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Group Title: Economic impact of The Players Championship golf tournament at Ponte Vedra Beach, Florida
Title: Economic impact of The Players Championship golf tournament at Ponte Vedra Beach, Florida, March 2005
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Title: Economic impact of The Players Championship golf tournament at Ponte Vedra Beach, Florida, March 2005
Series Title: Economic impact of The Players Championship golf tournament at Ponte Vedra Beach, Florida
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Creator: Stevens, Tom
Hodges, Alan
Mulkey, David
Publisher: Institute of Food and Agricultural Sciences, University of Florida
Place of Publication: Gainesville, Fla.
Publication Date: 2005
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Economic Impact of THE PLAYERS Championship Golf Tournament
at Ponte Vedra Beach, Florida, March 2005
By

Tom Stevens, Alan Hodges and David Mulkey

University of Florida, Institute of Food and Agricultural Sciences,
Food and Resource Economics Department

May 31, 2005

Since the early 1980s, THE PLAYERS Championship (TPC) golf tournament has been
held during the month of March at the Sawgrass Stadium Golf course in Ponte Vedra Beach,
Florida. This event is part of the PGA TOUR and is operated by PGA TOUR Inc. Ponte Vedra
Beach is located in the north-eastern corner of St. Johns County, Florida, about 25 miles from
both Jacksonville (to the northwest) and St. Augustine (to the south). Ponte Vedra is also the
world headquarters of the PGA TOUR. The Food and Resource Economics Department
(FRED) at the University of Florida was asked by PGA TOUR to conduct an economic impact

analysis of this sports event for 2005, which took place between March 23d and 28 t. Impact
analysis provides a more comprehensive assessment of how an economic event or activity
interacts with different types of businesses and institutions within a region's economy, and an
economy as a whole.
To obtain data on the characteristics, behaviors and expenditures of tournament
attendees, the PGA TOUR contracted with EventCorp Services Inc. to conduct an on-site survey
of a sample of those attendees. A total of 2,403 usable questionnaires were completed during
this survey. Summary statistics on attendee place of residence, length of stay, on- and off-site
expenditures and overnight accommodations were provided by EventCorp Services.1 Total
attendance was estimated at 180,000 by the PGA TOUR's Championship Management Division.
As with all empirical analysis, the accuracy of the results depend on the accuracy of the data.
Without access to raw survey data it was not possible to estimate standard errors or confidence
intervals on expenditure estimates.
Information on attendees' place of residence is critical for economic impact analysis
because spending by individuals from outside the region provides "new" money to the local


1 EventCorp Services Inc. "Response Data Summary Report of I Count Survey Service, conducted for the PGA
TOUR Inc. at THE PLAYERS Championship" April 1, 2005.









economy. These new dollars generate additional multiplier effects as local or regional
businesses purchase inputs and pay wages or salaries, owners spend earnings, and governments
collect taxes. In contrast, spending by local or resident attendees within a regional economy
does not necessarily constitute a change in total spending within the region. Knowledge about

the type of spending that occurs is also important because spending in different sectors of the
economy entail different amounts and types of labor and material inputs. If certain inputs (or
employees) must be imported (or commute) from outside the region, then those expenditures

represents dollars leaving the economy, which reduces the overall economic impact of an
activity. Generally, business activities that are more labor and/or management intensive will

generate greater regional economic impacts than those which are relatively more capital or
resource intensive.

Once estimates of the types and amounts of attendee expenditures are calculated, these
numbers can be entered into an input-output model of the regional economy to estimate
economic impacts. Such impact estimates would include changes in output, earnings or income,
profits, employment and taxes for a wide variety of business and institutional sectors of the

regional economy. The Food and Resource Economics Department uses the IMPLAN PRO 2
(IMPLAN) software package to construct regional input-output models and calculate economic
impacts. IMPLAN is licensed to the University of Florida by the Minnesota IMPLAN Group,

Inc.
PGA TOUR estimated that total attendance (ticket sales) to the event over the six day
period was 180,000. Respondents to the EventCorp survey indicated that the number of days
they attended the event, on average, was 2.5. From these two numbers, it can be estimated that

there were approximately 72,000 attendees to the tournament event (Table 1). The EventCorp
survey did not attempt to determine the number of individuals (or their expenditures) who

accompanied attendees to the area, but did not attend the event. Data on the number of players,
caddies, officials, directors and TV crew was also provided by PGA TOUR. Statistics on
attendees' place of residence, primary purpose in traveling to the area, duration of attendance,

and type of overnight accommodations were derived from the survey report and are presented in


2
Minnesota IMPLAN Group (MIG), 2002. IMPLAN, Economic Impact and Social Accounting Software, and data for Florida. Stillwater, MN.
www.implan.com. The most current release of the IMPLAN software package, which was used at the time of this analysis, was based on 2002
data.










Table 1. The right-hand column shows the reported or estimated number of attendees for each

category.


