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Copyright 2008 Global Insight, Inc.,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,32,Rhode Island Tourism: Strength In A Difficult Time,2007 Tourism Satellite Account,Kenneth McGill,Executive Managing Director,Travel & Tourism Consulting,Quick Introduction to Global Insight,What is Tourism Satellite Accounting?,2007 Rhode Island Tourism Results,What Do Visitors Mean to RI?,Agenda,How Important is Tourism to Rhode Island?,About Global Insight:,P,remier,economic analysis and consulting organization,Formed in 2001 by combining WEFA and DRI,P,rovides the most,comprehensive,coverage of countries, regions and industries available from any single source,B,rings a,common analytical framework,and a consistent set of assumptions to diverse capabilities and products,M,ost,consistently accurate,commercial forecaster,/accolades,P,rovides a broad range of consulting capabilities covering:,S,trong reputation and experience within the travel & tourism sector,Market Analysis,Business Planning,Investment Strategy,Risk Assessment,Infrastructure Analysis,Policy Evaluation,Economic Development,Economic Impact,Global Insights Value Proposition,What does the economy mean to your organization?.,Clients are varied and can view our capabilities both horizontally and vertically,Internally, we are organized around markets or, where appropriate, around content,Each market-defined business unit leverages the data repository, modeling assets, and cross-functional expertise of the other business units,Global Insight by the numbers,Over,4,000,clients worldwide,2,800+,-Corporate, Financial, and Commercial,37,-US States,118,-Cities/Local Govt,70,Federal Government agencies,35,Foreign Central Banks,23,International Statistical agencies, plus IMF, World Bank, IADB, EC, OECD, UN, SABIC, CEIC,100+,Trade, Professional, Non-profit Organizations,Global Insights 2006 Turnover was,$97million,(65% N.A., 35%,Intnl,) with an operating margin of just over,9%,We have,640,employees housed in,25,offices in,14,countries,Global Insight is over,40,years young,Travel and Tourism Practice,Visitation & Spending Forecasts,by category and by country, region, state, or U.S. city. Market size, growth, and share.,Market Feasibility & Investment Facilitation,market analysis & research, demand/supply review, policy evaluation, development cost analysis.,Destination Impact & Concession Support,economic impact of the construction and operations of individual facilities resort, convention center, entertainment venue, event,Tourism Economic Impact & Tourism Satellite Accounting,conforming to the UN/WTO standards. What does travel & tourism contribute in jobs, wages, spending, and taxes to a national or local economy?,Tourism Policy Analysis,travel & tourism policy evaluation and rationalization.,Quick Introduction to Global Insight,What is Tourism Satellite Accounting?,2007 Rhode Island Tourism Results,What Do Visitors Mean to RI?,Agenda,How Important is Tourism to Rhode Island?,TSA,|,Transportation Security Administration,| US Department of,.,Tourette Syndrome Association TSA,Home Page,Texas Society of Anesthesiologists,Turtle Survival Alliance,Columbia University -,Turkish Student Association,TSA,:,Telecommunication Society Of Australia,Trust for the Study of Adolescence,Tarheel Swimming Association,The,Thinking Skills Assessment,Home Page,TSA - the snowboard asylum,online, uk snowboard shops full of,.,Toronto School of Art,What is a Tourism Satellite Account (TSA)?,Tourism Satellite Accounting,The,Tourism Satellite Account,is the international (UN/WTO, OECD) standard for measuring the contribution of tourism to an economy,Measuring the industry “tourism” is difficult:,tourism is not measured in standard economic accounting terms.,Most industries are accounted via the,supply-side,: firms are categorized into NAICS codes and asked about jobs, revenues, costs.,But tourism is a,demand-side,activity: the focus is on what