCE OF TOURISM AND NATURE TOURISM IN CORPUS CHRISTI 2012 UPDATE THE ECONOMIC SIGNIFICANCE OF TOURISM AND NATURE TOURISM IN CORPUS CHRISTI 2012 UPDATE Prepared for Corpus Christi Convention & Visitors Bureau Prepared by Jim Lee, Ph.D. March 2012 TABLE OF CONTENTS Section

More information

COLUMBUS REGIONAL AIRPORT AUTHORITY. Economic Impact Study Update. Technical Report

COLUMBUS REGIONAL AIRPORT AUTHORITY. Economic Impact Study Update. Technical Report COLUMBUS REGIONAL AIRPORT AUTHORITY Economic Impact Study Update Technical Report November 2012 COLUMBUS REGIONAL AIRPORT AUTHORITY ECONOMIC IMPACT STUDY UPDATE November 2012 Prepared for: Prepared by:

More information

2013 IRVING HOTEL GUEST SURVEY Final Project Report

2013 IRVING HOTEL GUEST SURVEY Final Project Report 2013 IRVING HOTEL GUEST SURVEY Final Project Report Research prepared for the Irving Convention & Visitors Bureau by Destination Analysts, Inc. Table of Contents SECTION 1 Introduction 2 SECTION 2 Executive

More information

SOCIAL ENTERPRISE IN EDINBURGH: PEOPLE, PROFIT AND PLACE

SOCIAL ENTERPRISE IN EDINBURGH: PEOPLE, PROFIT AND PLACE SOCIAL ENTERPRISE IN EDINBURGH: PEOPLE, PROFIT AND PLACE Introduction Edinburgh is a leading centre for social enterprise and home to some high profile organisations in the sector. With over 70 members,

More information

Cheatham County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, 2006

Cheatham County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, 2006 Cheatham County, TN Cheatham County (Kingston Springs & Ashland City areas) Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, Steve Morse, Ph.D. Director & Economist Tourism

More information

Airport Planning Area

Airport Planning Area PLANNING AREA POLICIES l AIRPORT Airport Planning Area LOCATION AND CONTEXT The Airport Planning Area ( Airport area ) is a key part of Boise s economy and transportation network; it features a multi-purpose

More information

Sevier County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, 2006

Sevier County, TN. Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, 2006 Sevier County, TN Sevier County (Gatlinburg, Pigeon Forge, Sevierville areas) Hotel, Restaurant, and Travel Industries: Economic Profile and Business Trends, Steve Morse, Ph.D. Director & Economist Tourism

More information

Estimating Tourism Expenditures for the Burlington Waterfront Path and the Island Line Trail

Estimating Tourism Expenditures for the Burlington Waterfront Path and the Island Line Trail A report by the University of Vermont Transportation Research Center Estimating Tourism Expenditures for the Burlington Waterfront Path and the Island Line Trail Report # 10-003 February 2010 Estimating

More information

Fiji s Tourism Satellite Accounts

Fiji s Tourism Satellite Accounts Asia-Pacific Economic Statistics Week Bangkok 2 4 May 2016 Fiji s Tourism Satellite Accounts Mr. Bimlesh Krishna Divisional Manager Economic Statistics Fiji s Tourism Satellite Introduction The Tourism

More information

MONTEREY COUNTY TRAVEL IMPACTS P

MONTEREY COUNTY TRAVEL IMPACTS P MONTEREY COUNTY TRAVEL IMPACTS 1992-2015P April 2016 Prepared for the Monterey County Convention and Visitors Bureau MONTEREY COUNTY TRAVEL IMPACTS, 1992-2015P Prepared for the Monterey County Convention

More information

BREA. Contribution of Cruise Tourism to the Economies of Europe Country Report Italy. The European Cruise Council Euroyards. Business Research &

BREA. Contribution of Cruise Tourism to the Economies of Europe Country Report Italy. The European Cruise Council Euroyards. Business Research & BREA Business Research Contribution of Cruise Tourism to the Economies of Europe 2011 Country Report Prepared for The European Cruise Council Euroyards July 2012 continues to be the major centre for cruise

More information

The Challenges for the European Tourism Sustainable

The Challenges for the European Tourism Sustainable The Challenges for the European Tourism Sustainable Denada Olli Lecturer at Fan S. Noli University, Faculty of Economy, Department of Marketing, Branch Korça, Albania. Doi:10.5901/mjss.2013.v4n9p464 Abstract

