PARKWAY INSTITUTIONS GENERATE OVER $620M
The Parkway Council is a coalition of cultural and educational institutions, organizations, and residences, and it is the only organization in Philadelphia whose sole focus is the Parkway Museums District. The area is renowned as a world-class cultural corridor, but the Parkway Council was hoping to illustrate that the Parkway is also an economic engine. They sought the expertise of Econsult Solutions, whose research and analysis illustrated exactly that in this study.
PARKWAY ORGANIZATIONS GENERATE OVER $620 MILLION OF
ECONOMIC IMPACT ANNUALLY IN PHILADELPHIA REGION
PHILADELPHIA, October 20, 2015 – Twenty cultural and educational organizations, non-profits, and residences in the Benjamin Franklin Parkway area generate $621 million annually for the City of Philadelphia, and $679 million for the Commonwealth of Pennsylvania, according to a just released study, issued by Econsult Solutions. Commissioned by the Parkway Council, the non-profit which promotes and advocates for the Parkway Museums District, the study details the revenue sources, as well as the educational and social benefits of these organizations.
The Parkway Museums District is a major cultural/educational/civic district that serves hundreds of thousands of city and regional residents, school children, national and international tourists, and generates a significant collective economic impact – in jobs created, visitors, hotel room nights, and both city and state tax revenues. Highlights of the Econsult Solutions study illustrate that far-reaching impact:
- $305 million in operating budgets from 20 Member organizations
- 7 million annual visitors to the Parkway Museums District
- $423 million in aggregate capital investments, past three years
- $332 million in aggregate capital investments, next two years (projected)
- $621 million aggregate economic impact to the City of Philadelphia annually
- $679 million aggregate economic impact to the Commonwealth of Pennsylvania annually
- $18.5 million in total taxes paid to the City of Philadelphia
- $10.4 million in total taxes paid to the Commonwealth of Pennsylvania
- 3,515 direct, indirect & induced jobs supported in the City of Philadelphia, from annual operations
- 3,745 direct, indirect & induced jobs supported in the Commonwealth of Pennsylvania, from annual operations
Over 3.7 million visitors enliven the Parkway institutions annually, of which 50% are from out of town. The report breaks down the ancillary spending of all the visitors per visit into local ($22 per person); from the Philadelphia region ($75 per person) and visitors from out of town ($188 per person). The annual total estimated ancillary spending is $150 million.
“We are thrilled to have this data to show the economic impact of the Parkway Museums District, which not only brings unique cultural and education experiences to millions of visitors, but also generates a significant economic impact for the city and state. The Parkway Council organizations create jobs, invite visitors to our city, generate hotel room nights, and by improving their physical structures, generate even more jobs and tax revenues,” commented Parkway Council Board President and Free Library of Philadelphia President Siobhan Reardon.
Beyond the quantitative impacts, Reardon continues, “collectively, we provide unparalleled educational and cultural opportunities for millions of people. Many of the Parkway Council members are deeply involved in programs for school children, and frequently partner with community groups.” The report estimates that 4,200 school groups and 2,250 community groups made visits to Parkway institutions in 2014. This represents an annual 306,400 school group attendees and 109,300 community group attendees.
For a more extensive look at the Parkway Council Economic Impact Report, click here
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Judi Rogers, Executive Director
The Parkway Council consists of the leaders of the Parkway Museums District cultural and educational institutions, as well as organizations with interest in (or responsibility for) the Parkway. The Parkway Council works closely with the City of Philadelphia and other public and private organizations to identify the best strategies for enhancing and promoting the Parkway, and serves as a strategic partner and catalyst to ensure that those strategies are implemented.
Categorised in: ESI News