the,traveler,buys before and during a trip( hotel, food, tra,nspo, retail),.,As a result,tourism touches many industries,4Cs: Credibility, Comprehensiveness, Comparability, Consistency,9,The Distinct Value of the TSA,Credibility,The TSA is the product of over 10yrs of committees, conferences, papers and expert opinions.,It defines tourism in measurements consistent with System of National Accounts (SNA) economic accounts.,It has been ratified by the UN, OECD and,Eurostat,.,Comprehensiveness,TSA includes a wider view of tourism demand to include second home activity, capital investment, outbound resident purchases, and government spending -,not just visitor spending,.,TSA explicitly counts employment, sales, and GDP and allows (implicitly) for measurement of wages and taxes.,System also provides a framework for indirect impact analysis.,The Distinct Value of the TSA,Comparability,Only the TSA provides measurements of tourism that are designed to be consistent with SNA.,This facilitates inter-industry comparisons,Facilitates inter-country/sub-national comparisons,Enables share analysis (tourism is x% of GSP, wages, jobs),Consistency,Measuring tourism using the same data sources and methodology year in and year out facilitates the analysis of tourism growth, promotional and public investment ROI, and economic development comparisons,Changing research vendors or personnel should not result in a re-start,Benefits of a TSA,12,Are we spending enough on tourism promotion and infrastructure?,Compares government support of the tourism sector with government revenue generated by tourism.,Which are our best economic development targets and are any candidate-requested concessions worth it?,Allows policy-makers to compare the size & growth of tourism to other industrial sectors.,What is the ROI of public tourism investment?,Enables analysts to assess long-term health of the tourism sector,vis-a-vis,capital investment and govt. support.,How can we benchmark ourselves against our destination competition?,Provides an accepted international standard for benchmarking.,How can we communicate the full value of tourism to policy makers, businesses, and citizens?,Quantifies the value of visitors to Rhode Island.,Copyright 2007 Global Insight, Inc,TSA and Tourism Economic Impact Client Examples,Tourism Satellite Account,RHODE ISLAND,Israel,New Jersey,Dubai,Bahamas,Abu Dhabi,Kansas,North Dakota,Guam,North Carolina,Alaska,South Carolina,Delaware,Virginia,Utah,Hawaii,Maryland,Economic Impact,Idaho,Pennsylvania,Indiana,City Tourism Impact,Dallas,Boston,Arlington, TX,Sacramento,Baltimore,Philadelphia,Orlando,Washington, DC,NYC,Camden & SNJ,Omaha,Tulsa,St. Louis,Kansas City,Battle Creek, MI,Durham, NC,Savannah,Pittsburgh,Austin,Indianapolis,Richmond,TSA: Key Terms and Definitions,Visitor:,GT 50 miles, non-commuting or overnight stays,Resident Tourism:,Only outbound purchases made in advance of a trip are included. No resident usage of RI tourism assets.,Total Expenditures:,Includes visitor spending plus value of tourism investment and construction.,Tourism Spending:,A TSA concept, includes all spending by all constituents on travel made in the jurisdiction (RI),Visitor Spending:,Spending in the jurisdiction by visitors (accommodations, food & beverage, shopping, transportation, entertainment, other),Total Economic Impact:,“GDP” definitionspending less value of supply chain purchases made elsewhere. The amount truly,retained,in jurisdiction.,Import Leakages:,The value of supply chain purchases made outside of the jurisdiction.,Direct,Spending/Jobs/Wages/Taxes:,Industries that “touch” the visitor (e.g. hotels, restaurants, museums,),Indirect,Spending/Jobs/Wages/Taxes:,Industries that supply those that touch the visitor,Induced,Spending/Jobs/Wages/Taxes:,Workers of industries that touch or supply will spend wages locally,Travel & Tourism Economy,T&T Industry and Economy,The TSA provides both a narrow & a broad understanding of the,Tourism “Industry”,Travel & Tourism Economy,The flow-through effect of travel demand across the economy,Travel & Tourism Industry,The direct effect of travel demand,Quick Introduction to Global Insight,What is Tourism Satellite Accounting?,2007 Rhode Island Tourism Results,State Analysis,Regional Comparisons,Agenda,How Important is Tourism to Rhode Island?,2007 Rhode Island Tourism Results,Rhode Island Tourism Economic Impact - Definitions,TSA:,Results (spending, economic impact, jobs,) conform strictly to the TSA definition,(e.g. 50mile+overnight visitor definition).,TSA + Under 50 Mile:,TSA results, plus those coming from visitors traveling less than the 50 mile threshold. This classification is both historically consistent with previous studies and arguably more applicable to Rhode Island.,Total Impact:,Total economic contribution of tourism to Rhode Island. Sum of core and non-core.,Core Impact:,Economic contribution of from industries,directly,providing goods and services to the visitor.,Non-core Impact:,Economic contribution from industries providing goods and services to core tourism providers. Also includes tourism investment.,Approach,Impact Sources,Sources of Tourism Expenditures,Visitor Spending, Expenditures by visitors who have come from greater than 50 miles or stayed overnight,Business Travel,Businesses spending within the state economy on travel,Resident Outbound ,Resident spending preparing for an out-of-state trip,Government Spending,Tourism Office Budgets, transportation functions related to tourism, publicly funded attractions and funding for security in tourism-intensive areas,Investment ,Construction of hotels, attractions, tourism infrastructure, operating and transportation equipment,International ,Spending of international visitors within the state,Under 50Mile Visitors,Spending by residents or non-residents who have come from under 50 miles. No commuters or local utilization. Not included in TSA definition.,State Overview: 2007 Totals At A Glance,Source: Global Insight,Employment figures taken from a top down review of the total spending, creating a resultant number of jobs, both full-time and part-time,required to support that spending.,Tourism Concept,TSA,TSA + Under 50 Mile Visitors,Difference,Visits,7.87 M,17.73 M,9.86 M,Expenditure,$4.24 B,$6.81 B,$2.57 B,Economic Impact (GSP),$2.63 B,$3.66 B,$1,036 M,Jobs,52,420,80,526,28,107,Wages,$1.63 B,$2.33 B,$702 M,Taxes,$929.8 M,$1,429 M,$499.2 M,Industry Structure: Definitions,Source: Global Insight,Copyright 2007 Global Insight, Inc.,21,$6.81 billion,$4.24 billion,$2.63 billion,$1.62 billion,$1.87 billion,$756 million,State Overview: Tourism and Under 50Mile Visitors,Measurement,2007,2006,Definition,Tourism (TSA) + Under 50Mile Visitor,Spending,$6.81 B,$6.21 B,Spending from all tourism factors,Tourism (TSA),$4.24 B,$3.88 B,TSA Definition of State Tourism,Under 50Mile Visitors,$2.57 B,$2.32 B,Spending by visitors from less than 50 miles that utilize RI tourism assets,Tourism + Under 50Mile Visitors Core,Employment,*,65,877,64,121,Employment required to support core RI tourism activity,Core Tourism (TSA) Employment*,40,635,40,297,TSA Definition of Tourism “Industry”,Source: Global Insight,Employment figures taken from a top down review of the total spending, creating a resultant number of jobs, both full-time and part-time,required to support that spending.,Key Measurements,2006Original,TSA,2006Recast,TSA,RI Expenditures ($B),$3.69,$3.88,Economic Value,Core Tourism,Total Impact,$1.80,$2.37,$1.71,$2.26,Wages & Salaries,Core Tourism,Total Impact,$1.03,$1.38,$1.08,$1.45,Employment (000),Core Tourism,Total Impact,38.96,47.85,40.30,49.33,Taxes Total Impact,$856 B,$894 M,Why Are the Results Revised From Last Year?,Source: Global Insight,Each year revisions to most of the historical tourism metrics must be made in order to reflect:,Finalization of the annual visitor spending data from DKSA. This data was preliminary when the RI TSA was developed last year.,Revisions