Penticton and South Okanagan
Study: SOEC a $34M economic boom
Sep 27, 2013 / 11:52 am
According to an economic impact study released Thursday by the City of Penticton, the city's South Okanagan Events Centre generated contributed nearly $34M in economic activity in the city.
The latest figures were taken over a one year period from Sept 1, 2011 to Aug 30, 2012.
According to the economic impact study of the SOEC and complex, direct spending from facility attendants was calculated at $23.9M with another $10M in spinoffs that boost the local economic activity in Penticton and area.
This, according to the study, generates the equivalent of 368 jobs and produces approximately $2M in tax revenue.
The report was released in advance of Friday's fifth anniversary of the opening of the SOEC.
The study was compiled using the BC Input Output Model operated by BC Stats. The model replicates activity of the BC economy and is used to estimate the overall economic impact that these direct expenditures generate.
"We had a vision of the economic activity we wanted to generate with the South Okanagan Events Centre and five years after opening the doors we have achieved that goal," says newly elected Mayor, Garry Litke.
"The City of Penticton congratulates Global Spectrum staff on this important milestone and thank them for their continued efforts to have a positive impact on our community and region as a whole."
The figures include $6.85M in direct spending associated with the SOEC facility itself and $12.57M through participant expenditures through the Penticton Trade and Convention Centre.
Over the one year period covered in the study the SOEC hosted 122 events including 43 Penticton Vees hockey games which generated more than a third of the arenas total expenditures ($2.77M).
It also hosted nine concerts with total expenditures of $1.8M.
According to figures, the Keith Urban concert Sept 24, 2011 attracted 4,945 paid admissions, 3,700 of whom came from outside Penticton.
"We are proud of the fact that the SOEC complex generates more than $2M in tax revenue for the city, keeping taxes down for Penticton taxpayers, says facility GM, Dean Clarke.
"Our goal is to push the direct and indirect spending over the $50M mark which we are nearing given Okanagan Hockey School's $13M economic impact. If we continue the collaborative work with our partners throughout the community we will achieve this target together."
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School District 67 - Okanagan Skaha
School District 53 - Okanagan Similkameen
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