2009 Cincinnati Museum Center Impact Studies: A Comprehensive Summary of the Restoration and Renovation Project and the Annual Impact Report
In 2009, officials of the Cincinnati Museum Center (CMC) were exploring two major initiatives: options for a property-tax levy that could be placed on the November ballot to fund continued operations; and the need to raise $120 million for a significant renovation project for the Union Terminal. To successfully assess their options and generate the required community and political support, CMC hired the Economics Center to undertake two separate studies that analyzed direct and indirect economic (spending) and fiscal (taxes collected) impact. One study examined the economic impact in the community from the proposed restoration and renovation of the Cincinnati Union Terminal. The other study looked at the economic impact generated by CMC’s spending for annual operations and capital improvements, as well as off-site spending by out-of-town visitors, from September 2007 through August 2008.
Restoration and Renovation Project Report: If CMC is successful in initiating its proposed restoration and renovation of the Cincinnati Union Terminal, during the period of construction, expected to last several years, the economic impact of construction spending will be nearly $278 million1 delivering more than $88 million in household earnings for area workers and supporting 2,524 new jobs. Local tax revenues collected will increase by $2.15 million.
Annual Impact Report: From September 2007 through August 2008, over 1 million visitors came to the CMC, of which more than 300,000 were from outside this region. Visitor spending and spending to operate the facility generated an annual economic impact of $87 million which delivered $27 million in household earnings for more than 1,100 workers. In addition, local government received nearly $730,000 in tax revenues as a result of CMC-related spending.
Additional Highlights of the annual operations, capital improvements and visitor spending report (Annual Impact Report) are as follows:
- Return on operating and capital expenditures of $3.58 for every dollar spent
- Local sales and income tax revenues collected increased by $729,093
- Students from less affluent school districts benefit more relative to other students in
Hamilton County and Ohio
- Cincinnati’s less affluent neighborhoods benefit more relative to other Cincinnati
1 Economic impacts are calculated in current, 2008-2009, dollars.