to the BLS and BEA inputs covering employment, Gross State Product, Sales Output, and Payroll.,Revisions to the IMPLAN,interindustry,model provided by MIG (Minnesota IMPLAN Group),Category Distribution of Expenditures,The TSA category changes shown below, where strength in Accomodations and Transportation is coming at the expense of Food and Shopping, is something seen in many other markets as well.,TSA + 50Mile Million $,TSA Million $,2006-2007 Growth (TSA),Entertainment*,1,213,818,7.9%,Accommodation,739,739,4.6%,Transportation,846,815,5.2%,Food,1,598,773,1.9%,Shopping,1,062,470,-11.0%,Total *,5,572,3,615,2.5%,* Direct and Indirect Tourism Expenditures (w/o construction & investment),Source: Global Insight,* Entertainment category includes all marina and boating activity,TSA + 50Mile Shares,2007 Rhode Island Tourism,Regional Analysis,Regional Distribution of Tourism,Blackstone Valley,Burrillville,Central Falls,Cumberland,Glocester,Lincoln,North Smithfield,Pawtucket,Smithfield,Woonsocket,Providence,Providence,Warwick,Warwick,Block Island,Block Island,Balance of State,Cranston,Foster,Johnston,North Providence,Scituate,West Warwick,Rhode Island is divided into eight regions in the analysis:,Newport County,Little Compton,Middletown,Newport,Portsmouth,Tiverton,Jamestown,South County,Charlestown,Coventry,East Greenwich,Exeter,Hopkinton,Narragansett,North Kingstown,Richmond,South Kingstown,Westerly,West Greenwich,East Bay,Barrington,Bristol,East Providence,Warren,Regional Distribution of Tourism (TSA) Plus Under 50mile Visitors,$(000),Accomodations,Entertainment,Food,Retail,Transportation,Grand Total,Share of State,2007,$24,029,$459,786,$255,356,$69,106,$85,802,$894,079,16.0%,2006,$21,917,$405,244,$240,119,$67,639,$80,013,$814,932,15.4%,2005,$20,021,$393,514,$235,046,$63,656,$65,988,$778,224,15.6%,Blackstone Valley,Regional Distribution of Tourism (TSA),$(000),Accomodations,Entertainment,Food,Retail,Transportation,Grand Total,Share of State,2007,$24,029,$193,863,$115,119,$31,009,$83,986,$448,006,12.4%,2006,$21,917,$172,870,$111,440,$34,326,$79,097,$419,649,11.9%,2005,$20,021,$167,453,$106,653,$36,124,$65,826,$396,077,11.9%,Blackstone Valley,Regional Share of Statewide Tourism (TSA) Plus Under 50mile Visitors,Regional Share of State Expenditures by Category,Accomodations,Entertainment,Food,Retail,Transportation,Total,2007,3.2%,34.7%,16.0%,6.5%,10.1%,16.0%,2006,3.1%,33.0%,15.6%,6.6%,9.9%,15.4%,2005,3.1%,33.0%,15.4%,6.6%,9.9%,15.6%,State,100.0%,100.0%,100.0%,100.0%,100.0%,100.0%,Accomodation data includes seasonal second home rentals, which creates significant differences in share from state room tax data.,Blackstone Valley,Regional Share of Statewide Tourism (TSA),Expenditure Category Share of Regional Tourism Spending,Accomodations,Entertainment,Food,Retail,Transportation,Total,2007,3.2%,23.7%,14.9%,6.6%,10.3%,12.4%,2006,3.1%,22.8%,14.7%,6.5%,10.2%,11.9%,2005,3.1%,22.8%,14.4%,6.5%,10.2%,11.9%,State,100.0%,100.0%,100.0%,100.0%,100.0%,100.0%,Accomodation data includes seasonal second home rentals, which creates significant differences in share from state room tax data.,Blackstone Valley,Regional Share of Statewide Tourism (TSA) Plus Under 50mile Visitors,Regional Share of State Visitors,Share of Expenditures,Share of Visitation,Total Visitors (000),2007,16.0%,18.8%,3,330.7,2006,15.4%,17.9%,3,047.4,Biggest variances from spending shares are in regions where there is a dominant category, such as accomodations or high transportation revenue.,Blackstone Valley,Regional Share of Statewide Tourism Visitation,Regional Share of State Visitors,Share of Expenditures,Share of Visitation,Total Visitors (000),2007,12.4%,14.5%,1,144.9,2006,11.9%,13.7%,1,050.1,Blackstone Valley,Biggest variances from spending shares are in regions where there is a dominant category, such as accomodations or high transportation revenue.,Thank You!,Shane Norton,Senior Consultant, Travel & Tourism,
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