Setting the Stage
Restore the Woodward
Objectives: A Self Sustaining Project
Project Overview
Project Budget
The Economic Impact of Nonprofit Arts Organization and Their Audiences
The Economic Impact from Tourism Development
Case Studies on the Economic and Cultural Impact of Historic Theatres
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2008
The Woodward Development Corp.
TheWoodward.org is designed and maintained by Nubble Designs.
Economic Impact of the Woodward Restoration Project
Economic Impact from Tourism Development
Based on the average daily expenditures from an International Association of Convention & Visitors Bureaus (IACVB) study*, the following calculations were made based on the current Woodward Business Plan. Note that these numbers do not include any income generated from within the county. They only represent the increased revenue received as a result of new travel and tourism business.
| No. of Trips | Type | Avg Spending* | Total |
|---|---|---|---|
| GROUP TOURS | |||
| 250 | Group Tour Traveler | $159 /DAY | $39,750.00 |
| (5 coaches per year) | |||
| 1,100 | One-day group tour | $ 76/DAY | $83,600.00 |
| (20 coaches per year) | |||
| Special Events, Conferences, Meetings | |||
| 1,000 | Independent Traveler: Overnights | $110/DAY | $110,000.00 |
| 2,000 | Independent Traveler: Day Trippers | $33/DAY | $66,000.00 |
| Total Annual Direct Increase in Revenue to Knox County Businesses: | $299,350.00 | ||
| *Prepared using IACVB data developed in 1997 | |||