The economic contribution of lowry park zoo to the hillsborough county economy
Advertisement
This presentation is the property of its rightful owner.
1 / 23

The Economic Contribution of Lowry Park Zoo to the Hillsborough County Economy PowerPoint PPT Presentation

The Economic Contribution of Lowry Park Zoo to the Hillsborough County Economy. University of South Florida Center for Economic Development Research Dr. Dennis G. Colie. Concept and Method. Concept and Method. Concept

Download Presentation

The Economic Contribution of Lowry Park Zoo to the Hillsborough County Economy

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


The economic contribution of lowry park zoo to the hillsborough county economy

The Economic Contribution of Lowry Park Zoo to the Hillsborough County Economy

University of South Florida

Center for Economic Development Research

Dr. Dennis G. Colie


Concept and method

Concept and Method


Concept and method1

Concept and Method

  • Concept

    • Job creation in one industry leads to additional jobs in related industries.

    • Other jobs are created to support increased level of household income and spending from inter-industry job creation.

    • Job creation, with resulting increased levels of income and production, is called the multiplier, or ripple effect.


Concept and method2

Concept and Method

  • Method

    • Direct effects quantified via the Expenditure Approach for continuing operations, capital improvements, and additional spending in the area by visitors.

    • Expenditure Approach, for non-profit organization: value of output = cost to produce that output

Expenditure Approach


Concept and method3

Concept and Method

  • Method

    • The economic effect of Lowry Park Zoo, as it ripples through the economy, is estimated using the REMITM Policy Insight regional economic impact model.


Lowry park zoo fy 2001 02 economic contribution to hillsborough county

Lowry Park ZooFY 2001-02 Economic Contributionto Hillsborough County


Lowry park zoo fy 2001 02 economic contribution to hillsborough county1

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Components of Analysis:

    • Expenditures for Continuing Operations

    • Expenditures for Capital Improvements

    • Additional Spending by Visitors

    • Total Contributions, FY 2001-02 (including McDonald’s)


Lowry park zoo fy 2001 02 economic contribution to hillsborough county2

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Direct Contributions from Expenditures for Continuing Operations:

    • Employees - 167.7 annual average (EQUI)

    • Paid employees received $3,342,607 in wages and salaries, or $19,932 each on average

    • Volunteers - 10.26 full-time equivalent (FTE)

    • Volunteer effort valued at $304,503


Lowry park zoo fy 2001 02 economic contribution to hillsborough county3

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Contributions due to Expenditures for Continuing Operations:

    • Jobs - 257 (including 10 FTE volunteers)

    • Output valued at $16.53 million

    • Money wages - $7.07 million (or about $27,500 per job annually on average)

Variable: Industry Sales (amount) $533,000

Detail: Eating and Drinking

Variable: Non-Profit Organizations Sales (Industry Sales / Int’l Exports) amount $9,769,724

Detail: Museums and Non-commercial Organizations, Nec


Lowry park zoo fy 2001 02 economic contribution to hillsborough county4

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Direct Contributions from Spending for Capital Improvements:

    • $8,616,137 spent in FY 2001-02


Lowry park zoo fy 2001 02 economic contribution to hillsborough county5

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Contributions due to Spending for Capital Improvements:

    • Jobs - 181 on average

    • Total Output valued at $19.22 million

    • Money wages - $5.526 million (or about $30,530 per job annually on average)

Variable: Industry Sales (amount)

Details:

Machinery and Computers $344,421

Furniture $11,389

Motor Vehicles $104,211

Agriculture, Forestry and Fishery Services

$43,416

Construction $8,112,700

Issue:

Depreciation or Recurring Capital Expenditures


Lowry park zoo fy 2001 02 economic contribution to hillsborough county6

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Attendee Categories:

    • 683,301 attendees in FY 2001-02 placed in 3 categories:

