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Economic Impact of Constructing and Operating a Hyatt

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Economic Impact of Constructing and Operating a Hyatt 1 Economic Impact of Constructing and Operating a Hyatt Hotel at the Seattle-Tacoma International Airport Prepared for: Access the USA, LLC, dba Washington Regional Center 665 Woodland Square Loop SE, Suite 100, Lacey WA 98503 Prepared by: Michael K. Evans Evans, Carroll & Associates, Inc. 2785 NW 26th St. Boca Raton, FL 33434 561-470-9035 [email protected] April 14, 2013 2 Table of Contents 1. Executive Summary 3 2. Tabulation and Summary of Principal Results 4 3. Introduction and Scope of Work 7 4. Brief Discussion of RIMS II Model and its Multipliers 8 5. Methodology for Calculating Indirect Jobs 11 6. Key Economic and Demographic Statistics for King County Group 16 7. Location of the Hotel, and Maps of the Area 23 8. Economic Impact of Construction of Airport Hotel 28 9. Economic Impact of Hotel Operations 37 10. Economic Impact of the Entire Project 43 Appendix: Resume of Dr. Michael K. Evans 45 3 1. Executive Summary ● Access the USA, LLC, dba Washington Regional Center, plans to finance the construction and operation of a Hyatt hotel located at 19518 International Blvd at the SeaTac International Airport, which will contain 152 units. ● This report contains the economic impact analysis for the construction and operation of this hotel. The economic impact projections for these facilities are based on the final demand multipliers from the RIMS II input/output model for the three major urban counties in Washington, which are King, Pierce, and Snohomish counties. ● Figures supplied by the developer (Table 8.1 below) indicate a total development budget of about $25 million. Of that amount, the eligible hard costs would be $14.89 million and eligible soft costs would be $0.89 million. Purchases of furniture, fixtures, and equipment, communications equipment, and supplies (FF&E) are expected to be $2.537 million; only indirect and induced jobs are counted for the latter. These figures do not have to be deflated to 2007 dollars because construction costs have declined since then, so they can be entered directly into the input/output model. The RIMS II final demand multiplier for construction for this three-county area is 17.3388, so hard construction costs would create a total of 258 permanent new jobs in this three-county area. The multiplier for architectural and engineering services is 16.0314, so expenditures for EB-5 eligible soft costs would add another 13 jobs. The multiplier for FF&E excluding direct jobs is 7.30, so those expenditures would add another 19 jobs, for a total of 290 jobs for all facets of construction. ● The airport hotel is expected to take 26 months, of which 6 months is for demolition, 18 months for primary construction, and 2 months for finishes. Hence direct as well as indirect jobs for construction and soft costs can be included except for purchases of FF&E. ● The developer has also indicated that total gross revenues in the first full year of operation of the hotel would be $5.223 million in 2015 dollars, or $4.836 million in 2007 dollars. Since the final demand multiplier is 18.86, that would mean about 91 new jobs would be created from hotel operations. ● Summing all these components, a total of 381 permanent new jobs would be created from the construction and operation of the Hyatt Sea-Tac Airport hotel. 4 2. Tabulation and Summary of Principal Results The summary statistics in Tables A represent the total increase in revenue and employment that are expected to occur due to the construction and operation of the Hyatt Hotel at the SeaTac airport. These figures are based on the three-county RIMS II multipliers for the King county group. All jobs shown in Table A are permanent new jobs. Table A. Summary of Revenue and Employment Effects for Hyatt Hotel at SeaTac Airport Activity Revenue RIMS II Total $ millions Multiplier Jobs Hard Construction Costs 14.891 17.3387 258.2 Architecture & Engineering 0.849 16.0314 13.6 Purchases of FF&E * 2.537 7.3001 18.5 Hotel operations 4.84 18.8612 91.3 Total Project 23.12 381.6 * Indirect and Induced jobs only All figures calculated from unrounded numbers Table B-1 shows the 4-digit NAICS codes used in this report and the definitions from the NAICS code manual. Table B-2 contains print screen images of the exact multipliers used in this study. Table B-1. NAICS Codes and Definitions Used in the Model 2362 Nonresidential Building Construction 4232 Furniture and Home Furnishing Merchant Wholesalers 4234 Professional and Commercial Equipment and Supplies Merchant Wholesalers 4236 Household Appliances and Electrical and Electronic Goods Merchant Wholesalers 5413 Architectural, Engineering & Related Services 7211 Traveler Accommodations The print screen multipliers for this industry are shown below. Please note that for FF&E, the wholesale trade multiplier is used but only indirect and induced jobs are included, so the multiplier is calculated as 12.5811 * 1.3824/2.3824. 