Table 1. Attendance Estimates and Categorical Survey Responses for THE
PLAYERS Championship Golf Tournament, Ponte Vedra, Florida, March
2005

Survey Responses Estimated
Statistic Number Percent Attendees
Total Attendance (tickets sold) 180,000
Average Days Attended per Attendee 2.50
Estimated Number of Attendees 72,000
Total number of completed questionnaires 2,403
Place of Residence Responses 2,147 100.00% 72,000
Locals (north-east Florida residents) 1,185 55.19% 39,739
Non-locals 962 44.81% 32,261
Purpose Responses (Non-locals) 959 100.00% 32,261
Primary Purpose Non-locals 765 79.77% 25,735
Coincidental Non-Locals 194 20.23% 6,526
Primary Overnight Stay Responses 764 100.00% 25,735
Did stay overnight in area 535 70.03% 18,021
Did not stay or undecided to stay overnight 229 29.97% 7,714
Average length of stay (nights) 4.30
Primary Type of Accommodation Responses 532 100.00% 18,021
Stayed with family or friends 204 38.35% 6,910
Stayed in Commercial Accommodations 328 61.65% 11,111
Coincidental non-local attendees 194 100.00% 6,526
Who stayed overnight 136 70.03% 4,570
And lodged at commercial facilities 84 61.65% 2,818
Participants, officials, directors, and TV crew 1,267
Average length of stay (nights) __5.86
* Based on proportion estimated for Primary non-locals


For purposes of the survey and this analysis, the region or local study area was defined as

north-east Florida, which consists of seven counties including Baker, Clay, Duval, Flagler,

Nassau, Putnam and St. Johns. Details on the size and distribution of population, employment

and personal income within this seven county region are provided in Appendix Table Al. An
estimated 1.6 million people were residents of this region in 2004. The regional economy

generated over 900,000 jobs and personal income in excess of $47 billion in 2003. It is notable









that over three-quarters of the region's population and economic activity occur in just two of the
seven counties, Duval and St. Johns.
Individuals residing within these seven counties were deemed to be locals and all others
as non-locals. Nearly 45 percent or 32,261 of the event's attendees were estimated to reside
outside the study area (Table 1). If non-local attendees came to the area primarily to attend the
tournament, then all of their off-site, as well as their on-site, expenditures were included in the
estimation of economic impacts. About 80 percent of non-local attendees came primarily to
attend the golf tournament. Non-local attendees who came to the area for other reasons, were
classified as "Coincidental" attendees. In this case, the inclusion of off-site expenditures was
limited to the average length of days attended (2.5), instead of the average length of overnight
stays (4.3), so that average off-site expenditures of coincidental attendees staying overnight were
estimated at 2.5/4.3 or 58 percent of the expenditures estimated for primary attendees who stayed
overnight. Lodging was included in off-site expenditures for the proportion of non-local
attendees staying overnight in commercial facilities. It was assumed that coincidental non-local
attendees stayed overnight and stayed in commercial facilities in the same proportions as primary
attendees (Table 1).
Details of the estimation of on-site expenditures by locals and non-locals at the event are
provided in Table 2. For on-site expenditures, the survey questionnaire asked respondents to
select from nine different ranges of expenditures incurred per day for themselves and separately
for others in their party. EventCorp routinely adjusts the results for these questions downward
because they have found that with certain types of events that respondents frequently confuse the
difference between spending on themselves and others and consequently over-report their actual
expenditures. In the case of THE PLAYERS Championship, average on-site expenditures were
not adjusted because the composition of attendees to the tournament was not as family oriented
as events that EventCorp used to calibrate their adjustment procedure.










Table 2. Estimated On-site Expenditures by Attendees and Participants of THE PLAYERS
Championship Golf Tournament, March 2005.

By Locals 1
Estimated local attendees 39,739
Avg. number of days attended per attendee 2.5
Total attendance days (attendees x 2.5) 99,348
Average on-site expenditures per attendee day $77.37
Total by locals $7,686,203
By Non-locals
Primary attendees 2
Estimated primary non-local attendees 25,735
Avg. days attended per attendee 2.6
Total attendance days 66,910
Average on-site expenditures per attendee day $77.37
Total by primary non-locals $5,176,601

Coincidental attendees
Estimated coincidental non-local attendees 6,526
Avg. days attended per attendee 2.2
Total attendance days 14,358
Average on-site expenditures per attendee day $77.37
Total by coincidental non-locals $1,110,796

Participants, officials, friends and others
Number 1,267
Avg. days attended per attendee 5.9
Total attendance days 7,422
Average on-site expenditures per attendee day $77.37
Total by participants etc. $574,214
Total by non-locals $6,861,612

Total On-site expenditures (all sources) $14,547,814
Source: PGA TOUR (Championship Management Division) and EventCorp Services Inc.
1. Local attendees' home residence was located in the seven county region of northeast Florida.
2. Primary attendees are non-local attendees whose primary purpose for traveling to the area was to attend the
event.
3. Coincidental attendees are non-local attendees whose traveled to the area for some other reason than to attend the
event.









