The Economic Impact of the National Underground Railroad Freedom Center
Prepared for:
The National Underground Railroad Freedom Center The impact of The National Underground Railroad Freedom Center on Greater Cincinnati is substantial and multi-faceted. Through its construction, exhibits creation, operations, and spending by visitors from outside of the area, it benefits the regional economy. Through its presence, exhibits and programs, it will have an impact on the entire community in many additional ways.
Economic Impact of Development of the Freedom Center
- The total cost for the development of the Freedom Center, including $91 million for construction and related capital expenditures, plus $35 million in pre-opening operating expenditures, is expected to total $126 million.
- The development of the Freedom Center will have a one time total impact of $243 million, generating 908 jobs and $72 million in household income.
- The impact of construction accounts for $162 million of the total economic impact of development, which generates $46 million in household earnings and 512 jobs.
- Pre-opening operations account for $48 million of the total economic impact of development, $15 million in household earnings and an additional 270 jobs.
- The economic impact of the development of exhibits and the impact of other related capital expenditures accounts for approximately $33 million of the total economic impact of development, which generates 126 jobs and $10 million in household earnings.
Annual Economic Impact of the Freedom Center (Post-Opening)
- During its first three and a half years of operation, the Freedom Center is expected to account for $18 million annually in local expenditures, including $9 for operations, $1 million for capital improvements, and $8 million in off-site out-of-town visitor spending.
- The Freedom Center will have an average annual economic impact of $41 million, generating $13 million in household earnings and 576 jobs.
- Of the total post-opening impact, Freedom Center operations will have an average annual impact of $23 million, generating 318 jobs and $7 million in household earnings.
- Visitor spending will contribute an additional $16 million to the total on-going post-opening impact, generating $5 million in earnings and 236 jobs.
- On-going capital program contributes the remaining $2 million of annual impact, generating $0.5 in household earnings and 22 jobs.
Bringing New Money into the Local Economy
- The Freedom Center is a conduit for bringing millions of new dollars into the local economy.
- Development of the Freedom Center will bring $52 million of new money into Greater Cincinnati, $34 million from federal funding and $18 million from private contributions.
- After its opening, the Freedom Center will draw an average of 52 percent of visitors from outside of Greater Cincinnati, spending between $3 million and $4 million annually in the Freedom Center and another $8 million on other goods and services in Greater Cincinnati each year.
Other Community Benefits
- The Freedom Center provides Greater Cincinnati with an unprecedented educational facility, creating spillover benefits in formal and informal educational communities.
- The Freedom Center will attract thousands of tourists annually who may stay longer in Greater Cincinnati to partake in other entertainment opportunities.
- The Freedom Center will add to the attractiveness of downtown Cincinnati, therefore facilitating the city in their revitalization program and helping to increase the quality of life in the area, attracting families and corporations to the area.
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