5 Table B-2. Print Screen of Actual Multipliers Used for 3-County Region (1) (2) (3) (4) (5) (6) 230000 Construction 2.1886 0.7024 17.3388 1.1932 1.9247 2.1375 420000 Wholesale trade 1.9085 0.5843 12.5811 1.2335 1.8510 2.3824 541300 Architectural, engineering, and related services 2.1003 0.7002 16.0314 1.3005 1.8991 2.4538 7211A0 Hotels and motels, including casino hotels 1.9266 0.5692 18.8611 1.2114 1.9220 1.6682 The economic impact generated by these construction activities as measured by household earnings, demand for business services, utilities, maintenance and repair, and new supplier and vendor relationships is summarized in Table C. Table C. Summary Measures of Economic Impact For Hotel Construction and Operation All figures are in thousands of dollars Household Income from: Hard Construction Costs $10,458 Architecture & Engineering $594 Purchases of FF&E * $682 Hotel operations $2,754 Total these 6 categories $14,489 Demand (output) created by project Utility services $342 Maintenance and Repair Construction $224 Supplier/vendor links for manufacturing $3,403 Demand for professional and business services $5,139 Total these 4 categories $9,108 6 Household Earnings (Labor Income) The jobs created by the construction of this hotel will subsequently create new sources of household income. The household income for the jobs created by construction and operation of the hotel is about $14.5 million. The details used to calculate these figures are given later in this report. Separate tables are provided for the total number of jobs created, the average earnings per new worker, and the total increase in earnings for construction for each phase of the construction projects. The RIMS II input/output model has been used to calculate the number of jobs in each major industrial classification, the average earnings per employee, and hence total earnings. The number of jobs by industrial classification is based on calculations imbedded in the RIMS II model for each of the activities as summarized in Table A and documented in detail throughout this report. Demand for Business Services, Utilities, Maintenance and Construction, and New Supplier/Vendor Relationships Created with Manufacturers The total economic impact of the regional center from construction and operation of this hotel would create approximately $9.1 million in additional economic activity across the region. These supplier purchases are calculated from the indirect increase in output generated by the RIMS II model. It should be noted that some of these supplier industries might potentially locate within the regional center, and their economic output is included in this total. The estimate of supplier purchases is based on the commodity data in the RIMS II input-output model. This data specifies the amount and type of commodity input needed to maintain specific types of business operations. The model estimates the supplier purchases based on the types of jobs and number of jobs that will be created within the regional center. In addition, the model allocates the supplier purchases to businesses within the region, based on trade flow data from the U.S. Bureau of Economic Analysis. The output figure for utilities represents the amount spent on electric power, natural gas, and water and sewer expenditures. These are based on the input/output coefficients showing how much the output of utilities would increase for each million dollars of final demand for each type of project. The economic impact for utility services totals about $0.34 million. The RIMS II input/output model has only one category for construction expenditures. The figure shown in this category represents ongoing maintenance on a permanent basis; it does not include the original construction costs. The project would create an economic impact of about $0.22 million within these sectors in the region. Because this is a new building, the economic impact for maintenance and repair services is minimal for the first year of operation. 7 For the manufacturing sector, the increase in output depends on several factors. The amount of manufactured goods purchased for construction activity is based on the amount of locally produced and sold products and materials used in the project. For this project, new supplier/vendor relationships with manufacturers would create an economic impact of about $3.4 million, which represents the production of local parts and materials used in construction. The figures for the output from business services are calculated from the rows in the RIMS II input/output table for professional and scientific services, management of companies, and administrative and waste management services. In general, the demand for professional and scientific services reflects the relative importance of these categories for each of the various economic activities.
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