Estimating the economic impact of tourism events : creating an input-output model for Texas
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Estimates of the economic impact generated by tourism events can vary greatly depending on the methodologies used to conduct an analysis. This professional report will attempt to establish a standardized methodology for estimating the economic impact created by demand shocks to the economy resulting from event generated tourism visitation and spending with the final deliverable being a state-level input-output model for Texas. A review of state-level input-output models created for Michigan and Georgia in addition to a hypothetical scenario based on the 1996 Atlanta Olympics will illustrate the importance of assumptions in input-output analysis and lead to a discussion regarding some elements of hosting an event and increasing tourism that cannot be captured through this method. The report concludes by briefly examining considerations that should be made before applying the Texas model, the potential for future improvements, and finally the viability of recruiting events as an economic development strategy.