More information

Puerto Ricans in Massachusetts, the United States, and Puerto Rico, 2014

Puerto Ricans in Massachusetts, the United States, and Puerto Rico, 2014 Issued April 2016 Centro DS2016US-07 Puerto Ricans in Massachusetts, the United States, and Puerto Rico, 2014 In 2014, Massachusetts was the fifth state with most Puerto Ricans in the United States. In

More information

CRITICAL FACTORS FOR THE DEVELOPMENT OF AIRPORT CITIES. Mauro Peneda, Prof. Rosário Macário AIRDEV Seminar IST, 20 October 2011

CRITICAL FACTORS FOR THE DEVELOPMENT OF AIRPORT CITIES. Mauro Peneda, Prof. Rosário Macário AIRDEV Seminar IST, 20 October 2011 CRITICAL FACTORS FOR THE DEVELOPMENT OF AIRPORT CITIES Mauro Peneda, Prof. Rosário Macário AIRDEV Seminar IST, 20 October 2011 Introduction Airports are becoming new dynamic centres of economic activity.

More information

Economic Impacts of the Visitor Industry in Juneau Prepared for: Juneau Convention & Visitors Bureau

Economic Impacts of the Visitor Industry in Juneau Prepared for: Juneau Convention & Visitors Bureau Economic Impacts of the Visitor Industry in Juneau 2007-08 Prepared for: Juneau Convention & Visitors Bureau April 2009 Economic Impacts of the Visitor Industry in Juneau 2007-08 Prepared for: Juneau Convention

More information

CRUISE ACTIVITY IN BARCELONA. Impact on the Catalan economy and socioeconomic profile of cruise passengers (2014)

CRUISE ACTIVITY IN BARCELONA. Impact on the Catalan economy and socioeconomic profile of cruise passengers (2014) CRUISE ACTIVITY IN BARCELONA Impact on the Catalan economy and socioeconomic profile of cruise passengers (2014) 2 CRUISE ACTIVITY IN BARCELONA 2014 Impact on the Catalan economy and socioeconomic profile

More information

Tourism Satellite Account Calendar Year 2015

Tourism Satellite Account Calendar Year 2015 The Economic Impact of Tourism in New Jersey Tourism Satellite Account Calendar Year 2015 2015 tourism year in review Despite storms, casino closures and sluggish economic growth, tourism in New Jersey

More information

Otago Economic Overview 2013

Otago Economic Overview 2013 Final report May 2014 www.berl.co.nz Background Author(s): Mark Cox, Hugh Dixon and Masrur Alam Khan DISCLAIMER All work is done, and services rendered at the request of, and for the purposes of the client

More information

California Travel Impacts p

California Travel Impacts p California Travel Impacts 1992-2014p April 2015 A Joint Marketing Venture of Visit California and the Governor s Office of Business Development (GO-Biz) PREPARED BY Dean Runyan Associates, Inc. 833 SW

More information

Report on Palm Beach County Tourism Fiscal Year 2007/2008 (October 2007 September 2008)

Report on Palm Beach County Tourism Fiscal Year 2007/2008 (October 2007 September 2008) Report on Palm Beach County Tourism Fiscal Year 2007/2008 (October 2007 September 2008) Prepared for: Tourist Development Council of Palm Beach County Prepared by: 4020 S. 57 th Avenue Lake Worth, FL 33463

More information

Puerto Rican Entrepreneurship in the U.S.

Puerto Rican Entrepreneurship in the U.S. Puerto Rican Entrepreneurship in the U.S. Research Brief issued April 2017 By: Jennifer Hinojosa Centro RB2016-14 Puerto Rican entrepreneurs were the fastest growing business firms in the U.S. According

More information

Canadian Tourism Satellite Account Demystified

Canadian Tourism Satellite Account Demystified Canadian Tourism Satellite Account Demystified Charles Morissette R & D Projects and Analysis Section Income and Expenditure Division Presentation for TTRA Conference October, 2010 Outline The economic

More information

LORD HOWE ISLAND MARINE PARK PROFILE OF LOCAL BUSINESSES. Department of Environment Climate Change & Water. Prepared For: Prepared By:

LORD HOWE ISLAND MARINE PARK PROFILE OF LOCAL BUSINESSES. Department of Environment Climate Change & Water. Prepared For: Prepared By: LORD HOWE ISLAND MARINE PARK PROFILE OF LOCAL BUSINESSES Prepared For: Department of Environment Climate Change & Water Prepared By: Arche Consulting Pty Ltd Version: June 2010 Arche Consulting T + 61

