Valuing Central Park's Contributions to New York City's ... - Appleseed

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26 The world’s largest marathon – and the world’s most famous finish line The New York City Marathon was born in Central Park in 1970, and for its first five years was run entirely within the Park. In 1976 the course of the Marathon was changed to the now-familiar five-borough configuration. But the final three and a half-mile section of the course is still within or along the edge of the Park. Thus the most dramatic moments of the race often occur in the Park, as the runners approach and then cross what has been called the world’s most famous finish line. Today the ING New York City Marathon is the largest in the world, with 38,607 finishers in 2007. Approximately 80 percent of all participants come from outside New York City – and 50 percent from outside the U.S. Based on a survey of participants in the 2005 race, Economics Research Associates estimates that the average non-New York City participant brings four guests, and stays in the City for four days. The Marathon thus drew more than 150,000 visitors to the City in 2006, for a total of more than 600,000 visitor-days. Based on this survey, ERA estimates that outof-town participants in the 2006 ING New York City Marathon and their guests spent a total of approximately $110.7 million. Taking into account the multiplier effect, ERA estimates that in 2006 visitor spending associated with the Marathon generated $179 million in Citywide economic output. The Marathon’s economic impact exceeds that of any other single-day sporting event. • • • • • The New York City Triathlon (18,000 participants); The New York City Half-Marathon (10,000 participants); The New York Road Runners Mini 10K – the world’s oldest organized road race for women (3,500 participants); The U.S. men’s Olympic marathon trial; and The U.S. 8K championship. Entertainment and cultural events at Central Park also draw visitors from outside New York City. Examples include: • • • • • • Shakespeare in the Park, with a total audience of 85,000; The SummerStage concert series, with audiences totaling 150,000; New York Philharmonic concerts (66,000); Performances by the Metropolitan Opera (15,700); Other concerts sponsored by the Parks Foundation (72,000); and The New York Book Festival (20,000). Other visitors to Central Park Visits to the Park for its recurring events make up a small part of its total annual attendance (about 3 percent of visits in 2006-07). The Central Park Conservancy estimates that there were 25 million visits to Central Park in 2006 – up from an estimated 20 million in 2000. Since the Conservancy was founded, visits to Central Park have nearly doubled from 12.77 million visits in 1976. While New York City residents account for most visits to Central Park, surveys conducted in 1989 found that 20 percent of Central Park visitors resided outside the City. Assuming that 20 percent of the 25 million visits to Central Park were made by out-of-town visitors and discounting spending that occurred with Park concessions, we estimate that about
$53 million in visitor spending in the City could be considered attributable to visitors to the Park. This spending directly supported 835 jobs in tourism-related industries throughout New York City. Through the multiplier effect, we estimate that visitor spending generated an additional $27.7 million in output and 170 FTE jobs in the City. A unique venue for special events In addition to providing a site for recurring events such as those described above, Central Park also provides a location for special, non-recurring events that can also have a significant impact on the City’s economy. The most notable example in recent years has been The Gates, a concept developed and executed by New York artists Christo and Jean-Claude. Mounted during February 2005, The Gates involved installation of 7,500 fabric panels on 16-foot gates along 23 miles of walkway in the Park. During the installation’s two-week run, the City estimates that 4 million people came to see The Gates, including 1.5 million who came from outside New York City. A survey of Gates visitors found that among those who had come from outside the City, 79 percent listed seeing The Gates as their primary reason for coming to New York. The Mayor’s Office later estimated that The Gates had generated $254 million in additional economic activity in the City, through increased hotel occupancy and visitors’ spending on meals, shopping, entertainment, local transportation and other services. While The Gates was a one-time event, the number of visitors it attracted and the resulting economic impact – in both cases, much greater than had been anticipated before the event – highlight Central Park’s unique potential as both a venue for large-scale special events, and as a cultural icon in its own right. Central Park has also been the location of a number of one-time concerts that have drawn major audiences including performances by Simon and Garfunkel (1981), Paul Simon (1991), Garth Brooks (1997), and The Dave Matthews Band (2003). The importance of safety in Central Park Since 1980 when the Conservancy began its work in the Park, crime has steadily declined. As the figure below shows, since 1981 the New York Police Department reports a 91 percent decrease over all major crime categories in the Central Park Precinct. 1,200 1,000 800 600 400 200 1981 1987 1993 1999 2005 As crime has declined in the Park and the perception of safety has increased, the number of visitors has increased dramatically. Since the Conservancy was founded, visits to Central Park have nearly doubled from 12.77 million visits in 1976 to about 25 million visits in 2006. The figure below shows the growth in the annual number of visitors to the Park since its inception. 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 1863 1873 1973 1982 2000 2007 2
Page 1: Valuing Central Park’s Contributi
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