Based on the survey results, on-site expenditures for all types of attendees averaged
$77.37 per day. The average number of days attended varied among respondents. Coincidental
non-local attendees attended 2.2 days on average, compared to an average 2.6 days for primary
non-locals and 2.5 days for local attendees. Total on-site expenditures were estimated by
multiplying the average daily expenditures, by the average number of days attended, by the
estimated number of attendees for each classification, and then summing the class sub-totals.
Approximately 54 percent, or $7.68 million (Mn.) of total on-site expenditures were estimated to
originate from local attendees, compared to $6.86 Mn. from non-local attendees and participants
(Table 2).
About three-quarters, or $5.18 Mn., of on-site spending by non-locals, came from
primary non-local attendees. Coincidental attendees contributed around 16 percent of non-local
on-site expenditures, with the remaining 8.4 percent ($0.57 Mn.) coming from players, caddies,
officials, directors and their family and friends. All together, estimated on-site expenditures
from local and non-local sources totaled approximately $14.55 Mn. (Table 2).
The composition of on-site expenditures was not solicited by the survey questionnaire
except with respect to whether they occurred for "yourself" or "others with you", for "food,
beverage, admission, parking and merchandise". For purposes of estimating the economic
impacts, the $14.2 Mn. in on-site expenditures was equally divided between "Sporting Goods,
Hobby, Book and Music Stores" (NAICS 451) 3, "Food Services and Drinking Places" (NAICS
722) and "Spectator Sports" (NAICS 7112) equivalent industry sectors in the IMPLAN input-
output model.

The magnitude and composition of off-site expenditures by non-local attendees are
itemized in Table 3. Off-site expenditures by local attendees were not solicited in the survey
questionnaire, because such spending could not be directly attributed to the occurrence of the
tournament event. Estimated off-site expenditures by non-local attendees totaled slightly over
$36.0 Mn. for the tournament. Over 88 percent, or $31.9 Mn. of these expenditures were made
by attendees who visited the area primarily to attend the event. Non-locals who attended the




3 NAICS is the North American Industry Classification System: see http://www.census gov/epcd/www/naics.html
for details.












Table 3. Estimated Off-site Expenditures by Non-local Attendees of THE PLAYERS
CHAMPIONSHIP Golf Tournament, March 2005.

Expenditures Number of Total
Expenditure Category Per Attendee Attendees Expenditures
Primary non-local attendees2
Expenditures
Commercial lodging $424 11,111 $4,710,932
Restaurants, bars and lounges $313 25,735 $8,054,947
Food stores $182 25,735 $4,683,707
Retail stores $226 25,735 $5,816,032
Transportation $175 25,735 $4,503,565
Other recreation $160 25,735 $4,117,545
Total $31,886,728
Coincidental non-local attendees 3
4
Expenditures 4
Commercial lodging $217 2,818 $611,225
Restaurants, bars and lounges $160 6,526 $1,045,098
Food stores $93 6,526 $607,693
Retail stores $116 6,526 $754,608
Transportation $90 6,526 $584,320
Other recreation $82 6,526 $534,236
Total $4,137,181

Total off-site expenditures by non-locals $36,023,908
Source: PGA TOUR (Championship Management Division) and EventCorp Services Inc.
1. Non-Local attendees' home residence was located outside the seven county region of northeast
Florida.
2. Primary attendees are non-local attendees whose primary purpose for traveling to the area was to
attend the event.
3. Coincidental attendees are non-local attendees who did not travel to the area primarily to attend the
event.
4. Expenditures by coincidental non-local attendees were estimated at 51.16% of expenditures by
primary non-locals.


tournament coincidentally contributed only about 11.5 percent, or $4.1 Mn., to total off-site

expenditures. This was mainly because there were substantially fewer non-locals who attended

the event coincidentally and it was assumed that their length of stay (days attended) was the

average for all attendees (2.5 days) instead of the average stay for primary non-local attendees

staying overnight (4.3 days).

Expenditures by players, caddies, rules officials, TV crews and PGA directors also

contributed to the economic impact of the event. Since no specific data or estimates on










expenditures made by this group were available for the event, estimated average daily

expenditures for primary non-local attendees were used instead. PGA TOUR, Inc. was able to

provide data on the number and length of stay for different types of participants. With these
data and estimates, total expenditures by participants for lodging, restaurants, retail stores,

transportation and other recreation were calculated by multiplying the total number of days all

participants stayed at the event by the average daily expenditures estimated for primary non-
locals (Table 4). The value of expenditures for participants and tournament associates was

estimated to be $2.66 Mn. using this method.
Table 4. Estimated Off-site Expenditures by Non-local TPC Participants and Tournament
Associates
Expenditures Participant Total
1 2
Expenditure Category Per Day Days Expenditures
Commercial lodging $98.60 7,422 $731,844
Restaurants, bars and lounges $79.77 7,422 $592,034
Food stores $44.88 7,422 $333,127
Retail stores $54.19 7,422 $402,169
Transportation $43.72 7,422 $324,497
Other recreation $36.74 7,422 $272,715
Total $357.91 7,422 $2,656,386
1. Per-day expenditures by participants were based on average daily expenditures by primary non-local
overnight attendees who used commercial lodging.
2. Equals 1,267 (participants and affiliates) times 5.86 (average length of stay in days).