More information

County of Dufferin Economic Development Strategy and Action Plan

County of Dufferin Economic Development Strategy and Action Plan County of Dufferin Economic Development Strategy and Action Plan Strategic Plan Background Report Information for Those Involved in Stakeholder Consultations About the Dufferin County Economic Development

More information

Working Draft: Time-share Revenue Recognition Implementation Issue. Financial Reporting Center Revenue Recognition

Working Draft: Time-share Revenue Recognition Implementation Issue. Financial Reporting Center Revenue Recognition March 1, 2017 Financial Reporting Center Revenue Recognition Working Draft: Time-share Revenue Recognition Implementation Issue Issue #16-6: Recognition of Revenue Management Fees Expected Overall Level

More information

Institute for Public Policy and Economic Analysis

Institute for Public Policy and Economic Analysis Institute for Public Policy and Economic Analysis Die Cut Die Cut Die Cut Die Cut The Institute for Public Policy and Economic Analysis at Eastern Washington University will convey university expertise

More information

A thriving mountain city with over 9 million visitors ASHEVILLE NORTH CAROLINA

A thriving mountain city with over 9 million visitors ASHEVILLE NORTH CAROLINA A thriving mountain city with over 9 million visitors ASHEVILLE NORTH CAROLINA Highlights IDEAL LOCATION Excellent regional access with location on I-26 Location at Exit 33 is one of the region s primary

More information

MS. MILAGROS Y. SAY. Office of Tourism Development Planning, Research and Information Management PHILIPPINE DEPARTMENT OF TOURISM.

MS. MILAGROS Y. SAY. Office of Tourism Development Planning, Research and Information Management PHILIPPINE DEPARTMENT OF TOURISM. MS. MILAGROS Y. SAY Office of Tourism Development Planning, Research and Information Management PHILIPPINE DEPARTMENT OF TOURISM Current Data Gathering Methodologies employed in the Collection of Domestic

More information

PASO DEL NORTE ECONOMIC INDICATOR REVIEW SPRING 2015

PASO DEL NORTE ECONOMIC INDICATOR REVIEW SPRING 2015 PASO DEL NORTE ECONOMIC INDICATOR REVIEW SPRING 2015 UNIVERSITY OF TEXAS AT EL PASO Introduction The Paso del Norte region, comprising West Texas, New Mexico, and Chihuahua, has stood, for millennia, at

More information

2013 ASTA Travel Agency Industry Overview

2013 ASTA Travel Agency Industry Overview University of Massachusetts Amherst ScholarWorks@UMass Amherst Tourism Travel and Research Association: Advancing Tourism Research Globally 2013 Marketing Outlook Forum - Outlook for 2014 2013 ASTA Travel

More information

Logan Airport in the Boston Regional Economy: A REMI Analysis

Logan Airport in the Boston Regional Economy: A REMI Analysis Logan Airport in the Boston Regional Economy: A REMI Analysis Logan Airport Team Final Presentation 11.482J Regional Socioeconomic Impact Analyses and Modeling Professor: Karen R. Polenske Michael Brown,

More information

ISPA 2009 U.S. Spa Compensation Data INTERNATIONAL SPA ASSOCIATION

ISPA 2009 U.S. Spa Compensation Data INTERNATIONAL SPA ASSOCIATION ISPA 2009 U.S. Spa Compensation Data INTERNATIONAL SPA ASSOCIATION U.S. Spa Compensation Survey Overview Spas were asked to share compensation data for the following full-time positions when surveyed in

More information

South Dakota Tourism IHS Consulting

South Dakota Tourism IHS Consulting South Dakota Tourism 2014 IHS Consulting Advancing Decisions that Advance the World More than 6,000 colleagues, in 30 countries, speaking 50 languages all working each day to: Serve businesses and governments

More information

The Cultural and Heritage Traveler 2013 Edition

The Cultural and Heritage Traveler 2013 Edition University of Massachusetts Amherst ScholarWorks@UMass Amherst Tourism Travel and Research Association: Advancing Tourism Research Globally 2013 Marketing Outlook Forum - Outlook for 2014 The Cultural

More information

Investigating International Business Events Delegate Spending Patterns in Malaysia

