Econsult Corporation was engaged by the Independence Visitor Center Corporation (IVCC), prior to its grand opening in November 2001, to conduct a study of the potential economic and fiscal impact of the new center on the Philadelphia region.
Using Econsult’s integrated regional Economic and Fiscal Impact Model, the firm estimated the economic benefits of increased tourism in the region attributable to the new Visitor Center, with benefit measures including employment, wages, gross sales and state and local taxes.
Using estimates of per-visitor spending patterns, Econsult estimated the necessary net increase in visits that would justify different levels of public subsidy.
Econsult’s analysis showed that if “tourism,” defined by the number of overnight and day visits, was to increase in the Region by one percent – amounting to roughly 220,000 increased visits- following the opening of the Visitor Center, the economic benefits would be substantial.
Recommendations were made about the financing levels for public and private contributions to the ongoing operations of the Center, as well as to increased funding for additional capital improvements to the area immediately surrounding the Center.