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Economic Impact Study
Economic Impact Study
The Town of Banff, the Town of Canmore and the Municipality of Jasper collaborated on a study to estimate the economic importance of tourism in the three communities, and to document both the positive impacts and the associated challenges of servicing visitor volumes that far exceed the resident populations. The three towns retained Grant Thornton, Econometric Research Limited and Western Management Consultants to undertake this study. The purpose of the study was to provide critical information regarding the economic contribution of tourism relative to the broader economy of each community, and an understanding of tax revenues raised relative to benefits received locally.
The Economic Impact Model
The impact model used here is a special version of the open and generic version of DEIM (Demand Economic Impact Model) developed by Econometric Research Limited for Alberta Tourism and Culture. It is designed specifically for each community (Banff, Canmore, Jasper) but is consistent with the Alberta DEIM system. It is a unique model that captures the economic impact of tourism expenditures at the local level (community), the provincial level (Alberta) and the national level. The model is based on technology that integrates input output analysis and location theory (economic base theory).
The model utilizes a large set of economic and technical databases that are regularly updated and published by Statistics Canada. A short list includes the inter-provincial input output tables, employment by sector, taxes by type of tax and the level of government collecting it, prices of products, energy used in physical and energy units and many others.