Investigating International Business Events Delegate Spending Patterns in Malaysia Investigating International Business Events Delegate Spending Patterns in Malaysia 1 Introduction To investigate international business events delegate spending patterns in Malaysia To determine the economic

More information

BP s impact on the economy in. A report by Oxford Economics December 2017

BP s impact on the economy in. A report by Oxford Economics December 2017 BP s impact on the economy in A report by Oxford Economics December 2017 98 million Gross value added contribution supported by BP in Greece 74 BP supported BP s activity supported 1,400 169,000 0.06%

More information

MAXIMUM LEVELS OF AVIATION TERMINAL SERVICE CHARGES that may be imposed by the Irish Aviation Authority ISSUE PAPER CP3/2010 COMMENTS OF AER LINGUS

MAXIMUM LEVELS OF AVIATION TERMINAL SERVICE CHARGES that may be imposed by the Irish Aviation Authority ISSUE PAPER CP3/2010 COMMENTS OF AER LINGUS MAXIMUM LEVELS OF AVIATION TERMINAL SERVICE CHARGES that may be imposed by the Irish Aviation Authority ISSUE PAPER CP3/2010 COMMENTS OF AER LINGUS 1. Introduction A safe, reliable and efficient terminal

More information

Government of Canada Survey of Heritage Institutions: 2015

Government of Canada Survey of Heritage Institutions: 2015 Government of Canada Survey of Heritage Institutions: 2015 1 This publication is available online at https://www.canada.ca/en/government/publications/dept.html Également disponible en français. Her Majesty

More information

The Economic Impact of Travel in Connecticut

The Economic Impact of Travel in Connecticut The Economic Impact of Travel in Connecticut For Calendar Year 2013 Tourism Economics Adam Sacks, President Adam Sacks, President Christopher Pike, Director 303 Lancaster Avenue, Suite 2E Wayne PA 19087,

More information

Link btwn Oper & Finance

Link btwn Oper & Finance Link btwn Oper & Finance 2016 Fall - SOM Lecture Topic 3 Dohoon Kim Value Equation Why firms? or why invest? (economic) Value creation Economic Value (EV) = investment x (ROIC WACC) ROIC (Return On Invested

More information

Travel and Tourism in Denmark to 2017

Travel and Tourism in Denmark to 2017 Travel and Tourism in Denmark to 2017 Growing Business Tourism and Promotional Activities by the Danish Tourist Board to Drive Tourism in Denmark Report Code: TT00103MR Publication Date: August 2013 www.timetric.com

More information

New Tourism Strategic Plan Northern Territory

New Tourism Strategic Plan Northern Territory New Tourism Strategic Plan Northern Territory Submission of Accommodation Association of Australia, 2012 EXECUTIVE SUMMARY Without it being overly detrimental to existing tourism accommodation businesses,

More information

SAMTRANS TITLE VI STANDARDS AND POLICIES

SAMTRANS TITLE VI STANDARDS AND POLICIES SAMTRANS TITLE VI STANDARDS AND POLICIES Adopted March 13, 2013 Federal Title VI requirements of the Civil Rights Act of 1964 were recently updated by the Federal Transit Administration (FTA) and now require

More information

CRUISE TOURISM S CONTRIBUTION TO THE NEW ZEALAND ECONOMY 2017

CRUISE TOURISM S CONTRIBUTION TO THE NEW ZEALAND ECONOMY 2017 CRUISE TOURISM S CONTRIBUTION TO THE NEW ZEALAND ECONOMY 2017 21 August 2017 CRUISE TOURISM S CONTRIBUTION TO THE NEW ZEALAND ECONOMY 2017 Prepared for New Zealand Cruise Association Document reference:

More information

The economic impact of Alitalia in Italy THE ECONOMIC IMPACT OF ALITALIA IN ITALY

The economic impact of Alitalia in Italy THE ECONOMIC IMPACT OF ALITALIA IN ITALY THE ECONOMIC IMPACT OF ALITALIA IN ITALY JUNE 216 Oxford Economics Oxford Economics was founded in 1981 as a commercial venture with Oxford University s business college to provide economic forecasting

More information

The Economic Impact Of Luxembourg Airport 29 April 2016

The Economic Impact Of Luxembourg Airport 29 April 2016 The Economic Impact Of Luxembourg Airport 29 April 2016 What is Economic Impact Economic Impact of Luxemburg Airport refers to the contribution of the Airport to the Luxembourg Economy This can be measured

