Economic Impact and Market Analysis
Economic Impact Analysis:
The UTC Tourism Center conducts in-depth economic impact analyses to assess the financial contributions of tourism initiatives, events, and destinations. By evaluating spending patterns, employment, and tax revenues, these analyses provide stakeholders with valuable insights to guide decision-making and demonstrate the broader economic value of tourism activities.
Market Analysis:
Through comprehensive market analysis and feasibility studies, the center evaluates potential tourism projects and initiatives. These studies assess market demand, competition, and operational viability, enabling stakeholders to make informed decisions about launching or expanding tourism ventures that align with regional goals and opportunities.
This study examines the economic impact of rock climbing on Chattanooga’s local economy and explores management preferences within the climbing community. Data collected from surveys of climbers at five popular locations revealed an annual economic impact of $6.4 million, with indirect and induced effects bringing the total to $7 million. Findings highlight climbers’ diverse preferences regarding management policies, emphasizing the importance of aesthetics, variety, and novelty in destination selection. The study underscores the need for sustainable management practices and collaborative efforts between local stakeholders, climbers, and land managers to ensure long-term economic and environmental benefits.
This report evaluates the Chattanooga Zoo’s economic and contribution impacts on the Southeastern Tennessee region for 2021-2022. The study employs economic contribution and impact analyses to measure the effects of operational expenditures, capital investments, and visitor spending, estimating a total impact of $30.3 million. Non-local visitors, comprising 45% of attendees, contributed $23.7 million in direct visitor spending, supporting 267 jobs and generating $3.8 million in tax revenues. Educational programs reached over 40,000 children annually, while volunteer contributions added $66,424 to the community. The findings underscore the zoo’s significant role in driving regional economic growth and enhancing Chattanooga’s appeal as a tourism destination.
This report evaluates the economic impact of the 2023 Chattanooga Marathon, focusing on visitor spending by participants traveling over 50 miles to the event. The analysis estimates a total economic effect of $859,832, including direct, indirect, and induced impacts on local industries such as lodging, dining, and retail. Visitor data reveal an average group size of 2.25, with 53% of participants classified as non-local visitors. The event supported nearly eight full-time employment positions and contributed significantly to federal, state, and county tax revenues. Participant satisfaction was high, with 71% expressing interest in returning for future events and 72% indicating a desire to revisit Chattanooga for leisure, underscoring the marathon’s role in promoting tourism and economic vitality in the region.