Expenditures by all types of attendees and participants are summarized in Table 5. Total

expenditures from all types of attendees and participants are estimated at slightly more than
$53.2 Mn.. Approximately $14.5 Mn. or 27.3 percent of total expenditures occurred on site,

while off-site expenditures amounted to nearly $38.7 Mn., dominating on-site expenditures by

more than 2.6 to one. Total expenditures originating from attendees residing in northeast

Florida summed to nearly $7.7 Mn., but this was dwarfed by spending from non-local attendees
and participants, which totaled over $45.5 Mn.. Approximately 86 percent of all spending

associated with the Tournament originated from outside the region. This high proportion of

outside or new dollars is notable because these expenditures generate additional economic
activity through multiplier effects within the region.













Table 5. Summary of Expenditures by Attendees and Participants in The Players Championship
Golf Tournament

Category Amount Percent
On-site expenditures
by local attendees $7,686,203 14.44%
by non-local attendees and participants $6,861,612 12.89%
Total on-site expenditures $14,547,814 27.33%
Off-site Expenditures
by non-local attendees $36,023,908 67.68%
by non-local participants & associates $2,656,386 4.99%
Total off-site expenditures $38,680,294 72.67%

Total expenditures by locals $7,686,203 14.44%
Total expenditures by non-locals $45,541,906 85.56%
Total expenditures of all types $53,228,108 100.00%


To estimate the economic impacts of the Tournament on the seven county region of

northeast Florida, an input-output model of the region was constructed using IMPLAN software
and associated databases. This model included institutional sectors for households, state, local
and federal government, and capital accounts which allows the estimation of social accounting

matrices and multipliers. The expenditures calculated in Tables 2, 3 and 4 were then allocated to

the appropriate IMPLAN sectors and entered into the impact analysis module of the software.
The allocations of expenditures to IMPLAN sectors are shown in Table 6.
The first three columns of Table 6 show the economic sector name and number assigned

to each expenditure category. The Expenditure Value column (column 4) shows the total
expenditures estimated for each sector. It should be noted that transportation expenditures

estimated from the survey were divided equally among three related IMPLAN modeling sectors;
Transit and Ground Passenger Transportation, Automotive Equipment Rental and Leasing, and
Gasoline Stations. Similarly, on-site expenditures were allocated equally between Spectator

Sports, Sporting Goods, Hobby, Book and Music Stores, and Restaurants, Bars and Lounges.
Since spending by local residents does not generate multiplier effects for the local economy, only

the direct impacts resulting from these expenditures were included in calculating the total
economic impacts. More detailed IMPLAN impact modeling parameters are provided in Table

A2 and associated narrative in the Appendix of this report.











Table 6. Allocation of Attendee Expenditures to Industry Sectors for THE PLAYERS
Championship Golf Tournament, March 2005.

Sector Numbers Expenditure
Expenditure
Industry Sector Name IMPLAN NAICS Value
Spending by locals
Sporting goods, hobby, & book stores 409 451 $2,562,068
Spectator sports 472 7112 $2,562,068
Restaurants, bars and lounges 481 722 $2,562,068
Sub-total $7,686,203

Spending by non-locals
Transit & ground passenger transportation 395 485 $1,804,127
Food and beverage stores 405 445 $5,624,527
Gasoline stations 407 447 $1,804,127
Sporting goods, hobby, & book stores 409 451 $2,287,204
Miscellaneous store retailers 411 453 $6,972,809
Automotive equipment rental and leasing 432 5321 $1,804,127
Spectator sports 472 7112 $2,287,204
Amusement, gambling, & recreation 478 713 $4,924,496
Hotels and motels, including casino hotels 479 7211 $6,054,001
Food services and drinking places 481 722 $11,979,283
Sub-total $45,541,906
Total $53,228,108


Results

A summary of the estimated economic impacts for THE PLAYERS Championship golf

tournament is shown in Table 7. Output, value-added, labor income, indirect business taxes and
employment impacts are given in individual rows of the table. The table columns separate the

direct, indirect, induced and total economic impacts. Direct impacts are those directly

attributable to the revenues generated by businesses that serve visitors, basically measuring the
value of production or services. For the Tournament, direct impacts result from both local and

non-local attendee expenditures, but only non-local expenditures generate indirect and induced

impacts. Indirect impacts count the expenditures made by directly impacted businesses to
purchase inputs, and the increased output and purchases of their suppliers. Induced effects

include the economic impacts from the increased spending by households of employees and

owners of directly and indirectly affected businesses. The total impact is the sum of the direct,









