Hood County – Lake Granbury Study Economic Impact Study Overview • Study Objective – Establish the baseline economic impact of Lake Granbury- related activity using as well as consider long-term implications of low lake levels • Study Area – Water Adjacent Property : properties immediately adjacent to Lake Granbury – Water View Property : border lake adjacent properties and within 250 ft of water – Lake-Related Activity : the combination of water adjacent and water view • Key Questions – How important is Lake Granbury-related activity to Hood County? – 1
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Hood County – Lake Granbury Study Economic Impact Study Overview Study Objective –Establish the baseline economic impact of Lake Granbury-related activity.
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Hood County – Lake Granbury StudyEconomic Impact Study Overview
• Study Objective– Establish the baseline economic impact of Lake Granbury-related activity
using as well as consider long-term implications of low lake levels
• Study Area– Water Adjacent Property: properties immediately adjacent to Lake Granbury– Water View Property: border lake adjacent properties and within 250 ft of water– Lake-Related Activity: the combination of water adjacent and water view
• Key Questions– How important is Lake Granbury-related activity to Hood County?– Do any economic indicators show the impact of lower lake levels?
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Hood County – Lake Granbury StudySocial Impacts of Water Shortages
Socioeconomic Impacts of Projected Water Shortages for the Brazos G Regional Water Planning Area (Region G) 2011
“As the name implies, the effects of water shortages can be social or economic. Distinctions between the two are both semantic and analytical in nature – more so analytic in the sense that social impacts are harder to quantify. Nevertheless, social effects associated with drought and water shortages are closely tied to economic impacts. For example, they might include…
– demographic effects such as changes in population– mental and physical stress– loss of aesthetic and property values– reduced recreational opportunities”
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Hood County – Lake Granbury StudyFive Lake-Related Economic Indicators
• Real Estate Activity & Property Values– evaluates the distribution of households and price premium paid for lake-
related properties
• Employment & Labor Force– considers the distribution of jobs throughout the county by industry sector
• Lake-Related Taxable Hotel Revenue – is the best indicator of water-related tourism
• Lake-Related Sales Tax Revenue – serve as a proxy for how water-related tourism ripples through the economy
• Hotel occupancy revenue generated by Hood County businesses more
than doubled since 2000, from $3.6 million in 2000 to $7.7 million in 2012
• Lake-related lodging facilities generate approximately 44.2 percent of
taxable hotel receipts in Hood County
Hood County – Lake Granbury StudyTotal Tourism Spending By Year (Hood County)
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Category 2008 2009 2010 2011 2012
Spending ($M) $67.5 $57.3 $55.0 $60.4 $61.8
Earnings ($M) $15.6 $14.6 $13.4 $14.3 $14.4
Employment 596 541 496 535 515
Local Tax Revenue ($M) $1.2 $1.0 $0.9 $1.0 $1.0
State Tax Revenue ($M) $4.0 $3.6 $3.4 $3.6 $3.7
Hotel Occupancy 51.0% 35.4% 34.3% 43.6% 43.2%
Est. Room Rate $95.52 $86.88 $77.68 $74.57 $72.39
Local Tax Receipts Tax receipts collected by counties and municipalities, as levied on applicable travel-related purchases, including lodging, food and beverage service, retail goods and auto rental. Property taxes are not included.
State Tax Receipts The state hotel/motel tax, sales tax, motor fuel tax and business franchise tax receipts attributable to travel expenditures.
Hood County – Lake Granbury StudyTotal Tourism Spending By Year (City of Granbury)
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Category 2008 2009 2010 2011 2012
Spending ($M) $54.7 $44.0 $39.6 $44.2 $42.9
Earnings ($M) $12.9 $11.5 $10.0 $10.8 $10.4
Employment 497 428 371 407 374
Local Tax Revenue ($M) $1.1 $0.9 $0.7 $0.8 $0.8
State Tax Revenue ($M) $3.2 $2.7 $2.4 $2.6 $2.5
Hotel Occupancy 50.6% 36.2% 34.2% 43.2% 42.7%
Est. Room Rate $96.14 $87.48 $79.97 $77.52 $76.40
Local Tax Receipts Tax receipts collected by counties and municipalities, as levied on applicable travel-related purchases, including lodging, food and beverage service, retail goods and auto rental. Property taxes are not included.
State Tax Receipts The state hotel/motel tax, sales tax, motor fuel tax and business franchise tax receipts attributable to travel expenditures.
Hood County – Lake Granbury Study4. Lake-Related Sales Tax Revenue
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Hood County – Lake Granbury StudySales Tax Revenue by Subarea
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Hood County – Lake Granbury StudyHood County Sales Tax Revenue (@ 0.5%)