The Tennessee Aquarium has a $101 million economic impact on the community. (Photo: Chattanooga Area Convention and Visitors Bureau)
The Tennessee Aquarium has an annual economic impact of $101.3 million, according to a recent study.
“That’s a remarkable figure on its own, but when the annual return is compared to the initial $75 million investment to construct both aquarium buildings, the number is even more impressive,” President and CEO Charlie Arant said in a prepared statement.
Officials recently commissioned the University of Tennessee Center for Sustainable Business and Development to analyze the aquarium’s annual economic impact to Hamilton County.
Over several months, the researchers evaluated all aspects of the aquarium’s economic metrics using data collected from aquarium guests in 2014.
The aquarium attracts more than 700,000 visitors to downtown Chattanooga, and that has a multiplier effect. Those visitors bring out-of-town dollars to local businesses that they may not get otherwise, officials said.
The multiplier effect also means the aquarium has created 1,086 jobs across the community.
The money the aquarium brings also means $6.3 million in taxes to help sustain essential services in the community, such as funding for roads and schools.
“There were important questions asked about the aquarium’s potential impact prior to opening in 1992,” Arant said. “While this new report is just a snapshot of one year, it clearly shows a return of approximately $2 billion over time.”
The report also defines how the aquarium’s positive impact flows through the region in other ways.
For example, there are educational benefits to schools and community organizations that use the expertise of those at the aquarium.
And there are access programs that provide free field trips, bus transportation and classroom programs equaling more than $2.2 million contributed to the local community.
The aquarium also supports the environmental well-being of the region through the Tennessee Aquarium Conservation Institute, officials also said.
“This report affirms our strengths as an organization and how we’re helping the Chattanooga area,” Arant said. “We continue planning for the future knowing that there’s much more that can be accomplished with continued community support.”
By the numbers
- $101.3 million: Annual economic impact of the Tennessee Aquarium on Chattanooga and Hamilton County
- 1,086: Jobs supported by the aquarium’s operating and capital expenditures, along with the spending of out-of-town visitors
- $67.7 million: Revenue realized by area businesses as a result of goods and services purchased by aquarium guests
- $6.3 million: Tax revenue generated for the city of Chattanooga and Hamilton County to support essential services
- $2.2 million: Contributions the aquarium made directly to the community through free student admissions and program support for education programs and other area nonprofits.
- 30,000-plus underserved students admitted free each year
Click here to read the entire report.
Aquarium economic impact exceeds $100 million annually
Show all posts