indirect and induced effects and measures the complete impact of an activity as it ripples
throughout the regional economy. All results are stated in current (2005) dollars.
Output impacts represent the total value of sales and revenues for goods and services
generated by the region's businesses. The direct output impacts generated by the tournament
totaled $42.31 Mn. ($6.18 Mn. from expenditures by locals, plus $36.13 Mn. due to spending by
non-locals). Indirect output impacts were slightly over $11 Mn. Induced output impacts were
the largest of the three effects, totaling $42.44 Mn. The total output impact of the Tournament
for northeast Florida is the sum of the direct, indirect and induced output impacts, and is
estimated to be $95.78 Mn. in 2005 dollars.
Value-added impacts represent labor and management income, business profits, other
property related income and indirect business taxes that are generated by the event.
This measure of economic impact on northeast Florida as a result of the Tournament was
estimated to total $59.89 Mn. for 2005. The labor income component of the value-added impact
was estimated to equal $40.71 Mn. Indirect business taxes are estimates of how much excise,
property, and sales taxes, as well as business and licensing fees were generated as a result of the
TPC. This does not include taxes on income or profits. It is estimated that the Tournament
resulted in an increase of nearly $6 Mn. in indirect business tax revenues for all forms of
government in 2005. Employment impacts estimate the number of full and part-time jobs
created by an economic activity based on industry-average output per worker statistics. A total
of 1,398 jobs were estimated to be created through the direct, indirect and induced effects of the
Tournament in northeast Florida.

Table 7. Economic Impacts of Attendee Expenditures from THE PLAYERS
Championship Golf Tournament, March 2005. a
Impacts Impacts from Impacts
from Local Non-Local from All
Impact Type/Level Revenues Revenues Revenues
Units Direct Direct Indirect Induced Total
Output r 6.18 36.13 11.03 42.44 95.78
Value Added 4.02 21.80 6.73 27.33 59.89
Labor Income i 3.35 14.64 3.78 18.93 40.71
Indirect Bus. Taxes 0.47 2.98 0.57 1.95 5.97
Employment Jobs 122 693 99 484 1,398
Total impacts equal the sum of direct, indirect and induced impacts. Output, value added, labor income, indirect
taxes and employment represent different measures of economic activity and cannot be added together.









More detailed economic impacts by two digit NAICS sector codes are provided in
Appendix Tables A3 through A7, for output, value added, labor income, indirect business taxes
and employment in northeast Florida. The four largest two-digit NAICS sectors impacted by the
Tournament were Retail Trade, Arts, Entertainment and Recreation, Accommodation and Food
Services, and Government (Table A3). Accommodation and Food Services were the biggest
beneficiary of this golf event, garnering 23.5 percent or more than $22.51 Mn. of its total output
impacts. Retail trade came in second with 13.5 percent or $12.71 Mn. in output impacts,
followed closely by Arts, Entertainment and Recreation at $10.50 Mn., and Government at $9.84
Mn.

The distribution of value added impacts across industry sectors is similar to output, with
the same top four sectors, but is not so dominated by Accommodations and Food Services
(Table A4). This sector captured 20.5 percent or $12.3 Mn. in value added impacts, compared to
16 percent for Retail Trade and just under 15 percent or $8.9 Mn. for government sectors value
added impacts. Because labor income comprises about two-thirds of value added impacts for
this analysis, it is not surprising that the distribution of these impacts are quite similar to those
for value added (Table A5). For indirect business taxes, the Retail Trade sector generates the
largest amount of government revenues, $1.88 Mn., as a result of taxes on retail sales associated
with the TPC (Table A6). This represents 31.5 percent of the total indirect business taxes
generated from the event. The Accommodations and Food Services sector provided over 24
percent, or $1.46 Mn., of the total indirect tax impacts from their Tournament associated
business. The third and forth largest indirect tax impacts came from Arts, Entertainment and
Recreation, and, Wholesale Trade respectively. Four-hundred and eighty-five jobs or nearly 35
percent of the total employment impacts associate with the TPC occurred in the Accommodation
and Food Services sector (Table A7). The next largest employment impact took place in Retail
Trade, which was responsible for creating 271 additional jobs (19.4 percent of the total) in the
region. Arts, Entertainment and Recreation, and Government had the third and forth largest
employment impacts resulting from the Tournament.

Looking at the distribution of impacts across the direct, indirect and induced effects, it is
notable that indirect effects comprise less than 12 percent of the total impacts for all forms of
economic impacts. This implies that expenditures by TPC attendees do not generate a large
demand for material inputs, or conversely that TPC related sales are more service or value-added









in nature. Events or industries that generate more value added impacts often have higher overall
multiplier effects within a regional economy. This is because it is unlikely that a region such as
northeast Florida would produce a large proportion of the material inputs needed to supply sales
for a golf tournament. This is confirmed in Table 8, where the implicit multipliers for non-local
expenditures associated with the Tournament are presented. Direct multipliers are equal to one
by definition and total multipliers are equal to the sum of the direct, indirect and induced
multipliers. Here, it can be seen that the induced multipliers are from three to five times larger
than the indirect multipliers. This is another way of showing that the most important form of
economic impacts from the TPC occur as households of employees and business owners spend
the earnings and profits derived from the business it generates in the region.

