Note: The following case study was provided by Camoin Associates, an EMSI client based in Saratoga Springs, NY.
As part of a multidisciplinary facility planning process, the Eastern Maine Development Corporation commissioned Camoin Associates, Policy One Research, and Perry & Banks Marketing to assess the economic impact that a new arena and conference center would have on the City of Bangor, ME and Penobscot County.
The analysis considered increased visits and spending by event attendees from outside the region, as well as impacts from spending by the facility itself. Camoin Associates used EMSI’s input-output model to determine how the facility improvements will contribute to private sector sales, employment, and earnings within the Penobscot County economy.
Based on a series of assumptions regarding visitor spending and spending by the operators of the new event facilities, Camoin Associates estimated that a new event facility would generate an additional $17 million in spending each year. This direct spending (i.e., the “input”) was then allocated to 13 industry codes, which generally fall within the categories of lodging, transportation, food, retail, recreation, and facility spending.
Utilizing sales, jobs, and earnings multipliers provided by the EMSI model, Camoin Associates determined that the new visitor and facility spending generated by the arena and conference center will result in over $26 million in sales at local businesses, which will support 405 full and part-time jobs paying $9.7 million in wages to local workers annually. Results of the study are being used by the Eastern Maine Development Corporation and the City of Bangor to generate political and public support for the project.
Interested in learning more about what Camoin Associates did? Contact them here.
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