The Travel and Tourism Industry in Vermont - University of Vermont

The Travel and Tourism

Industry in Vermont

A Benchmark Study of the Economic

Impact of Visitor Expenditures on the

Vermont Economy ¡ª 2003

Prepared for

Vermont Department of

Tourism and Marketing

Final Report

June 2005

EPR

Economic &

Policy Resources, Inc.

The Travel and Tourism

Industry in Vermont

A Benchmark Study of the Economic

Impact of Visitor Expenditures on the

Vermont Economy¡ª2003

Final Report

June 2005

Prepared for:

The Vermont Department of Tourism and Marketing

6 Baldwin Street

Montpelier, Vermont 05633-1301

Prepared by:

Economic & Policy Resources, Inc.

2141 Essex Road, Suite 5

P.O. Box 1660

Williston, Vermont 05495-1660



Table of Contents

Executive Summary

i

Introduction

The Travel Industry in the United States

The Travel Industry in Vermont

Goals of the Analysis

Report Format

1

3

5

6

6

Concepts and Methods of Analysis

Defining the Travel and Tourism Industry in Vermont

Defining Visitors

7

12

13

The Economic Impact of Visitor Expenditures

on Vermont

Estimating the Total Number of Visitors

Overview of Past Studies

Overview of Estimating Procedures used

in this Study

Estimating Total Visitor Expenditures

The Seasonal Impacts of Visitor Spending

Input/Output Modeling to Estimate Indirect Visitor Impacts

Introduction to Input/Output Modeling

Methods of Analysis

Direct and Indirect Impacts of Visitor Spending

The Travel Industry in Context

Estimating State Tax Revenues From Direct

Visitor Spending

Estimating the Fiscal Costs of Visitor Spending

The Inventory and Categorization of State Costs

The Estimating Process for the Cost Allocation Factors

Cost Estimation Results

Estimate of Education Costs

Estimate of General Fund Costs

Estimate of Transportation Fund Costs

Estimate of Direct VDTM General Fund Costs

Estimate of Net Fiscal Impact

The Prototypical Community

The Rural Prototypical Community

The Resort Prototypical Community

The Small Urban Prototypical Community

Limitations

15

15

16

17

21

25

26

27

29

30

35

37

39

39

43

45

45

46

47

47

47

49

50

52

54

56

Conclusion

57

Frequently Asked Questions

59

Listing of Tables

Table 1: Direct Impact of Travel¨CUnited States

4

Table 2: Vermont Visitors by Category¨C2003

20

Table 3: Average Expenditure per Trip

22

Table 4: Vermont Visitors, Average and Total Spending¨C2003

24

Table 5: Estimated Direct and Indirect Impact of Visitor

Spending in Vermont

32

Table 6: Comparison of Other Economic Impact Assessment

Studies¡¯ Results Versus the Calendar Year 2003 EPR Impact

Assessment Study

34

Table 7: Rank Order of Major Vermont Sectors¨CEstimated

Direct Employment in 2003

35

Table 8: Best Estimate of Job Impact of Visitor Spending

In Vermont ¨C 2003

37

Table 9: Estimated Direct State Revenue Impact of the

Tourism Industry from Visitor Demand (Calendar 2003$)

38

Table 10: Estimated Cost Impact of the Tourism Industry From Visitor

Demand (Calendar 2003)

46

Table 11: Estimated Net Fiscal Impact of Visitor Spending (Calendar

Year 2003$)

48

Table 12: General Characteristics of the Prototypical Community

51

Table 13: Lodging Establishments by Prototypical Community Type 52

Table 14: Visitor Activity by Prototypical Community

53

Table 15: Visitor Spending by Prototypical Community (2003$)

55

Table 16: Impacts of Visitor Activity by Prototypical Community

56

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