Issue
Natural resources are vital to the economy of local, regional, and national communities. However, their economic value is often challenging to quantify. Regional leaders needed to show the importance of these resources in order to demonstrate the value of investments that maintain their health and productivity.
Process
The Tampa Bay Regional Planning Council and the Tampa Bay Estuary Program aimed to address economic valuation challenges by conducting a study on the Tampa Bay estuary system. This study included an economic impact analysis, estimating direct, indirect, and induced economic effects of bay-dependent industries on the region. To achieve this, the Council analyzed industry spending related to employment, supply chains, and household activities following NOAA's classification scheme for the US Marine Economy. The industries were categorized into one of eight marine sectors, including a tourism and recreation sector. Only businesses that fell within the Tampa Bay watershed were included in the tourism and recreation sector. Industries that do not distinguish between tourists and residents, such as gas stations and grocery stores, were not included. A summary of the study and the overall results can be found on the Tampa Bay Economic Valuation Dashboard.
Impact
According to the economic impact analysis, the bay-dependent industries contribute $32.1 billion annually and support over 207,000 employees who earn $10.4 billion in personal income.. Additionally, the study also sets up a replicable process that can be used in the future or applied to different communities. The results underscore the significant economic value of the Tampa Bay estuary system's natural resources and emphasize the importance of investing in their preservation and productivity. (2024)
