Panama City Beach 2016 Travel Market Economic Impact …...- 0 - Panama City Beach 2016 Travel...
Transcript of Panama City Beach 2016 Travel Market Economic Impact …...- 0 - Panama City Beach 2016 Travel...
- 0 -
Panama City Beach
2016 Travel Market Economic Impact Report
Prepared for:• Panama City Beach Convention & Visitors Bureau
Study Conducted: December, 2015 – January, 2017Presentation of Research & Findings & 2016 Economic Impact: April 10, 2017
Presented by:Berkeley Young, PresidentYoung Strategies, Inc.
Data Analysis: Larry D. Gustke, PhDSteve Morse, PhD
- 1 -
PCB is an extremely large, diverse destination
Year-end economic impact data is typically reported 9 -16 months after
year-end close of books
Fact – Tourist Development Tax Revenue
Fact – STR hotel data
Fact – VisaVue data from domestic travel expenditures in PCB
Survey – Young Strategies online surveys with visitors to PCB
Survey – Young Strategies intercept interviews with visitors to PCB
Trends and Data Used to Calculate Economic Impact
- 2 -
PANAMA CITY BEACH
Tourist Development Tax 3-Year Trend
- 3 -
PCB Tourist Development Tax Trend
$475,427 $662,198
$1,193,280
$1,445,763
$1,876,251
$3,491,951
$4,362,155
$1,671,868
$1,422,161
$1,312,781
$523,191
$393,263
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
2014 2015 2016
- 4 -
PANAMA CITY BEACH
HOTEL/MOTEL STR DATA
- 5 -
PCB Lodging Properties Reporting to STR
Beachbreak By The Sea Upper Midscale Class 100
Beachcomber By The Sea Upscale Class 96
Comfort Suites Panama City Beach Upper Midscale Class 74
Country Inn & Suites Panama City Beach Upper Midscale Class 82
Days Inn Panama City Beach Ocean Front Economy Class 188
Hampton Inn & Suites Panama City Beach Pier Park Area Upper Midscale Class 95
Hampton Inn Panama City Beach Upper Midscale Class 89
Hawthorn Suites by Wyndham Panama City Beach Midscale Class 80
Holiday Inn Resort Panama City Beach Upper Midscale Class 340
La Quinta Inns & Suites Panama City Beach Midscale Class 86
La Quinta Inns & Suites Panama City Beach Commerce Park Midscale Class 90
Legacy By The Sea Upscale Class 139
Sleep Inn & Suites Panama City Beach Midscale Class 90
The Beachside Resort Upscale Class 147
6,146 Hotel/Motel Rooms in PCB STR Total Rooms Reporting (28%) 1,696
Lodging Analysis
- 6 -
Lodging Analysis
2016 Comparative STR Data – USA & PCB
Source: STR 6-YR Trend – PCB 2016 STR-Participating Properties
USA PCB
OCC 65.5% (+0.1%)
66.9%(-0.6%)
ADR $124.00 (+3.1%)
$143.98(+3.0%)
REVPAR $81.17(+3.2%)
$96.34(+2.3%)
SUPPLY (change) 1.6% 0.0%
DEMAND (change) 1.7% -0.6%
REVENUE (change) 4.8% 2.3%
- 7 -
Lodging Analysis
Hotel Annual Occupancy 6-YR Trend - PCB vs. National
Source: STR 6-YR Trend – PCB 2016 STR-Participating Properties
56.5%
57.8%
60.8%
64.4%67.3% 66.9%
59.9%
61.4%62.3%
64.4%
65.6% 65.5%
50.0%
55.0%
60.0%
65.0%
70.0%
2011 2012 2013 2014 2015 2016
PCB National
- 8 -
Lodging Analysis
Hotel Annual Occupancy 3-YR Monthly Occupancy Trend
Source: STR 6-YR Trend – PCB 2016 STR-Participating Properties
41.3%
58.0%60.9%
70.8%
77.8%
91.4%94.8%
70.4%
74.7% 73.2%
50.0%
41.0%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016
- 9 -
Lodging Analysis
