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- Title
AN ECONOMIC AND FISCAL IMPACT ANALYSIS OF A COUNTY AND MUNICIPALITY IN THE SOUTHERN APPALACHIANS.
- Authors
Ha, Inhyuck "Steve"; Ullmer, James; Yoon Kyoung Cho
- Abstract
The Brevard Music Center, a summer institute and music festival in Brevard, NC, has been a cultural destination in the region since the 1930s, bringing in both residents and visitors alike to participate in the Institute. Besides being an important cultural institution, the Music center has had an increasingly important economic impact on Brevard and Transylvania County, the county in which the municipality is located. With that in mind, this paper investigates the economic impact on output and employment attributable to the Music Center on Brevard and Transylvania County. Data were first collected in the summer of 2015 on selected performances and then extrapolated to estimate total spending throughout the entertainment season of the audiences, as well as students enrolled at the Center and their parents. The IMPLAN software system and database, (IMPLAN Group, LLC), was then used to estimate the overall economic impact of spending at the Center on Brevard and Transylvania County. In addition, this research deviates from existing impact studies by uniquely separating municipal from county taxes by generating city-to-county ratios for each category of taxes. Then in a seminal fashion these ratios were used to estimate the exclusive fiscal impact on the municipality of Brevard, NC from the economic activity of the Center. The novel method employed in this study could be generalized on a state-by-state basis to assess the economic effects of spending in terms of output and employment on individual municipalities in future studies employing IMPLAN.
- Subjects
TRANSYLVANIA (Romania); FISCAL policy; EMPLOYMENT; ECONOMIC impact; PRODUCTION (Economic theory)
- Publication
Global Journal of Management & Marketing (GJMM), 2018, Vol 2, Issue 1, p67
- ISSN
2574-044X
- Publication type
Article
- DOI
10.47177/gjmm.02.01.2018.067