How much money do visitors spend at your site and in the surrounding communities, and what do they purchase? How does visitor spending contribute to the local economy? How do your site’s operational expenditures contribute to the local economy?
The PSU uses information collected specifically at your site, along with industry standard IMPLAN-based input-output models to measure economic impact.
Economic benefit is a measure of what your site is worth to visitors above and beyond what they have to pay to use it. In economics jargon it’s referred to as “consumer surplus” or “willingness to pay.” Managers use estimates of economic benefit in benefit/cost analysis to determine return on investments. The PSU uses two methods to estimate economic benefit: travel cost modeling and contingent valuation.
Email the Park Studies Unit for more information about our economic analysis services.