STR Lodging Room Revenue Trend 2014 – 2016
$1,602,077
$2,255,749
$5,007,157
$5,295,707$6,249,777
$9,168,093
$11,299,233
$5,505,315
$4,724,280$4,529,836
$2,329,195
$1,773,144
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2014
2015
2016
STR Hotels – 2016 vs 2015Overall 2.3% revenue growth
- 10 -
Season 2012 2013 2014 2015 2016
Winter (Dec – Feb) 567 400 195 175 309
Spring (Mar – May) 787 564 441 407 475
Summer (Jun - Aug) 477 761 1,236 991 869
Fall (Sep – Nov) 225 195 449 449 378
Total Responses 2,056 1,920 2,321 1,917 2,031
ONLINE VISITOR SURVEY RESPONDENTS
Young Surveys - 2016 Visitor Profile
- 11 -
2016 Visitor Profile
2016 Visitor Survey Respondents Map
- 12 -
2016 Visitor Profile
Average Party Size
0 1 2 3 4 5
Winter(14+)
Winter (-13)
Spring
Summer
Fall
2.2
2.8
3.4
4.1
3.4
2012 2013 2014 2015 2016
- 13 -
2016 Visitor Profile
Average Length of Stay 2012 - 2016
0 10 20 30 40 50 60 70 80
Winter (14+)
Winter (-13)
Spring
Summer
Fall
73.3
5.7
5.4
5.9
6.1
2012 2013 2014 2015 2016
- 14 -
2016 Visitor Profile
PCB VISITOR
SPENDING DATA
- 15 -
$2,205
$1,676
$1,349 $1,312
$2,463
$2,227
$1,454 $1,607
$2,483
$2,046
$1,444
$1,598
$2,491
$2,063
$1,430
$1,880
$0
$1,000
$2,000
$3,000
Summer Spring Winter Fall
2013 2014 2015 2016
2016 Visitor Profile
Total Spending per Party 2013 - 2016
- 16 -
2016 Visitor Economic Impact
PANAMA CITY BEACH
2016 ECONOMIC IMPACT
FROM VISITORS
- 17 -
PCB ResidentialProperty Tax Category
Property Tax Inventory
TDTInventory
Clerk of CourtTDT Inventory
SINGLE FAMILY 8,674 627 Single Family HomeSINGLE FAMILY/CONDO 302MOBILE HOME 1,219MOBILE HOME/CONDO 523MULTI-FAMILY 10+ UTS 29CONDOMINIUM 16,843 9,575 Condo/TownhomeMULTI-FAMILY 10 LESS 549
1,230 MiscellaneousTotal 28,139 11,432 (40.6%)
4,664 Hotel MotelTotal Housing Units 28,139 16,096 Lodging/Rent Inv.
PCB Residential & Lodging/Rental Inventory (June 2016)
U.S. Census Data (2015):
Households 5,241
Population 12,624
2016 Visitor Economic Impact
- 18 -
2016
Lodging Tax
Revenue
2016
Lodging Revenue
Person
Days/Nights
Average
Spending
Per Person/
Per Day
Total Overnight
Renter Spending
$18,932,139 $378,642,780 11,133,875 $109.70 $1,221,428,322
2016 Paid Rental Overnight Visitors
Rental Inventory
(Rental Units
only)
Owner Occupied
Nights(9% occupancy)
Person
Days/Nights(avg. party of 5)
Average
Spending
Per Person/
Per Day
Total Overnight
Rental Owner
Spending
11,572 380,140 1,900,700 $66 (+3%) $125,446,200
2016 Owner Occupied Rental Units
2016 Visitor Economic Impact
- 19 -
2016 Visitor Economic Impact
Non-Rental Vacation
Inventory
(Units)
Owner Occupied
Nights(38% occupancy)
Person
Days/Nights(avg. party of 4)
Average
Spending
Per Person/
Per Day
Total Vacation
Owner Spending
5,217 723,597 2,894,392 $66 (+3%) $191,029,872
2016 Vacation Home Usage – non-resident owners who do not rent
Year-round
Households in PCB
(US Census)
Number of
Houseguests(10 guests per house)(5.5 avg. length of stay)
Houseguests
Person
Days/Nights(avg. party of 4)
Average
Spending
Per Person/
Per Day
Total VFR
Spending
5,146 51,460 283, 030 $36 (+3%) $10,755,080
2016 Visiting Friends & Relatives (VFR) - Staying With Year-Round Residents
Total 2016 Overnight Visitor Spending in PCB $1,548,659,474.
