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

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

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  1. 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

  2. Concept and Method

  3. 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.

  4. 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

  5. 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.

  6. Lowry Park ZooFY 2001-02 Economic Contributionto Hillsborough County

  7. 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)

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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 residents 335,773 Daytrippers - reside near Hillsborough 100,233 Overnighters - travel to Hillsborough 247,295 Total 683,301 • No economic impact of additional spending by locals due to substitution effect • Daytrippers and Overnighters are considered Visitors to Hillsborough County

  13. 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 …”

  14. 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

  15. 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

  16. 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

  17. 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

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

  19. 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)

  20. 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

  21. 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

  22. Lowry Park ZooSummary of Economic Contributions to Hillsborough County

  23. 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