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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.Click here to download the full economic impact study.About Jones Lang LaSalleJones 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.
Yanet Obarrio Sanchez