Homecoming 250 Navy Marine Corps sought to evaluate the potential economic impact of the 250th anniversary of the founding of the U.S. Navy and Marine Corps which serves as the inaugural event of the U.S. Semiquincentennial. The objective was to estimate the overall economic impact of these planned festivities, including visitor spending and tax revenues, and to highlight the significance of Philadelphia as the birthplace of the Navy and Marine Corps.
Economic Impact Analysis: Conducted a comprehensive economic impact analysis to estimate the direct, indirect, and induced impacts of the planned events.
Data Collection: Gathered data on operational and visitor spending associated with the Homecoming 250 events.
Modeling Scenarios: Developed scenarios to project the economic impact on Philadelphia, Pennsylvania, New Jersey, and Delaware.
Impact Estimation: Used economic modeling techniques to estimate the total economic impact, job creation, employee compensation, and tax revenues generated by the events.
ESI engaged with key stakeholders, including local government officials, community organizations, and industry representatives, to ensure a comprehensive analysis and to gather input on the planned events.
Key Findings: the Homecoming 250 events are estimated to generate an overall economic impact of $137 million within the regional economy, supporting almost 1,000 full-time equivalent (FTE) jobs with $51 million in earnings.
Impact on Client Decision-Making: The results provided valuable insights for planning and promoting the events, helping to maximize their economic benefits.
Quantifiable Results: The events are projected to yield more than $6.6 million in tax revenues for Philadelphia, Pennsylvania, New Jersey, and Delaware.
The project highlighted the potential for ongoing economic benefits from increased tourism and positive publicity. It also underscored the importance of Philadelphia’s historical significance, which could lead to future events and celebrations that continue to drive economic growth.