The magnitude of the implicit multipliers for the total impacts of the Tournament range
from 2.563 for value added, to 1.841 for Employment. Generally multipliers greater than two
are considered favorably in terms of relative economic impacts and would indicate events or
activities that should be prioritized by local governments and civic leaders. Clearly THE
PLAYERS Championship golf tournament is an important event for northeast Florida, and one
that has significant and widespread economic benefits for it.

Table 8. Implicit Multipliers for Economic Impacts of Non-local Expenditures Associated
with THE PLAYERS Championship Golf Tournament, March 2005.
Impact Type/Effect Direct Indirect Induced Total
Output 1.000 0.305 1.175 2.480
Total Value Added 1.000 0.309 1.254 2.563
Labor Income 1.000 0.258 1.293 2.551
Indirect Business Taxes 1.000 0.193 0.654 1.847
Employment 1.000 0.143 0.698 1.841


Economic impact analysis allows a more comprehensive assessment of how an industry
or economic event affects a regional economy, beyond its direct impacts (gross revenues or
sales). Not only can economic impacts be estimated for specific types of businesses and
institutions in the region, but additional impacts (indirect and induced) can be estimated as these
revenues filter out or multiply through the economy. This occurs as businesses purchase inputs
and pay their employees, and as owner and employee households spend their earnings from those
businesses. Output, value added, income and jobs are basic units for measuring economic
activity. Estimating the size of these economic indicators makes it possible to evaluate and









compare the impact of THE PLAYERS Championship Golf Tournament to the whole economy
and other industries or sectors within that economy.



References:

Minnesota IMPLAN Group (MIG), 2003. IMPLAN Pro, Economic Impact and Social
Accounting Software and Data for Florida Counties. Stillwater, MN.

U.S. Department of Commerce, Bureau of Economic Analysis, Regional Economic Information
System, Personal Income and Employment Data, (2005)
http://www.bea.gov/bea/regional/reis/

U.S. Department of Commerce, Bureau of Census, County Population Datasets, (2005)
http://eire.census.gov/popest/estimates_dataset.php


PGA TOUR references:
http://www.pgatour. corn/
http://www.golfweb. com/info/company/faq
http://www. golfweb.com/info/company/backgroundfacts
http://en.wikipedia.org/wiki/PGA_TOUR
http //www.tpcsawgrass corn/










Appendix


Table Al. Population, Employment and Personal Income for the Seven Counties of
Northeast Florida, 2003/2004.

Estimated Personal
Population Percent Employment Percent of Income Percent
2004 of Area 2003 Area 2003 of Area
County Population Percent Employment Percent $1,000s Percent
Baker 24,019 1.50% 7,844 0.86% $484,769 1.03%
Clay 164,394 10.24% 52,851 5.81% $4,251,985 9.01%
Duval 821,338 51.15% 584,839 64.32% $24,541,928 52.00%
Flagler 69,005 4.30% 18,716 2.06% $1,500,222 3.18%
Nassau 63,157 3.93% 23,524 2.59% $1,974,829 4.18%
Putnam 72,511 4.52% 23,346 2.57% $1,462,141 3.10%
St. Johns. 391,449 24.38% 198,117 21.79% $12,978,585 27.50%
Total 1,605,873 100.00% 909,237 100.00% $47,194,459 100.00%
Sources: U.S. Dept of Commerce, Census Bureau, Population Division. http://www.census.gov/popest/estimates.php
U.S. Dept of Commerce, Bureau of Economic Analysis, Regional Economic Accounts
http://www.bea.doc.aov/bea/reaional/reis/default.cfm#a










Table A2. IMPLAN Sector Allocations and Modeling Parameters for THE PLAYERS
Championship Golf Tournament Attendee Expenditures, March 2005.
IMPLAN NAICS
Sector Sector Expenditure
IMPLAN Sector Name Number Number Value Basis Margin Deflator
Spending by locals
Sporting goods, hobby, & book stores 409 451 $2,562,068 Commodity 0.378 1.091
Spectator sports 472 7112 $2,562,068 Industry 1.062
Restaurants, bars and lounges 481 722 $2,562,068 Industry 1.070
Sub-total $7,686,203

Spending by non-locals
Transit & round passenger transportation 395 485 $1,804,127 Industry 1.080
Food and beverage stores 405 445 $5,624,527 Commodity 0.275 1.080
Gasoline stations 407 447 $1,804,127 Commodity 0.278 1.080
Sporting goods, hobby, & book stores 409 451 $2,287,204 Commodity 0.378 1.091
Miscellaneous store retailers 411 453 $6,972,809 Commodity 0.410 1.062
Automotive equipment rental and leasing 432 5321 $1,804,127 Industry 1.104
Spectator sports 472 7112 $2,287,204 Industry 1.062
Amusement, gambling, & recreation 478 713 $4,924,496 Industry 1.047
Hotels and motels, including casino hotels 479 7211 $6,054,001 Industry 1.093
Food services and drinking places 481 722 $11,979,283 Industry 1.070
Sub-total $45,541,906
Total $53,228,108


The Basis modeling parameter shown in the fifth column of Table A2 is either Industry

or Commodity. A Commodity basis is usually applied to expenditures on merchandise goods

that undergo little or no transformation at the point of sale and are produced predominately by
one sector. In this case Food and Beverage Stores, Gasoline Stations, Sporting Goods Stores and

Miscellaneous Store Retails were given a commodity basis. Typically, commodity based

purchases are marginedd", which assigns the appropriate proportion (less than 100 percent) of

expenditures that are used to purchase products from the manufacturers, with the remainder
allocated to transportation and trade sectors. It is assumed that all of the expenditures for the

Industry based sectors occur to that specific sector within the region.

