Effective Monday, March 16, 2020 and until further notice, Econsult Solutions is having staff members work from home. This form of “social distancing” has been implemented with the safety of our staff and the community at large in mind. We have instituted all necessary remote-working features and remain open for business, hard at work on current engagements and eager to hear how we can support your needs.
These are extraordinary times. The global pandemic has reached every aspect of every life in every corner of the world. More than ever, ESI stands ready to apply economics, strategy, and insight to help you move forward. Be on the lookout for additional content on our blog, Present Value. Together we will emerge stronger and wiser.
ECONOMIC IMPACT STUDY
In 2015, Econsult Solutions, Inc. (ESI) was retained by Visit Philadelphia to quantify the impact of tourism in the Philadelphia region. To do so, ESI analyzed the injected spending of outside visitors into the local economy and broke down the subsequent economic and fiscal impact impeded upon the various local tourism-centric industries.
In our analysis we found the following:
This activity supported 5% of all regional employment with 93,000 jobs and a labor income of $3.2 billion. Full-time jobs are estimated to represent 72% of this total. Visitor spending in the Greater Philadelphia Region supports direct, indirect and induced employment across various sectors including the; food and beverage industry (33%), lodging (17%), recreation (13%), transportation (11%), retail (8%), and other (18%).
Our research also found the leisure and hospitality industry has been the fastest growing sector of the Philadelphia economy since 1997 with employment increasing by 44% (or 21,000 jobs) per year.
Furthermore, state and local taxes generated by visitor spending totaled $612 million for both state and local governments, a 2.4% increase from 2014. Personal income, sales and business tax revenue made up $216 million in 2015, an increase of 2.5% from 2014. While, local property tax, hotel tax, parking tax, amusement tax and liquor tax generated a combined $82 million from visitor activities.