Jones
Lang LaSalle Study Projects Republican National Convention Will Spur
More Than $150 Million in Economic Impact for Tampa Bay Region
Cost/benefit analyzes
RNC’s effects on Tampa Bay businesses and hospitality market
TAMPA, August 17, 2012 – Jones
Lang LaSalle’s (NYSE: JLL)
Tampa-based research team has finalized an independent economic
analysis projecting the 2012 Republican National Convention (RNC) will
have a total economic impact of $153.56 million in the Tampa Bay
area.
Much of the regional economic impact experienced during the RNC will
come in the form of direct spending by the Convention Host Committee –
which is expected to inject upwards of $55 million into the event and
surrounding festivities – and visitors, who will collectively spend in
excess of $85 million.
“While the economic impacts of major
national conventions have a tendency to be overvalued, even our most
conservative projections for this year’s RNC result in a spill-over
effect eclipsing the $150 million mark,” said Stephen Siena, research
analyst with Jones Lang LaSalle in Tampa. “That number could climb to
$170 million or more, depending on actual spending and total displaced
spending. Any way you look at it, the Convention is going to be a shot
in the arm for Tampa Bay’s economy and tourism base.”
The
positive effects will be especially welcome in the region’s tourism and
hospitality sector, with the RNC spelling relief for Tampa
International Airport (TPA) and area hotels during the historically
slow month of August. While heightened prices for airline tickets may
deter the average tourist, an estimated 50,000 delegates, media
members, politicians and interested parties will arrive at TPA,
boosting the airport’s operating revenue by as much as $85,000.
Likewise, Tampa’s 100 hotels will experience a spending jump valued at
$13.7 million.
While the RNC is projected to have an overall
positive impact on the regional economic picture, the Jones Lang
LaSalle report cautions about the displacement and substitution of
existing spending. For example, if 25,000 office employees in Tampa’s
Central Business District avoid the area that week due to concerns
about heavy traffic and anticipated security inconveniences, the
substitution effect would negate nearly $150,000 in total spending
during the RNC. Likewise, if 10 percent of the average daily
overnight
visitors to the Tampa Bay region elect to stay home during the
Convention, the resulting tourism losses would total approximately $2.3
million.
About Jones Lang LaSalle
Jones
Lang LaSalle (NYSE:JLL) is a financial and professional services firm
specializing in real estate. The firm offers integrated services
delivered by expert teams worldwide to clients seeking increased value
by owning, occupying or investing in real estate. With 2011 global
revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70
countries from more than 1,000 locations worldwide, including 200
corporate offices. The firm is an industry leader in property and
corporate facility management services, with a portfolio of
approximately 2.1 billion square feet worldwide. LaSalle Investment
Management, the company’s investment management business, is one of the
world’s largest and most diverse in real estate with $47 billion of
assets under management. For further information, please visit
www.joneslanglasalle.com.