1. The Economic Contribution of Lowry Park Zoo to the Hillsborough County Economy
University of South Florida
Center for Economic Development Research
Dr. Dennis G. Colie
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2. Concept and Method
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3. Concept and Method Concept
Job creation in one industry leads to additional jobs in related industries.
Other jobs are created to support increased level of household income and spending from inter-industry job creation.
Job creation, with resulting increased levels of income and production, is called the multiplier, or ripple effect.
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4. Concept and Method Method Expenditure Approach
Direct effects quantified via the Expenditure Approach for continuing operations, capital improvements, and additional spending in the area by visitors.
Expenditure Approach, for non-profit organization: value of output = cost to produce that output
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5. Concept and Method Method
The economic effect of Lowry Park Zoo, as it ripples through the economy, is estimated using the REMITM Policy Insight regional economic impact model.
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6. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
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7. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Components of Analysis:
Expenditures for Continuing Operations
Expenditures for Capital Improvements
Additional Spending by Visitors
Total Contributions, FY (including McDonald’s)
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8. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Direct Contributions from Expenditures for Continuing Operations:
Employees annual average (EQUI)
Paid employees received $3,342,607 in wages and salaries, or $19,932 each on average
Volunteers full-time equivalent (FTE)
Volunteer effort valued at $304,503
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9. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Contributions due to Expenditures for Continuing Operations:
Jobs (including 10 FTE volunteers)
Output valued at $16.53 million
Money wages - $7.07 million (or about $27,500 per job annually on average)
Variable: Industry Sales (amount) $533,000
Detail: Eating and Drinking
Variable: Non-Profit Organizations Sales (Industry Sales / Int’l Exports) amount $9,769,724
Detail: Museums and Non-commercial Organizations, Nec
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10. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Direct Contributions from Spending for Capital Improvements:
$8,616,137 spent in FY
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11. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Contributions due to Spending for Capital Improvements:
Jobs on average
Total Output valued at $19.22 million
Money wages - $5.526 million (or about $30,530 per job annually on average)
Variable: Industry Sales (amount)
Details:
Machinery and Computers $344,421
Furniture $11,389
Motor Vehicles $104,211
Agriculture, Forestry and Fishery Services
$43,416
Construction $8,112,700
Issue:
Depreciation or Recurring Capital Expenditures
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12. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Attendee Categories:
683,301 attendees in FY placed in 3 categories:
Locals - Hillsborough County residents 335,773
Daytrippers - reside near Hillsborough 100,233
Overnighters - travel to Hillsborough 247,295
Total ,301
No economic impact of additional spending by locals due to substitution effect
Daytrippers and Overnighters are considered Visitors to Hillsborough County
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13. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Additional Spending by Visitors:
Additional spending by visitors (daytrippers and overnighters) is outside zoo, but in Hillsborough County
“The Visitor Days policy variables change the number of
tourists vacationing in the region in a given year. The number
of new net visitor days entered into the model is converted
into industry demands according to spending patterns
estimated by REMI. If you prefer to use your own spending
data you may use either Industry Demand or Consumer
Spending policy variables.”
“The conversion is done according to a study on Tourist
spending patterns in Massachusetts in the early 1980s …”
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14. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Contributions due to Additional Spending by Visitors:
Jobs - 427
Output valued at $34.5 million
Money wages - $11.2 million (or about $26,295 per job annually on average)
Variable: Visitor Days
Details:
Hotel or Motel 247,295
Daytripper 100,233
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15. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Total Economic Contribution of all Continuing Operations:
Includes all economic activities related to Lowry Park Zoo previously shown:
Continuing Operations
Capital Improvements
Additional Spending by Visitors
Also includes operation of a McDonald’s restaurant on Zoo premises
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16. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Total Economic Contribution due to all Continuing Operations:
Jobs on average
Output valued at $71.67 million
Money wages - $24.28 million
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17. Lowry Park Zoo FY 2001-02 Economic Contribution to Hillsborough County
Summary
Rank of Activities by Highest Contribution:
Attraction of Visitors
Capital Improvements
Continuing Operations
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18. Lowry Park Zoo Anticipated Economic Contributions FY 2002-03 through FY 2005-06
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19. Lowry Park Zoo Anticipated Economic Contributions FY 2002-03 through FY 2005-06
Basis for Direct Contribution:
Planned Spending for Capital Improvements:
FY $4.6 million
FY $5.9 million
FY $3.5 million
FY $4.67 million (average of previous 3 years)
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20. Lowry Park Zoo Anticipated Economic Contributions FY 2002-03 through FY 2005-06
Basis for Direct Contribution:
2.655% per year growth in expenses for Continuing Operations (based on Consumer Price Index)
Growth in Visitors:
1% per year - Daytrippers
1.5% per year - Overnighters
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21. Lowry Park Zoo Anticipated Economic Contributions FY 2002-03 through FY 2005-06
Total Anticipated Contribution due to Continuing Operations:
Jobs average per year
Output - $64.46 million average per year
Money wages - $24.32 million average per year
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22. Lowry Park Zoo Summary of Economic Contributions to Hillsborough County
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23. Lowry Park Zoo Summary of Economic Contributions to Hillsborough County
FY Total Contribution:
Jobs on average
Output - $71.67 million
Money wages - $24.28 million
FY through FY Total Contribution:
Jobs average per year
Output - $64.46 million average per year
Money wages - $24.32 million average per year
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