Deflators, shown in the far right-hand column, are used to bring the value of the spending
estimates into alignment with price levels on which the input-output model is based. The current

version of IMPLAN is based on economic data for the year 2002. Consequently, all

expenditures estimates were deflated to 2002 values at the rates specific to each sector. To

make the results meaningful, the estimated impacts are "re-inflated" to 2005 prices.










Table A3. Two-digit Aggregate Sector Output Impacts of Attendee Expenditures from THE PLAYERS Championship Golf
Tournament, March 2005.
IMPLAN NAICS Direct Indirect Induced Total
Sector Sector Industry (dollars) (dollars) (dollars) (dollars) Rank
1 11 Ag, Forestry, Fish & Hunting 0 99,946 137,159 237,105 19
19 21 Mining 0 599 3,777 4,376 20
30 22 Utilities 0 312,072 435,406 747,478 17
33 23 Construction 0 195,558 5,529,965 5,725,523 5
46 31-33 Manufacturing 0 987,869 1,671,022 2,658,891 12
390 42 Wholesale Trade 0 1,018,860 1,909,619 2,928,480 11
391 48-49 Transportation & Warehousing 1,804,128 685,813 1,140,601 3,630,542 9
401 44-45 Retail trade 8,289,031 380,816 4,038,946 12,708,793 2
413 51 Information 0 857,021 1,059,456 1,916,477 14
425 52 Finance & insurance 0 963,821 2,995,805 3,959,625 8
431 53 Real estate & rental 1,804,128 1,784,527 2,110,689 5,699,344 6
437 54 Professional- scientific & tech srvcs. 89 963,901 2,051,538 3,015,528 10
451 55 Management of companies 0 568,616 386,093 954,709 16
452 56 Administrative & waste services 0 734,669 991,315 1,725,984 15
461 61 Educational services 0 4,873 338,796 343,669 18
464 62 Health & social services 0 3,881 4,648,427 4,652,308 7
475 71 Arts, entertainment & recreation 9,773,768 321,723 406,726 10,502,217 3
479 72 Accommodation & food services 20,595,350 230,378 1,685,242 22,510,970 1
482 81 Other services 0 368,123 1,649,891 2,018,014 13
495 92 Government & non NAICS 43,929 544,303 9,251,971 9,840,203 4

Total 42,310,422 11,027,368 42,442,443 95,780,234












Table A4. Two-digit Aggregate Sector Value-added Impacts of Attendee Expenditures from THE PLAYERS Championship
Golf Tournament, March 2005.
IMPLAN NAICS Direct Indirect Induced Total
Sector Sector Industry (dollars) (dodolla) (dollars (dollars) Rank
1 11 Ag, Forestry, Fish & Hunting 0 38,502 63,491 101,993 19
19 21 Mining 0 345 2,013 2,358 20
30 22 Utilities 0 217,598 300,846 518,444 17
33 23 Construction 0 96,591 2,161,997 2,258,588 7
46 31-33 Manufacturing 0 306,726 557,395 864,121 15
390 42 Wholesale Trade 0 737,651 1,382,557 2,120,207 10
391 48-49 Transportation & Warehousing 911,544 383,994 584,802 1,880,340 11
401 44-45 Retail trade 6,241,774 286,533 3,038,762 9,567,069 2
413 51 Information 0 388,017 561,796 949,813 13
425 52 Finance & insurance 0 582,339 1,588,173 2,170,512 9
431 53 Real estate & rental 592,265 1,280,303 1,408,566 3,281,135 5
437 54 Professional- scientific & tech srvcs. 69 703,069 1,520,586 2,223,724 8
451 55 Management of companies 0 389,331 264,358 653,688 16
452 56 Administrative & waste services 0 432,178 608,541 1,040,719 12
461 61 Educational services 0 2,412 190,137 192,549 18
464 62 Health & social services 0 1,515 2,788,997 2,790,511 6
475 71 Arts- entertainment & recreation 6,684,632 226,491 241,275 7,152,398 4
479 72 Accommodation & food services 11,358,443 124,135 820,391 12,302,969 1
482 81 Other services 0 145,101 777,038 922,139 14
495 92 Government & non NAICS 31,891 389,875 8,470,392 8,892,157 3

