Economic Impact Statement

As a non-profit educational institution, the National Hurricane Museum & Science Center generates significant social as well as economic value. Much of this economic impact is measurable in terms of direct effects on regional jobs, taxes, businesses, and services. Also, there are the more difficult-to-measure intangible impacts on the quality of life, civic pride, better preparation for and survival of hurricanes, and enhanced learning capacity of a community. Both the tangible and intangible impacts must be articulated as part of the case for support for the NHMSC in its capital campaign and annual philanthropic drives.
One unique economic impact the NHMSC will generate is directly related to its core mission and values. As an institution dedicated to understanding the social impact and scientific story of hurricanes, the organization wishes to apply that knowledge to the prediction, preparation, and survival of hurricanes. As such, it is dedicated to reducing the loss of life and damage to property through educating the public about hurricanes and the latest technologies and techniques available to mitigate hurricane impacts.

Economic Impact: Construction
The construction and exhibition budget for the NHMSC is $86,572,481 including $3,700,000 of infrastructure investment by the City of Lake Charles to provide access, utilities, and other capital improvements to enhance their land donation. Soft Costs of $30,025,514 contain a variety of professional fees, contingencies, and site work, and the start-up expenses of $6,634,416 are available in the full report, as well as the impacts from tourism expenditures and ongoing annual operations. 

Resulting In-State Expenditures

Construction

Est. Amount

Spent In-State (% and $)

       

Construction Costs*

 $53,694,797

100%

 $53,694,797

Exhibition Design and Build

 $15,179,000

50%

 $7,589,500

Soft Costs

 $13,345,768

50%

 $6,672,884

Start-Up Costs

 $4,352,916

75%

 $3,264,687

Total

 $86,572,481

 

 $71,221,868

*INCLUDES infrastructure donation from City of Lake Charles.  "Direct construction" = $49,000,000.


 

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