Measuring the Economic Value of Tourism

by Wayne W. Smith (of Hospitality and Tourism Management, College of Charleston)

Abstract:
In 2002, a study was conducted in order to determine the economic value of tourism for the County of Grey located in central Ontario Canada. However, with limited data and budget available a methodology had to be devised to deliver an accurate picture of the value of tourism for the county. The primary purpose of this study was to quantify tourism’s value to the County of Grey’s economy. The data used for this report was collected from Statistics Canada, Human Resources Development Canada, the Province of Ontario’s Ministry of Tourism and Recreation, the Municipal Tax Equity data, County of Grey figures on building, and through primary research conducted by the team. Using this methodology, it has been found that tourism contributed over $220 million dollars into the Grey County economy in 2002