- 20 -
2016 Visitor Economic Impact
Day-Tripper Spending – $77,432,974Day-trippers to PCB from outside of Bay County are estimated to account for 5% of the
overall overnight visitor spending therefore totals $77,432,974. The majority of this day-trip
spending in PCB is realized at large scale retail, unique PCB attractions, unique dining
experiences, festivals/events and Northwest Florida Beaches International airport and rental
car operations. The growth in large scale retail and dining has increased the number of day-
trippers that come into PCB for day-trips.
Total 2016 Overnight & Daytrip Visitor Spending in PCB $1,626,092,448.
- 21 -
2016 Visitor Economic Impact
Economic IndicatorDirect
Impacts
Indirect
Impacts
Induced
Impacts
Total Impacts
(Direct + Indirect +
Induced)
Visitor Spending
2015
$1,526,348,664
($1.52 billion)
$451,346,786
($451.34 million)
$453,660,923
($453.66 million)
$2,431,356,374
($2.43 billion)
2016$1,626,092,448
($1.62 Billion)
$480,841,381
($480.84 million)
$483,306,742
($483.30 million)
$2,590,240,572
($2.59 billion)
Worker Income &
Paychecks
2015
$495,773,102
($495.77 million)
$132,3023,684
($132.30 million)
$138,825,095
($138.82 million)
$766,900,881
($766.90 million)
2016$528,170,868
($528.17 million)
$140,949,461
($140.94 million)
$147,897,033
($147.89 million)
$817,017,363
($817.01 million)
Employment/Jobs
201522,290 4,160 4,383 30,833
2016 23,747 4,432 4,669 32,848
- 22 -
2016 Visitor Economic Impact
DEFINITION OF DIRECT AND SECONDARY ECONOMIC EFFECTS
Economists distinguish direct, indirect and induced economic effects. The total economic impact of tourism is the sum of
direct, indirect and induced effects within a region. Indirect and induced effects are sometimes collectively called
secondary effects. These impacts or effects may be measured in terms of gross output, sales, income, employment, or
value added. Although they are often used somewhat loosely by non-economists, these terms have precise definitions
that are important when interpreting economic impact study results.
Direct effects are production changes associated with the immediate effects of changes in tourism expenditures. For
example, an increase in the number of tourists staying overnight in hotels would directly increase room sales in the hotel
sector. The additional hotel sales and associated changes in hotel payments for wages, salaries, taxes, supplies and
services are direct effects of the tourist spending.
Indirect effects are the production changes resulting from various rounds of re-spending of the tourism industry's receipts
in backward-linked industries (e.g. industries supplying products and services to hotels). Changes in sales, jobs and income
in the linen supply industry, for example, represent indirect effects of changes in hotel sales. Businesses supplying
products and services to the linen supply industry represent another round of indirect effects, eventually linking hotels by
varying degrees to most other economic sectors in the region.
Induced effects are the changes in economic activity resulting from household spending of income earned directly or indirectly as a result of tourism spending. For example, hotel and linen supply employees, supported directly or indirectly by tourism, spend their income in the local region for housing, food, transportation, and the usual array of household product and service needs. The sales, income, and jobs that result from household spending of added wage, salary, or proprietor’s income are induced effects.
- 23 -
Berkeley Young
Young Strategies, Inc
(704) 677-4018
(704) 770-3333
www.facebook/berkeleyyoung
www.linkedin.com/berkeleyyoung
Contact Information
- 24 -
Young Strategies Research Team Experience
Destination research and strategic planning
Development and management of conference centers
Research for 100+ destinations in 26 states
Communities, regions and states
Travel industry focused
National research data and trends analysis
Writing and speaking
Board workshops & planning sessions
Listening to travelers