Beth Hill announces the findings of an economic impact study of Fort Ticonderoga July 1.
There are almost nine million reasons this region should love Fort Ticonderoga.
• Fort Ticonderoga generated almost $9 million in economic impact in 2013.
• 66,000 guests visited the Fort in 2013.
• 85 percent of visitors said Fort Ticonderoga was their primary reason for visiting the area.
• 75 percent of guests were visiting the Fort for the first time in 2013.
• 54 percent of visitors spent at least one night in regional commercial lodging; 24 percent of visitors staying at least one night did so in Ticonderoga lodging. The average stay by guests in lodging is two nights.
• Total spending per guest associated with a visit to Fort Ticonderoga is $75.02, led by food and beverage (34%), lodging (29%), gas and auto (16%), retail (14%) and entertainment (8%).
• Fort Ticonderoga generates $782,758 in state and local tax revenue and $545,273 federal tax revenue.
• Fort Ticonderoga economic impact reduces the tax burden for local households in Essex County by $47.69.
• Fort Ticonderoga generates 120 jobs regionally, 80 of which depend directly on the fort.
• Fort Ticonderoga generates $3.7 million in labor income.
At a special press conference July 1, President and CEO Beth Hill announced the historic site brings in almost $9 million annually in economic impact, factoring in visitor spending from tourists; spending by Fort Ticonderoga in its daily operations; the indirect and induced impacts created by labor income as it flows into the regional economy; and tax revenue generated by that spending.
“This report quantifies what we already know to be true,” said Hill. “Fort Ticonderoga’s iconic story and mission of education and preservation translate into real and substantial economic impact confirming Fort Ticonderoga’s place in the present and more importantly, in the region’s economic future. Fort Ticonderoga is a major statewide and regional asset with major plans for the years ahead. If the trends continue, we anticipate a larger impact in the future.”
“This is a very proud day in the annals of the hallowed ground where we stand,” Chairman of the Fort Ticonderoga Board of Trustees Sandy Morehouse said. “We are an economic engine for the entire region. Ours is a name that is internationally recognized and we attract specialists from across the globe, sharing with them the best we have to offer as a fort and as a community.”
In 2013, the Fort Ticonderoga Association commissioned Magellan Strategy Group to perform an economic impact study. MSG partnered with SYNEVA Economics to develop the study utilizing data provided by the Fort and the highly regarded IMPLAN software. The analysis identified and followed the spending of the Fort and its guests as it moved through the local economy of New York State and adjacent Addison County, VT.
“This study employed a conservative approach to measuring guest spending that evaluated only those expenditures that occurred as a result of visiting the Fort,” Hill said.
The study is part of a larger destination master plan underway in partnership with PGAV Destinations, a global destination planning firm.
“This is just the beginning of things to come,” Hill said. “Today is the result of our hard work and a collective celebration for all of us. We look forward to sharing the bold vision that we have for the future in the months ahead.”
Ticonderoga Supervisor Bill Grinnell said the forts impact can be seen throughout the region.
“250 years ago, the fort was the base of the economic engine of early Ticonderoga,” Grinnell said. “Today, we have the rebuilt jewel of America’s birth and history that is a world class destination. The impact here is clearly seen and the fort has worked hard to bring itself to an even higher level. We want to partner with the fort to become the conduit to the tourism destination that is Fort Ti.”
“We all know that Fort Ti had an impact but it is really critical to get the data and see the numbers,” Sen. Betty Little said. “The thing I think has evolved is the community participation. The town embraces the fort because it is a destination and has worked really hard to give those visitors something else to do.”
“Anything a community can do to differentiate itself and make it stand out is important,” Assemblyman Dan Stec said. “Anytime you can hang a number on something, it tells you where you have been and gives you and idea to where you are going.”