Economic impact study on PIER district released
ST. PETERSBURG, FL (May 17, 2017) – Lambert Advisory (Lambert), an economic advisory service firm contracted by the the City of St. Petersburg, has recently completed an economic and fiscal impact analysis for the new Pier District. The Pier District, which will be starting under-water construction next month, is anticipated to create measurable short-term economic benefits associated with its construction, as well as long-term recurring economic and fiscal benefits resulting from its operations.
Some highlights of the report:
- Total economic impact directly from the Pier District estimated at $80 million – a complete return on investment in the first year of operation
- An estimated 365 Full-Time Equivalent (FTE) jobs, nearly $17.5 million in total construction wages and over $3.5 million in professional fees during construction
- Total expenditures for Pier and St. Petersburg estimated at $40 million annually
- $15 million in annual hotel expenditures
- 102,000 increase in annual new room nights
- 1080 additional full-time equivalent Pinellas county jobs
- Approximately $935,000 in annual bed tax revenue.
Said Mayor Rick Kriseman: “I am thrilled that the new St. Petersburg Pier District will not only be a world-class destination for residents and for visitors from around the world, but that it will also have such a strong economic impact. It will bring jobs as well as millions in revenue from tourism, food and beverage, and bed taxes. Construction on the new pier begins soon, and that means the impact of the $16 million in construction wages will be felt soon, too. My thanks to Lambert Advisory, an independent economic advisory firm, for conducting this important study.”
Methodology for this study compared financial impact of other major Piers in the U.S. as well as outside the U.S. It also assessed the economic impact on the local economy of ongoing Pier operations and visits to the park by both local and out-of-area visitors.
The full report is available on the Pier website: http://www.newstpetepier.com/docs.php