More information

Airport Profile Orlando-Sanford International Airport

Airport Profile Orlando-Sanford International Airport Airport Profile Orlando-Sanford International Airport 2015 BY THE NUMBERS 1,227,803 Enplanements 1,093,195 Passengers Orlando-Sanford International Airport (SFB) is an airport located in Sanford, Florida

More information

2014 NOVEMBER ECONOMIC IMPACTS AND VISITOR PROFILE. Prepared By:

2014 NOVEMBER ECONOMIC IMPACTS AND VISITOR PROFILE. Prepared By: 2014 NOVEMBER ECONOMIC IMPACTS AND VISITOR PROFILE Prepared By: Sisters Folk Festival Economic Impacts and Visitor Profile September 5-7, 2014 November 2014 Prepared for Sisters Folk Festival, Inc. Sisters,

More information

With a world-class infrastructure, a global financial exchange, inspiring architecture, enabling services and a

With a world-class infrastructure, a global financial exchange, inspiring architecture, enabling services and a DIFC COMMUNITY With a world-class infrastructure, a global financial exchange, inspiring architecture, enabling services and a vibrant business community, the Dubai International Financial Centre (DIFC)

More information

Travel and Tourism in Canada to 2017

Travel and Tourism in Canada to 2017 Travel and Tourism in Canada to 2017 Improving Economic Conditions and Government Efforts to Promote Tourism Will Support Growth Report Code: TT0106MR Publication Date: September 2013 www.timetric.com

More information

The Economic Impacts of Cultural and Sport Tourism in Canada 2007

The Economic Impacts of Cultural and Sport Tourism in Canada 2007 The Economic Impacts of Cultural and Sport Tourism in Canada 2007 The Outspan Group Inc. The Economic Impacts of Cultural and Sport Tourism in Canada 2007 March 2009 ISBN: 978-1-100-13917-3 Catalogue number:

More information

MONROE CONVENTION CENTER EXPANSION UPDATE

MONROE CONVENTION CENTER EXPANSION UPDATE NOVEMBER 28, 2017 MONROE CONVENTION CENTER EXPANSION UPDATE Monroe Convention Center & Visit Bloomington Monroe Convention Center 1991-2017 Celebrating 26 years of positive impact on commerce and culture

More information

FIRST QUARTER RESULTS 2017

FIRST QUARTER RESULTS 2017 FIRST QUARTER RESULTS 2017 KEY RESULTS In the 1Q17 Interjet total revenues added $4,421.5 million pesos that represented an increase of 14.8% over the income generated in the 1Q16. In the 1Q17, operating

More information

State of the States October 2017 State & territory economic performance report. Executive Summary

State of the States October 2017 State & territory economic performance report. Executive Summary State of the States October 2017 State & territory economic performance report. Executive Summary NSW ON TOP; VICTORIA CLOSES IN How are Australia s states and territories performing? Each quarter CommSec

More information

Virginia Beach. InOneofAmerica s. GreatestAquariums! The City of Virginia Beach Has An Exciting Opportunity

Virginia Beach. InOneofAmerica s. GreatestAquariums! The City of Virginia Beach Has An Exciting Opportunity Virginia Beach The City of Virginia Beach Has An Exciting Opportunity InOneofAmerica s GreatestAquariums! The City of Virginia Beach Seeks a Director to Lead our Aquarium & Museums Things to love about

More information

SAYEBROOK TOWN CENTER

SAYEBROOK TOWN CENTER Discover SAYEBROOK TOWN CENTER Lowcountry Architecture A PLANNED COMMUNITY The South Strand Myrtle Beach, SC MYRTLE BEACH MSA FACTS FEATURES AND ATTRACTIONS: > 13.5 million visitors per year > 60 miles

More information

Investor Update October 23, 2007

Investor Update October 23, 2007 JetBlue Airways Investor Relations Lisa Studness Cindy England (718) 709-2202 ir@jetblue.com Investor Update October 23, 2007 This investor update provides our investor guidance for the fourth quarter

More information

The Economic Contribution of the International Cruise Industry in Canada

The Economic Contribution of the International Cruise Industry in Canada THE ECONOMIC CONTRIBUTION OF THE I N T E R N AT I O N A L C R U I S E I N D U S T RY I N C A N A D A C R U I S E L I N E S I N T E R N AT I O N A L A S S O C I AT I O N // BREA Business Research & Economic

More information