12
May

Urban Commons Releases Economic Impact Report for the Queen Mary

  • New report by Beacon Economics demonstrates the Queen Mary’s economic, fiscal and social impact to Long Beach and Los Angeles County in 2019
  • The Queen Mary generated more than $93 million of spending in Long Beach in 2019
  • $3.3 million in tax revenue was raised in 2019 for the City of Long Beach, $6.1 million for all of Los Angeles County
  • The Queen Mary directly employed 577 individuals in 2019 and supported 2,224 jobs in Los Angeles County, with 1,374 of those in the City of Long Beach

LOS ANGELES, CA, MAY 12, 2020 – Urban Commons, a Los Angeles-based real estate investment and development firm, and sponsor to the leaseholder of the Queen Mary, has released a report that outlines the economic impact produced by the Queen Mary in 2019.

While the Queen Mary attracts more than 1.5 million visitors per year, it may feel difficult to put a dollar amount on what the ship brings to Long Beach and the surrounding region. Urban Commons, with the help of Beacon Economics, has produced a report that demonstrates exactly that. Along with the fiscal and social impacts the Queen Mary provides, the new study nails down the economic benefits the ship brings to the City of Long Beach, as well as Los Angeles County.

This is the largest study of its type ever performed on the ship, taking into account associated spending, job creation, labor income and spending in Los Angeles County, as well as Long Beach transient occupancy and sales taxes – all attributed to the Queen Mary. In Los Angeles County for example, the Queen Mary generated $205.3 million in economic output, with $93.7 million spent in the City of Long Beach. The entire report can be read on the City of Long Beach website by clicking this link.

“We’re incredibly proud of what the Queen Mary means to the City of Long Beach and what she contributes to the City and beyond,” said Taylor Woods, Founder and Principal at Urban Commons. “While COVID-19 has impacted every hotel globally, we look forward to travel restrictions being lifted so the Queen Mary may continue to boost economic output, jobs and taxes for the City of Long Beach and the surrounding region in the process.”

The ship supported 2,224 jobs in Los Angeles County, with 1,374 of those in the City of Long Beach. The Queen Mary is directly responsible for employing 577 individuals across Southern California, roughly 57% of those are in the City of Long Beach and 36% from other areas of Los Angeles County. The remainder of employees come from neighboring counties including Orange County and Riverside County.

“The Queen Mary is a glorious piece of history, but unlike many historical treasures, the contributions it makes today continue to impress,” added Mazen Bou Zeineddine, a Senior Analyst at Beacon Economics and one of the report authors. “As an iconic Southern California attraction, it generates and supports a tremendous amount of economic activity both directly and indirectly.”

 

Key Findings

  • In Los Angeles County, spending associated with the Queen Mary generated $205.3 million in economic output, supported 2,224 jobs and contributed $84.8 million in labor income
  • In Long Beach alone, spending generated $93.7 million in economic output, supported 1,374 jobs and contributed $42.7 million in labor income
  • Overall, expenditures totaled about $115.2 million in 2019. Event attendee and hotel guest spending accounted for 97%, and vendor spending accounted for the rest
  • Additionally, in Los Angeles County, spending generated $6.1M in tax revenue
  • In Long Beach alone, $3.3 million in tax revenue was raised, including $1.4 million in Transient Occupancy Tax (TOT) from the Queen Mary
  • The Queen Mary directly employs 577 individuals across Southern California. Roughly 57% of their employees are located in the City of Long Beach, while roughly 36% are from other areas of Los Angeles County. The remainder of employees come from neighboring counties including Orange County and Riverside County
  • The Queen Mary provides notable social impacts to the community through historic preservation, charitable contributions and cultural celebration

 

About Urban Commons

Urban Commons is a Los Angeles-based real estate investment and development firm with a successful track record of developing, repositioning and rebranding assets throughout the United States. The company focuses on improving under-managed and under-utilized assets by developing innovative solutions that promote optimal economic, social and environmental returns.

Since founding in 2008, Urban Commons has owned, operated and developed a variety of real estate properties including several dozen hotels, apartments, retail, office, and senior care, throughout the United States including the development of nearly one million square feet of commercial retail space.


Media Contact:

Fred Hulls – Urban Commons
fred@urban-commons.com

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