Estimate of Economic Impacts for Tourist Attraction Improvements for Big Ridge State Park

Burton English, Jamey Menard, David Hughes and Kimberly L. Jensen

No 309921, Research Reports from University of Tennessee, Department of Agricultural and Resource Economics

Abstract: Big Ridge State Park (BRSP), located in Union County on Norris Lake in East Tennessee, is one of 56 Tennessee state parks. The park employs 12 individuals full time, and 10 additional individuals are seasonal. Provided here are estimates of the economic contribution of BRSP to the four-county (Anderson, Knox, Grainger and Union Counties) economy in which it resides. These estimates include the current contribution of the park and the park’s contribution after improvements to park assets (remodeling cabins, adding bike trails, new restrooms, a water trail with a launch area, and new campsites). An IMPLAN-based input-output model of the four-county economy was used to provide an estimate of the total (direct and with multiplier effects) economic impact of improvements to Big Ridge State Park. Three types of economic impacts are estimated in this analysis — the current level of impact, the impact of investments in improvements to the park, and the impact of attracting new visitors because of the investments. The current impact consists of BRSP expenditures and those of the current visitors. It is estimated that the current impact level to the four-county region consisting of Anderson, Grainger, Knox and Union Counties is $21.7 million. By a one-time investment of $7.3 million in the park’s assets, another $3 million to $5 million economic impact could result each year to the regional economy through the attraction of nonlocal visitors. In addition, the investment of $3.5 million to $6.8 million would provide a one-time economic impact to the region of $6.6 million to $14.0 million, along with 53 to126 jobs, depending on whether the low or high bike trail estimate is used.

Keywords: Community/Rural/Urban Development; Land Economics/Use (search for similar items in EconPapers)
Pages: 15
Date: 2021-03-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:utaerr:309921

DOI: 10.22004/ag.econ.309921

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