Economic Impact of Tourism on Myrtle Beach, South Carolina
HRTM 483: Tourism Economics
Term Project 1
Myrtle Beach, South Carolina The thriving industry of tourism found in Myrtle Beach, South Carolina economically contributes to the gross domestic product, employment, foreign exchange, earning, investment, regional impacts, contribution to taxation, and impact on other industry sectors within the state of South Carolina According to the Myrtle Beach Chamber of Commerce, in 2006 the state of South Carolina spending on travel and tourism reached $16.7 billion, growing 5% over 2005. This supported employment of 198,900, or 10.5% of total state employment. The tourism industry alone generated total wages and salaries of $5.4 billion in 2006. Total tourism value added (direct, indirect, and induced) attested for $8.9 billion, or 5.9% of the state economy. The fiscal impact was $1.1 billion in state and local tax revenues, as well as $1.3 billion in federal revenues. Out-of-state domestic visitors spent $7.7 billion, or 46% of all tourism sales. International visitors added another $586 million to the total. SC residents and businesses spent $4.9 billion on travel goods and services within and outside the state. Over $1.1 billion was spent on tourism capital investment. The government spent $420 million in support of tourism. SC-manufactured goods consumed by the tourism industry generated $1.9 billion in sales. Travel spending generated the core tourism industry economic impact. The direct impact of these expenditures can be compared to other sectors of the economy. Tourism-related government, investment and merchandise trade expenditures add to the core impact to give a picture of the entire tourism-generated economy—including direct, indirect, and induced impacts. Various industries benefit significantly from direct tourism sales. Hotels and Airports depend almost entirely on Tourism. Amusement & Recreation venues depend on half of their sales from Tourism. Nearly a third of Food & Beverage business
Term Project 1
Myrtle Beach, South Carolina The thriving industry of tourism found in Myrtle Beach, South Carolina economically contributes to the gross domestic product, employment, foreign exchange, earning, investment, regional impacts, contribution to taxation, and impact on other industry sectors within the state of South Carolina According to the Myrtle Beach Chamber of Commerce, in 2006 the state of South Carolina spending on travel and tourism reached $16.7 billion, growing 5% over 2005. This supported employment of 198,900, or 10.5% of total state employment. The tourism industry alone generated total wages and salaries of $5.4 billion in 2006. Total tourism value added (direct, indirect, and induced) attested for $8.9 billion, or 5.9% of the state economy. The fiscal impact was $1.1 billion in state and local tax revenues, as well as $1.3 billion in federal revenues. Out-of-state domestic visitors spent $7.7 billion, or 46% of all tourism sales. International visitors added another $586 million to the total. SC residents and businesses spent $4.9 billion on travel goods and services within and outside the state. Over $1.1 billion was spent on tourism capital investment. The government spent $420 million in support of tourism. SC-manufactured goods consumed by the tourism industry generated $1.9 billion in sales. Travel spending generated the core tourism industry economic impact. The direct impact of these expenditures can be compared to other sectors of the economy. Tourism-related government, investment and merchandise trade expenditures add to the core impact to give a picture of the entire tourism-generated economy—including direct, indirect, and induced impacts. Various industries benefit significantly from direct tourism sales. Hotels and Airports depend almost entirely on Tourism. Amusement & Recreation venues depend on half of their sales from Tourism. Nearly a third of Food & Beverage business