Economic Impact Report
Planning Decisions, Inc. released a report in October of 2014 delving into Maine Maritime Museum’s economic impact on the region and the state, building upon the Maine Arts Commission’s 2009 study of museums as economic drivers. Conducted by economist Chuck Lawton, the study details how the museum’s own spending, and that of its 56,000 annual visitors, spreads out through the community to create a substantial impact, helping stabilize the Midcoast economy that relies heavily on defense spending, and creates a draw for out-of-state and international tourists. Lawton emphasizes:
When compared to other museums in the state, visitors to Maine Maritime Museum tend to stay longer, spend more, and come in larger parties.
Those visitors are much more likely to be from outside Maine when compared to visitors to other Maine museums.
Maine Maritime Museum, by using a business model that partners with other for- and non-profit organizations for its tours, cruises, and programs, helps draw private investment and create jobs.
All told, the Museum’s total economic impact in 2013 amounted to just over $24 million, supporting the full-time equivalent of 230 jobs earning pay of approximately $7.3 million. The total state and local tax and fee revenues traceable to Museum initiated economic activity equals $1.3 million.
Overall, Maine Maritime Museum’s annual visitor spending is estimated at $14 million, with the majority of the money being brought to Maine from other states and countries, creating a significant contribution to the economic growth of the region and state. Furthermore, MMM’s importance to branding Maine as an attractive place to visit is “virtually priceless,” according to the report, which states that were a marketing firm assigned to produce this level of brand impact for the state, “its cost would be in the millions.”
A complete copy of the report is available here: www.mainemaritimemuseum.org/media/economicimpact.pdf.