According to an independent 2017 report, the aquarium and conservation center would have an annual economic impact of $85.5 million in area sales.
The Zoo has a substantial impact on the economy—approximately $59.5 million each year as of 2017—and generates labor income and consumer spending that benefit our local, regional and state economies. The proposed aquarium and conservation center at Port Canaveral would make that impact even larger.
In 2017, the Economic Development Commission (EDC) of Florida’s Space Coast completed a report pro bono with estimates of this project’s potential economic effects in Brevard County. Based on the data available at that time, the report states the following:
- The aquarium and conservation center would have an estimated total economic impact of $85.5 million in area sales
- It would generate a local income of $26 million and support 937 jobs
- $66.1 million of the total annual estimated impact would be attributable to spending by out-of-area visitors on lodging, dining, souvenirs and other purchases in connection to their visit
- Of the annual operations impact:
- Direct output, or sales, will average $11,851,568
- Indirect output, or sales, will average $4,984,760
- Induced output, or sales, will average $2,585,095
- Direct jobs supported will average 57
- Indirect jobs supported will average 44
- Induced jobs supported will average 22
The EDC also estimated the aquarium and conservation center’s average annual direct expenditures to total $6,367,478; these expenditures would support a variety of businesses locally as the money is re-spent on consumer goods and supplies, as well as supporting additional jobs and generating spending across the economy.
In assessing the impact of the Zoo and future aquarium and conservation center, researchers only considered economic activities that would not have occurred in the region had it not been for the existence of these entities. The resulting numbers were calculated using the Brevard County model of the IMPLAN system, which uses historical data to replicate trade flows within the local economy. Held in high regard by academic and professional economists, the EDC feels that the IMPLAN model yields conservative, reasonable estimates of direct, indirect and induced impacts.