      Locals - Hillsborough County residents335,773

      Daytrippers - reside near Hillsborough100,233

      Overnighters - travel to Hillsborough247,295

      Total683,301

    • No economic impact of additional spending by locals due to substitution effect

    • Daytrippers and Overnighters are considered Visitors to Hillsborough County


Lowry park zoo fy 2001 02 economic contribution to hillsborough county7

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Additional Spending by Visitors:

    • Additional spending by visitors (daytrippers and overnighters) is outside zoo, but in Hillsborough County

“The Visitor Days policy variables change the number of

tourists vacationing in the region in a given year. The number

of new net visitor days entered into the model is converted

into industry demands according to spending patterns

estimated by REMI. If you prefer to use your own spending

data you may use either Industry Demand or Consumer

Spending policy variables.”

“The conversion is done according to a study on Tourist

spending patterns in Massachusetts in the early 1980s …”


Lowry park zoo fy 2001 02 economic contribution to hillsborough county8

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Contributions due to Additional Spending by Visitors:

    • Jobs - 427

    • Output valued at $34.5 million

    • Money wages - $11.2 million (or about $26,295 per job annually on average)

Variable: Visitor Days

Details:

Hotel or Motel 247,295

Daytripper 100,233


Lowry park zoo fy 2001 02 economic contribution to hillsborough county9

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Total Economic Contribution of all Continuing Operations:

    • Includes all economic activities related to Lowry Park Zoo previously shown:

      Continuing Operations

      Capital Improvements

      Additional Spending by Visitors

    • Also includes operation of a McDonald’s restaurant on Zoo premises


Lowry park zoo fy 2001 02 economic contribution to hillsborough county10

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Total Economic Contribution due to all Continuing Operations:

    • Jobs - 888.5 on average

    • Output valued at $71.67 million

    • Money wages - $24.28 million


Lowry park zoo fy 2001 02 economic contribution to hillsborough county11

Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County

  • Summary

    • Rank of Activities by Highest Contribution:

      • Attraction of Visitors

      • Capital Improvements

      • Continuing Operations


Lowry park zoo anticipated economic contributions fy 2002 03 through fy 2005 06

Lowry Park Zoo Anticipated Economic Contributions FY 2002-03 through FY 2005-06


Lowry park zoo anticipated economic contributions fy 2002 03 through fy 2005 061

Lowry Park Zoo Anticipated Economic ContributionsFY 2002-03 through FY 2005-06

  • Basis for Direct Contribution:

    • Planned Spending for Capital Improvements:

      FY 2002-03 - $4.6 million

      FY 2003-04 - $5.9 million

      FY 2004-05 - $3.5 million

      FY 2005-06 - $4.67 million (average of previous 3 years)


Lowry park zoo anticipated economic contributions fy 2002 03 through fy 2005 062

Lowry Park Zoo Anticipated Economic ContributionsFY 2002-03 through FY 2005-06

  • Basis for Direct Contribution:

    • 2.655% per year growth in expenses for Continuing Operations (based on Consumer Price Index)

    • Growth in Visitors:

      1% per year - Daytrippers

      1.5% per year - Overnighters


Lowry park zoo anticipated economic contributions fy 2002 03 through fy 2005 063

Lowry Park Zoo Anticipated Economic ContributionsFY 2002-03 through FY 2005-06

  • Total Anticipated Contribution due to Continuing Operations:

    • Jobs - 802.4 average per year

    • Output - $64.46 million average per year

    • Money wages - $24.32 million average per year


Lowry park zoo summary of economic contributions to hillsborough county

Lowry Park ZooSummary of Economic Contributions to Hillsborough County


Lowry park zoo summary of economic contributions to hillsborough county1

Lowry Park Zoo Summary of Economic Contributions to Hillsborough County

  • FY 2001-02 Total Contribution:

    • Jobs - 888.5 on average

    • Output - $71.67 million

    • Money wages - $24.28 million

  • FY 2002-03 through FY 2005-06 Total Contribution:

    • Jobs - 802.4 average per year

    • Output - $64.46 million average per year

    • Money wages - $24.32 million average per year


  • Login