Here's an overview of the customers, market dynamics and physical forces that impact the success of our museum and science center. First, one must confirm there is sufficient and unmet public demand for such a place to exist, else why make the effort? Next, what economic good does it do for the region? What sort of impact will it have over time in job creation; which new businesses will develop to support it and the people it attracts? Third, where is the best place to locate it, and how will the facility’s very presence affect the building site, its immediate neighbors and the new pedestrian and vehicular traffic it will generate?
The most recent phase of our planning process produced five documents, a Demand Analysis, Financial Feasibility study and Business Plan, an Economic Impact analysis, and a Fundraising Plan. With these studies in hand, the NHMSC has determined its ultimate scope and scale, set capital campaign fundraising targets, and identified the partnerships and relationships that will support it as a sustainable cultural and educational organization.
- Visitors— Annual estimated attendance 180,000 - 220,000
- Revenue— Total budgeted annual revenue $2,300,000
- Jobs— Total of 46 full-time equivalent employees
- Construction— 710+ jobs; $12 million payroll; $54 million in-state expenditures; $2.6 million tax revenue
- Annual Local Spending— $17- $21 million
- Annual Tax Revenues— $1.2 - $1.5 million
- Total Annual Economic Impact— $55 million
- Capital Campaign of $60 - 70 million is feasible for the location
Conclusions from Detailed Research Findings
- Research shows the business profile or plan for the NHMSC is within normal parameters for museums and science centers.
- Conservative estimates indicate that if the capital and start-up funds can be raised, annual operations are fundable through earned and contributed income.
- The capital goal of $65,000,000 is attainable.
- Looking at the economic impact and social benefits of the NHMSC for the state, the region and the city, the project is feasible and should be pursued.