Section 11 - Economic Impact
The Centennial of Flight commemoration will have a broad, multifaceted economic impact in 2003. The impact will be both short-term from events held throughout the year, and long-term from the result of the buildup of parks, facilities and programs spawned by the celebration. In addition to the direct economic impact, the celebration will create value indirectly by fostering educational and entrepreneurial initiatives among those who will be exposed to the formal programs being developed by a variety of sources during 2003 and beyond. It is hard to imagine that the emphasis on education throughout the centennial year will not spawn some new and dramatic inventions or innovations. It is impossible at this time, however, to quantify that impact as a part of this National Plan. An examination of previous national exhibitions, expositions and celebrations reveals that there is a long term, positive impact from new inventions and innovations.
Specifically, Centennial of Flight commemoration activities will generate economic benefits from several sources, including:
Estimates of Spending and Multipliers:
There are a variety of studies that have been done on the expenditure patterns associated with events like the Centennial of Flight commemoration. While each event, program and project has identified economic benefits, there are some general figures that can be applied to calculate the economic benefit. For tourism, every dollar spent by a tourist will generate from 40 cents to 80 cents of additional revenue in the area being visited. Ongoing business enterprises such as park and program operations and construction will generate significantly more impact in excess of one dollar for every dollar spent. This will vary by locale, but it is clear to see the economic potential the Centennial of Flight celebration.
The Figure 11 A shows the estimated economic impact to be generated by the program partners.
Economic Impact
Centennial of Flight Celebration
Partner Program or Event |
Recurring
|
Centennial Year
|
---|---|---|
Centennial of Flight Commission |
Not applicable
|
Not applicable
|
Inventing Flight: Dayton 2003 |
See Dayton Aviation Heritage
National Historic Park
|
$110 - 112
Million
|
First Flight Centennial Foundation |
*
|
*
|
Experimental Aircraft Association |
*
|
*
|
NASA |
*
|
*
|
FAA |
*
|
*
|
National Air and Space Museum |
$16.4 Million
|
$5.8 Million
|
First Flight Centennial Commission |
*
|
*
|
National Park Service, Wright Brothers National Memorial, North Carolina |
*
|
*
|
Dayton Aviation Heritage National Historic Park |
$11 - 13 Million
|
See Inventing Flight: Dayton 2003
|
Dayton Aviation Heritage Commission |
See Dayton Aviation Heritage
National Historic Park
|
See Inventing
Flight: Dayton 2003
|
American Institute of Aeronautics and Astronautics |
*
|
*
|
Aviation Week's The Next Century of Flight |
*
|
*
|
The Wright Experience |
*
|
*
|
Aviaton World's Fair 2003 |
*
|
*
|
Library of Congress |
*
|
*
|
U.S. Air Force Centennial of Flight Office |
*
|
*
|
U.S. Air Force Museum |
*
|
*
|
National Aviation Hall of Fame |
$825,000
|
Pending
|
Wright-Patterson Air Force Base |
Not applicable
|
See Inventing Flight: Dayton 2003
|
Total |
$28.3 - 30.3 Million annually
|
$115.8
- 117.8 Million
|
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