PMG Associates, Inc. November, 2016 Purpose To analyze and - PowerPoint PPT Presentation

PMG Associates, Inc. November, 2016

Purpose  To analyze and estimate the economic impact of the Marine Commerce and Tourism Industries on the local and regional economy

Methodology  The calculation of the economic impact included the collection of data from a variety of sources, analyzing this data and providing conclusions regarding the economic throughput generated from the Marine Commerce and Tourism Industries.  The sources included:  Collection of direct empirical data from businesses in the area and visitors to the community through direct intercept surveys and separate interviews  Data from public agencies providing Sales Tax, Tourism and Fishing Data  Data from private sources that added demographics, spending figures and total sales activity

Businesses Identified  Over 160 businesses identified and contacted  Include:  Food Industries  Eat and Drink  General Merchandise  Wholesale  Marine  Amusements  Commercial Real Estate  Hotel/Motel

Map of Properties

Surveys  Business Survey  Hotel Survey  General Tourist Survey  Supplemented by outside data sources  Hoovers  State Department of Revenue  Nielsen

Impact – Marine Commerce  Marine Enterprises - Throughput - $46 million annually direct  Wholesale/Food Producing -Throughput- $12.8 million annually direct  With Multiplier – total of $98.6 million

Impact - Tourism  Total annual visitors 1.1 million  Seasonal Residents include 3,414 units (part-time)  Impacts include  Hotel/Motel  Retail  Restaurant  Other Miscellaneous  Total Throughput annually - $89.6 million  With Multiplier – $153.4 million

Total Impact  Direct - $148.4 million  Indirect – $103.6 million  Total – $252.0 million

Employment  Marine Commerce  All Industries  Direct – 360  Direct – 1,406  Indirect – 244  Indirect – 1,009  Total -604  Total – 2,415  Tourism  Direct – 1,046  Indirect – 765  Total – 1,811

Future Development Potential  Large Boat Repair  Hotel

Quality of Life  Culture  Festivals  Arts/Museum  Events  Parks  Quality of Life Index  Business Climate

Obstacles  Transportation  Roadway Improvements  Competition  Apalachicola; Tampa/St. Petersburg  Workforce  Sufficient labor  Training facilities

Tourism Comparison Bed Tax Category Pinellas Tarpon % of generated in County Springs County Tarpon Overnight Visitors 6,125,300 200,650 3.3% Springs = $453,700 Day Visitors 8,549,700 944,286 11.0%

Commercial Fishing  Tarpon Springs represents 56% of the value of all fish landed in Pinellas County

Conclusion  Annual Impact $252.0 million annually (Direct and Indirect)  Employment 2,415 annually (Direct and Indirect)  21% of the total Workforce in the City