Document: Economic Impacts of Tourism

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Businesses and public organizations are increasingly interested in the economic impacts of tourism at national, state, and local levels. One regularly hears claims that tourism supports X jobs in an area or that a festival or special event generated Y million dollars in sales or income in a community. “Multiplier effects” are often cited to capture secondary effects of tourism spending and show the wide range of sectors in a community that may benefit from tourism.

 
Tourism’s economic benefits are touted by the industry for a variety of reasons. Claims of tourism’s economic significance give the industry greater respect among the business community, public officials, and the public in general. This often translates into decisions or public policies that are favorable to tourism. Community support is important for tourism, as it is an activity that affects the entire community. Tourism businesses depend extensively on each other as well as on other businesses, government and residents of the local community. Economic benefits and costs of tourism reach virtually everyone in the region in one way or another. Economic impact analyses provide tangible estimates of these economic interdependen-cies and a better understanding of the role and importance of tourism in a region’s economy.
 
Ten Questions About the Economic Impacts of Tourism
1. What is an economic impact analysis?
2. What questions does an economic impact assessment answer?
3. What economic impacts does tourism have?
4. What are multiplier effects?
5. How are tourism’s economic impacts measured?
6. What are the typical approaches for an economic impact assessment?
7. What are some examples of economic impact assessment approaches in tourism?
8. What are the steps for conducting a tourism economic impact study?
9. What are some questions to ask when evaluating or interpreting a tourism economic impact study?
10. What will an economic impact study cost?

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Daniel J. Stynes

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