CLEVELAND, Ohio — A little over a year after the Republican National Convention came to Cleveland, we are getting a look at the impact it had on our area.
Thursday, the Cleveland 2016 Host Committee announced the hosting of the 2016 RNC resulted in up to $188.4 million of economic benefit to our region, which includes Cuyahoga; Lake; Geauga; Lorain; Summit; Medina; and Erie counties, according to Tourism Economics. The total is short of the original $200 million estimate.
Also, the jobs and labor income is said to have been significant with 1,324 FTE positions created through the RNC hosting, translating to $61.1 million in income for area residents.
Studies from both Tourism Economics and Cleveland State University’s Maxine Goodman Levin College of Urban Affairs were done.
“While the different approaches and methodologies provide two different figures for the economic impact, both studies confirm what we already knew: political conventions provide platforms for long-term impact in addition to short-term financial infusions,” said David Gilbert, President and CEO of the Cleveland 2016 Host Committee. “That bottom line mirrors our goals from the day Cleveland was chosen as the host city: the Convention infused revenue into our economy that wouldn’t have otherwise been realized, and, possibly more importantly, it launched Cleveland on a national and international trajectory in regard to awareness and reputation.”
Here are some of the key findings, according to the host committee:
Tourism Economics Analysis
• The 2016 RNC produced $110.1 million in direct spending and $188.4 million in economic impact in a seven-county region. (Note: Visitor spending estimate based on sample size of 1,793 from 2015 Longwoods International Visitor Spending Study commissioned by Destination Cleveland.)
• Hotels averaged 88 percent peak occupancy rate in the seven-county region and 99 percent in Downtown Cleveland during the five core nights of the Convention. Airbnb provided much needed capacity with guest night bookings increasing more than 300 percent compared with the two weeks prior and following the Convention.
• Hotels more than doubled their average daily rates in 2016 over 2015. Airbnb’s average nightly prices also more than doubled.
• The jobs and labor income generated by the city’s hosting of the RNC were significant. The 1,324 FTE positions generated (on an annualized basis) through the hosting translated to $61.1 million in income for residents.
• The economic activity associated with the RNC generated $10.2 million in state and local tax revenue for the seven-county region, providing funds to support resident programs and services.
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Article Courtesy of WJW Fox 8 News Cleveland
Picture Courtesy of Angelo Merendino and Getty Images