ECONOMIC VALUATION OF THE
TAMPA BAY ESTUARY
OBJECTIVE
 What will study accomplish?
 Determine impact that the bay has on
the total Tampa Bay Economy.
 Determine the impacts that a clean or
healthy bay has on the total TB
Economy
 How?
 Using REMI Model, determine impact
of each sector to total economy
 Determine bay impact to each industry
 Aggregate Bay Dependent Industries
to determine percentage to total
economy
 Case Studies to demonstrate value
GEOGRAPHY
 TBEP Watershed
 Includes parts of 6
counties
 Touches Sarasota Bay
Estuary
 Employment of 1 .4
million
INDUSTRY SECTORS
Tampa Bay
Industries
Healthcare
Media/Publishing
Internet/Data
Financial
Admin/Support
Manufacturing
Utilities
Transportation
Construction
Retail Trade
Real Estate
Forestry
Fishing
Oil and Gas
Wholesale Trade
Sightseeing
Tampa Bay
Dependent
Industries
BAY DEPENDENT INDUSTRY SECTORS
Tampa Bay
Dependent
Industries
Oil and Gas
Utilities
Waste Remed
Federal Military
Transportation
Construction
Recreation
Waste Mgmt
Forestry
Fishing
Sightseeing
Accommodations
Real Estate
Retail Trade
Food Services
Museums
Healthy Bay
Dependent
Industries
METHODOLOGY
QCEW
Geo
Data
Direct,
Indirect, and
Induced
Employment
Income
GDP
Output
EMPLOYMENT GEOGRAPHY
Six County NonWatershed, 32%
TBEP Watershed,
68%
EMPLOYMENT DISTRIBUTION BY
INDUSTRY
Farm
Other Services
Mining
Utilities
Construction
Manufacturing
Government
Wholesale trade
Accomodation and Food
Services
Arts and Entertainment
Retail trade
Educational, Healthcare, and
Social
Transportation and
Warehousing
Information and Media
Finance and
Insurance
Real Estate and Leasing
Admin and Waste Services
Management of
Companies
Professional, Scientific,
and Technical
EMPLOYMENT WITHIN TBEP WATERSHED
Industry Employment and Wages
$120,000
$100,000
Management of Companies
$80,000
Utilities
Mining
Information and Media
Professional, Scientific, and
Technical
Wholesale trade
$60,000
Finance and Insurance
Manufacturing
Transportation and
Warehousing
$40,000
Construction
Educational, Healthcare, and
Social
Real Estate and Leasing
Government
Arts and Entertainment
Other Services
$20,000
Retail trade
Admin and Waste Services
Farm
Accomodation and Food
Services
$0
SURVEY INPUT
 Surveyed 76 Industry,
Economic, or Environmental
af filiated professionals
 Solicited their opinion on
what percent of each
industry was dependent upon
a bay, regardless of
condition, or a healthy bay
 Economy was separated into
23 Sectors
SURVEY RESULTS BY INDUSTRY
70%
60%
50%
40%
30%
20%
10%
0%
Bay Influenced
Healthy Bay
WATERSHED VS BAY INFLUENCED VS
HEALTHY BAY
Watershed Employment Distribution
1.4 million employees total
Bay
Influenced
660, 094
The 47%
Healthy
Bay,
291,450
21%
Non Bay
Influenced
757,031
53%
WATERSHED BREAKDOWN BY EMPLOYMENT
800,000
774,552
700,000
359,722
158,254
429,149
198,625
600,000
87,055
500,000
400,000
109,720
59,484
52,611
300,000
24,796
39,102
27,974
18,735
200,000
11,555
8,662
5,125
2,430
1,131
100,000
-
Hillsborough
Manatee
TBEP Employment
Pasco
Pinellas
Bay Influenced Employment
Polk
Healthy Bay
Sarasota
ECONOMIC SUMMARY
6 County Total TBEP Watershed
Employment
2 Million
1.4 Million
68% of Employment
GDP
$170 B
Bay Influenced
Healthy Bay
660,000
300,000
Every other job in the TBEP watershed 1 out of every 5 jobs in the TBEP
is influenced by the bay in some
Watershed depend on a healthy
capacity
bay
$51 B within all 6 counties
$22 B within all six counties
1/3 of economy for all six counties
13% of economy for all six
counties
CASE STUDIES
 Real World Examples
 Sample sized, but impacts are regionally
 Real Estate
 Ecosystem Services
 Service Premiums
REAL ESTATE
 Analyzed 13 segments in 6 dif ferent
cities spanning 3 counties












Apollo Beach
Palmetto
Bahama Shores (St Petersburg)
Shore Acres (St Petersburg)
Coffee Pot Bayou (St Petersburg)
Tierra Verde
Safety Harbor
Oldsmar
Davis Island (Tampa)
Westshore (Tampa)
Bayshore (Tampa)
Seminole Heights
 Compared proper ty values and ad
valorem of water front vs non
water front homes
REAL ESTATE PRELIMINARY SUMMARY
• Hillsborough County Averages
• Almost 1,000 homes analyzed
• Try to find the premium waterfront properties
have over nearby properties in the same vicinity
County
Median
Non Waterfront
Case Study
Waterfront
Case Study
Premium
Percentage
(WF vs Non WF)
$ 101,486
$ 383,547
$ 852,397
222%
$ 21,600
$ 169,578
$ 460,757
272%
Avg Sq Ft
1,877
2,937
4,002
136%
$ Per Sq Ft
$ 54
$ 131
$ 213
163%
Avg Property
Value
Avg Land Value
ECOSYSTEM SERVICES
What are potential pecuniary
benefits of the ecosystem
processes provided by bay estuary
habitats? (in this case primarily sea
grasses )
One benefit is denitrification OR
reducing the need for additional
wastewater treatment to reduce
nitrogen in the bay.
VALUE OF DENITRIFICATION
Less
=
Conservatively $24 Million is
saved annually in avoided
wastewater treatment costs
to reduce nitrogen levels in
the bay.
30.00
28.00
26.00
24.00
22.00
20.00
18.00
16.00
14.00
12.00
10.00
600
500
400
300
200
100
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
More
For Hillsborough, Pinellas,
and Pasco Counties, this
results in an economic impact
of 478 jobs, $223 Million in
personal income, and $206
Million gross regional product
over a ten year period.
Gross Domestic
Product ($Mil)
Personal Income
($Mil)
Jobs
SERVICE PREMIUMS
 Quantify premiums Bay related businesses pass on to customers
 Food Services
 Compare entrée prices from similar
restaurants located on water vs inland
 Ensure restaurants are in the same class
 Accommodations
 Compare room nights and occupancy of
similar hotels located on water vs inland
 Determine impact on sales tax and bed
taxes collected
THANK YOU
Contact me with any questions
The Report will be posted on the Council’s website soon
Avera Wynne
avera@tbrpc.org