’12 PGA: $92M direct-spending impact for S.C.
The 2012 PGA Championship at Kiawah Island Golf Resort is still more than a year away, but South Carolina and PGA executives already are anticipating the windfall it’ll create for the state.
Based on advance ticket sales, the major championship scheduled for August is expected to attract an estimated 50,278 out-of-town visitors who are projected to cause a direct-spending impact in excess of $92 million.
Taking into account other factors such as value of media exposure, labor income and tax revenue, the event – based on seven days of tournament-related activities – is estimated to generate a total economic impact of $193 million for the state of South Carolina.
The College of Charleston’s Office of Tourism Analysis used equivalent data for similar events in conjunction with sales information from the PGA office to calculate the economic impact. The college faculty subtotaled the direct and indirect effect of the tournament on Charleston and the state. They also evaluated impact on employment rates and labor income.
“An average Charleston guest spends roughly $183 per day in Charleston. In comparison, a PGA Championship visitor is expected to spend an average of $345 a day,” said Alan Shao, dean of the College of Charleston Business School. “But this money won’t just stay in Charleston; there will be a ripple effect. South Carolina will be a huge beneficiary of the 2012 PGA Championship’s economic impact.”
A breakdown of the total economic impact includes:
• $92 million from direct-spending impact from out-of-town visitors
• $26 million impact in labor income, which supports 832 jobs
• $75 million in estimated media exposure is expected to come from more than 154 hours of television coverage, including media outlets such as CBS, TNT and Golf Channel
In total, more than 210,000 spectators are projected to attend the tournament.
“With viewers and visitors from around the globe experiencing our dynamic community, the tournament will have lasting impacts beyond the immediate dollars and cents,” said David Ginn, president & CEO of the Charleston Regional Development Alliance (CRDA).