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Issue Date: Vol. 53, No. 7, July 2013, Posted On: 7/16/2013


New Study From Oxford Economics Outlines Impacts Of Amusement Parks And Attractions Industry In U.S. Economy


IAAPA Press Release
TAGS: coin machine, arcade games, attractions industry study, IAAPA report, amusement business economy, IAAPA research, International Association of Amusement Parks and Attractions, Tourism Economics, Oxford Economics, U.S. attractions industry

PRESS RELEASE

Source: IAAPA | Released July 10, 2013

Industry Generates More Than $200 Billion Annually and Supports 2.3 Million Jobs for U.S. Economy

New York, NY -- July 10, 2013 -- The attractions industry is a significant driver of the United States economy. Based on research sponsored by the International Association of Amusement Parks and Attractions Foundation and conducted by Tourism Economics, an Oxford Economics company, the U.S. attractions industry generated a total economic impact of nearly $219 billion in 2011.

Attractions generate a ripple effect of economic activity, including direct industry sales ($34 billion), capital expenditures ($5 billion), and the ancillary spending of out-of-town visitors at local establishments outside the attraction, such as hotels, restaurants, and retailers ($52 billion). A full measurement of the impact of the attractions industry also includes indirect and induced impacts ($127 billion) through the supply chain and the spending of attractions generated incomes.

The attractions industry grew at nearly twice the rate of the overall U.S. economy from 2004to 2011. In 2004, the attractions industry generated a total economic impact of $146 billion. Over seven years, the impact of attractions in the US grew 50% with an average growth rate of 6% per annum. The attractions industry's nationwide economic impact of nearly $219 billion in 2011 included $91 billion in direct impacts [1-see notations] and $127 billion in indirect and induced impacts. This total economic impact of $219 billion included nearly $67 billion in total labor income, supporting more than 2.3 million total jobs [2-see notations]. Amusement and theme parks (including water parks) had the largest impact, generating $122 billion in total economic activity, including $40 billion in total labor income and 1.3 million total jobs. Museums and family entertainment centers (including amusement arcades, bowling centers, ice/roller skating rinks, miniature golf courses, coin-operated amusements and concession operators of amusement rides) generated economic impacts of $37 billion and $32 billion, respectively.

In addition to the economic impacts, the attractions industry also generated significant fiscal (tax) impacts at the federal and local and state levels. In 2011, the industry generated more than $22 billion in federal taxes and nearly $19 billion in state and local taxes. Amusement/theme parks (including waterparks) generated more than $12 billion in federal taxes and nearly $11 billion in state and local taxes.

At the state level, the attractions industry generated an impact of nearly $48 billion in Florida, including $14 billion in total labor income, supporting nearly 489,000 total jobs. Fiscal impacts in Florida approached $5 billion in federal taxes and more than $4 billion in state and local taxes. California ranked second, with a total economic impact of more than $38 billion, including $11 billion in total labor income and nearly 358,000 total jobs.

NOTATIONS:
1. Direct impacts include attractions' sales, annual capital expenditures, and ancillary spending by attractions' patrons.
2. Jobs include seasonal employment and are expressed as part-time and full-time jobs.


Economic Impact of the US Attractions Industry in 2011
Attractions Industry Direct Impact, 2004 & 2011


Summary Economic Impacts of the U.S. Attractions Industry, by Subsector, 2011 ($ Millions & Total Jobs)

Industry
Total
Economic
Impact
Total Labor
Income
Total Jobs
Amusement/Theme Parks
$122.0
$39.8
1,261,467
Museums
$36.8
$10.3
341,456
Family Entertainment Centers
$31.6
$7.9
397,411
Zoos, Botanical Gardens, and Aquariums
$11.3
$3.7
119,624
Water Parks
$10.8
$3.3
124,337
Historical Sites
$3.5
$1.1
43,139
Nature Parks
$2.7
$0.8
25,491
Total, Attractions Industry
$218.7
$66.9
2,312,925


Summary Fiscal (Tax) Impacts of the U.S. Attractions Industry, by Subsector, 2011 ($ Millions)

Industry
Federal
Taxes
($ Billions)
State &
Local Taxes
($ Billions)
Amusement/Theme Parks
$12.3
$10.8
Museums
$3.8
$3.0
Family Entertainment Centers
$3.3
$2.7
Zoos, Botanical Gardens, and Aquariums
$1.1
$0.9
Water Parks
$1.1
$0.9
Historical Sites
$0.4
$0.3
Nature Parks
$0.3
$0.2
Total, Attractions Industry
$22.3
$18.8


Top 10 Statewide Impacts Attributable to the Attractions Industry, 2011 ($ Millions)

State
Total
Economic
Impact
($ Billion)
Total Jobs
Total
Labor
Income
($ Billion)
Federal
Taxes
($Billions)
State &
Local
Taxes
($ Billion)
Florida
$47.7
488,921
$14.3
$4.7
$4.2
California
$38.2
357,700
$10.9
$3.8
$3.6
New York
$10.2
90,267
$3.0
$1.2
$0.9
Texas
$7.2
85,313
$1.9
$0.7
$0.5
Ohio
$6.6
87,871
$1.8
$0.6
$0.6
Virginia
$6.4
66,262
$1.7
$0.7
$0.5
Pennsylvania
$6.2
80,859
$1.7
$0.6
$0.6
Illinois
$5.0
51,760
$1.3
$0.5
$0.4
Massachusetts
$3.6
31,175
$0.9
$0.4
$0.3
New Jersey
$3.4
41,045
$1.2
$0.4
$0.3


The International Association of Amusement Parks and Attractions Foundation was established in 2010 to fund the development of research and creation of education programs for the worldwide attractions industry.

Tourism Economics is an Oxford Economics company with a singular objective: combine an understanding of tourism dynamics with rigorous economics in order to answer the most important questions facing destinations, developers, and strategic planners. By combining quantitative methods with industry knowledge, Tourism Economics designs custom market strategies, destination recovery plans, tourism forecasting models, tourism policy analysis, and economic impact studies. With over four decades of experience of our principal consultants, it is our passion to work as partners with our clients to achieve a destination's full potential. Oxford Economics is one of the world's leading providers of economic analysis, forecasts and consulting advice. Founded in 1981 as a joint venture with Oxford University's business college, Oxford Economics enjoys a reputation for high quality, quantitative analysis and evidence-based advice. For this, its draws on its own staff of 50 highly experienced professional economists; a dedicated data analysis team; global modeling tools, and a range of partner institutions in Europe, the US and in the United Nations Project Link. Oxford Economics has offices in New York, Philadelphia, London, Oxford, Dubai and Singapore.


Information contained on this page is provided by the company via press release distributed by the company, organization, agency or other "source." Vending Times Inc. and VendingTimes.com make no warranties or representations in connection therewith.

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