Total 25,820,617 6,732,705 27,332,113 59,885,433












Table A5. Two-digit Aggregate Sector Labor Income Impacts of Attendee Expenditures from THE PLAYERS
Championship Golf Tournament, March 2005.
IMPLAN NAICS Direct Indirect Induced Total
Sector Sector Industry (dollars) (dodolla) (dollars (dollars) Rank
1 11 Ag, Forestry, Fish & Hunting 0 18,725 32,036 50,761 19
19 21 Mining 0 195 1,277 1,472 20
30 22 Utilities 0 73,831 106,285 180,116 17
33 23 Construction 0 93,620 1,922,654 2,016,275 6
46 31-33 Manufacturing 0 207,303 356,376 563,679 14
390 42 Wholesale Trade 0 410,498 769,384 1,179,882 10
391 48-49 Transportation & Warehousing 626,960 294,021 436,719 1,357,700 8
401 44-45 Retail trade 3,991,112 173,347 1,822,979 5,987,439 2
413 51 Information 0 230,527 262,436 492,962 15
425 52 Finance & insurance 0 317,738 920,951 1,238,689 9
431 53 Real estate & rental 394,531 262,591 355,273 1,012,396 11
437 54 Professional- scientific & tech srvcs. 42 579,886 1,321,009 1,900,937 7
451 55 Management of companies 0 266,538 180,981 447,519 16
452 56 Administrative & waste services 0 361,740 506,009 867,749 12
461 61 Educational services 0 2,187 172,524 174,710 18
464 62 Health & social services 0 1,320 2,482,445 2,483,765 5
475 71 Arts, entertainment & recreation 5,189,896 194,043 178,765 5,562,703 4
479 72 Accommodation & food services 7,780,694 86,876 630,693 8,498,262 1
482 81 Other services 0 125,701 715,758 841,460 13
495 92 Government & non NAICS 9,267 82,729 5,756,798 5,848,794 3

Total 17,992,502 3,783,417 18,931,350 40,707,267












Table A6. Two-digit Aggregate Sector Indirect Business Tax Impacts of Attendee Expenditures from THE PLAYERS
Championship Golf Tournament, March 2005.
IMPLAN NAICS Direct Indirect Induced Total
Sector Sector Industry (dollars) (dodolla) (dollars (dollars) Rank
1 11 Ag, Forestry, Fish & Hunting 0 $1,201 $1,912 3,112 19
19 21 Mining 0 32 160 192 20
30 22 Utilities 0 32,192 43,609 75,802 10
33 23 Construction 0 1,160 24,859 26,019 14
46 31-33 Manufacturing 0 10,287 13,152 23,438 15
390 42 Wholesale Trade 0 168,318 315,474 483,792 4
391 48-49 Transportation & Warehousing 31,081 15,365 31,208 77,653 9
401 44-45 Retail trade 1,232,841 55,584 596,045 1,884,470 1
413 51 Information 0 27,871 58,842 86,714 8
425 52 Finance & insurance 0 31,847 77,072 108,919 7
431 53 Real estate & rental 23,760 158,331 196,596 378,688 6
437 54 Professional- scientific & tech srvcs. 0 11,226 26,281 37,508 11
451 55 Management of companies 0 6,178 4,195 10,373 17
452 56 Administrative & waste services 0 12,313 17,059 29,372 13
461 61 Educational services 0 47 3,698 3,745 18
464 62 Health & social services 0 28 34,398 34,426 12
475 71 Arts, entertainment & recreation 789,728 22,675 26,025 838,428 3
479 72 Accommodation & food services 1,369,743 14,399 77,513 1,461,655 2
482 81 Other services 0 3,800 17,329 21,129 16
495 92 Government & non NAICS 3 548 381,896 382,448 5
Total3,447,156 $573,403 $1,947,323 5,967,883
Total 3,447,156 $573,403 $1,947,323 5,967,883












Table A7. Two-digit Aggregate Sector Employment Impacts of Attendee Expenditures from THE PLAYERS Championship
Golf Tournament, March 2005.
IMPLAN NAICS Direct Indirect Induced Total
Sector Sector Industry (jobs) (jobs) (jobs (jobs) Rank
1 11 Ag, Forestry, Fish & Hunting 0 1 1 2 18
19 21 Mining 0 0 0 0 20
30 22 Utilities 0 1 1 2 19
33 23 Construction 0 2 49 51 7
46 31-33 Manufacturing 0 5 8 13 14
390 42 Wholesale Trade 0 7 13 20 13
391 48-49 Transportation & Warehousing 36 8 11 55 6
401 44-45 Retail trade 198 6 67 271 2
413 51 Information 0 5 5 10 15
425 52 Finance & insurance 0 6 17 22 12
431 53 Real estate & rental 12 11 16 39 9
437 54 Professional- scientific & tech srvcs. 0 12 24 36 10
451 55 Management of companies 0 4 3 6 17
452 56 Administrative & waste services 0 15 20 35 11
461 61 Educational services 0 0 7 8 16
464 62 Health & social services 0 0 57 57 5
475 71 Arts, entertainment & recreation 128 6 7 141 3
479 72 Accommodation & food services 441 5 39 485 1
482 81 Other services 0 5 35 40 8
495 92 Government & non NAICS 0 2 106 107 4

Total 815 99 484 1,398




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