Market Analysis & Impact
Analysis
PhilAquatics has contracted with the Isaac Sports Group (ISG), an internationally recognized leading authority on public-private partnerships for natatorium construction, to examine the Greater Philadelphia Region’s community need for the Aquatic Center, and to consult on scope and design, sources of funding, construction process and timeline, and long-term project viability.
The results of ISG’s market analysis are definitive: the Greater Philadelphia Region is grossly underserved by existing pools and aquatic programs, and demand for the new Aquatic Center will be very high.
Utilization & Economic Impact
Based on ISG’s analysis, the Aquatic Center is expected to welcome an astounding 500,000 visitors annually, with a total economic impact of $23.5MM per year by Year 3.
Total Annual Utilization/Impact
- 550,500 visitors and users (inclusive of 110,000 event attendees/year) (calculated based on total separate visits, rather than total unique visitors)
- Related substantial spending within the community (financial analysis in progress)
- $6.5MM–$7MM in combined Aquatic Center salaries, wages, and benefits, for Years 1–5
- 5–6 full-time employees plus 30–35 full-time equivalents (FTEs) in part- time flex positions (estimated to include 100+ individuals per year)
The Aquatic Center will generate significant annual economic impact as a result of the many competitive aquatic events, training camps, and sports clinics to be hosted at the facility (estimated at 90–100 full or partial event days per year), as well as the daily user load. Initial estimates are listed below and reflect utilization rates and related economic impact by Year 3 (unless otherwise indicated), with Year 1 at 75% and Year 2 at 90% of Year 3 projections, respectively. Detailed projections for Years 1 through 3 are available upon request.
Event-Specific Utilization/Impact
- Event attendance: 110,000 visitors/year
- Hotel room nights: 20,000/year
- Direct spending: $11,730,00/year (e.g., hotels, meals)
- Total economic impact: $23.5MM/year by Year 3 (based on a 2.0% multiplier capturing the overall economic impact of the direct spending)