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Oklahoma
City, OK – October 2024 / NewsmakerAlert:
A
new economic impact study by RegionTrack
highlights the substantial contributions of the National
Cowboy & Western Heritage Museum to the economies of Oklahoma City
and the state of Oklahoma. Through its capital investments, visitor attractions
and ongoing operations, the National Cowboy & Western Heritage Museum
is projected to generate a total economic impact of $313 million to Oklahoma
this decade. This study underscores the Museum’s role not only as a cultural
landmark that preserves the history of the American West but also as a
crucial economic driver for both the city and the state.
“The
cultural impact of the National Cowboy & Western Heritage Museum is
known throughout our state, nation and world. This study confirms that
we are an economic powerhouse as well, driving nearly a third of a billion
dollars into Oklahoma’s economy over the course of a decade,” said Pat
Fitzgerald, President and CEO of the Museum. “The National Cowboy Museum
will continue to invest in transformational projects that bring visitors
from down the street and around the globe into our world-class institution
to learn the culture and values of the West while supporting the state
and Oklahoma City metro area’s economies.”
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“The
National Cowboy & Western Heritage Museum’s international reach promotes
the culture, history and values of the West,” said Wyatt McCrea, Chairman
of the Board at The Cowboy. “This love of the Western spirit drives investment
in the Museum from around the United States. Nearly one-third of dollars
raised for the ‘Live the Code’ Capital Campaign have come from outside
the state of Oklahoma.”
Key
Findings from the Study:
-
Total
Economic Impact, 2019 - 2028: The National Cowboy & Western Heritage
Museum is set to have a $313 million impact on the State of Oklahoma and
Oklahoma City Metropolitan Area economies. This includes $170 million in
direct economic benefits for Oklahoma through 2028, with an additional
$143 million from spillover effects, highlighting its extensive reach across
various sectors of the economy.
-
Labor
Income Contributions, 2019 - 2028: The Museum is projected to generate
$167 million in labor income through 2028, providing essential support
to families and workers throughout the state.
-
Tax
Revenue Generation, 2019 - 2028: The Museum will contribute approximately
$18.8 million in state and local taxes, further reinforcing its role in
funding public services and infrastructure.
Economic
Impact and Growth Projected for the Oklahoma City Metro Area from 2023
to 2026:
-
Direct
Economic Contributions: Total economic output for the Oklahoma City
Metro is projected to significantly increase from 2023 to 2026. In 2023,
the Museum’s total economic impact in the Oklahoma City metro area generated
$20.3 million in economic output. This is expected to grow to $26 million
in 2026, increasing cumulative market labor income from $12.1 million in
2023 to $15.6 million in 2026. This results in an increase of supporting
194 jobs in the region in 2023 to 248 jobs in 2026.
-
Visitor
Engagement: The Museum attracted 119,224 guests in 2023, averaging
nearly 10,000 visitors per month. Overall, 59 percent of visitors live
outside Oklahoma City with four percent coming from foreign countries.
These visitors provide net new spending to the city. This robust
visitation not only positions the Museum as a major tourist attraction
but also contributes significantly to the local economy through visitor
spending on accommodations, dining and entertainment. In addition, state
and local tax payments from these activities is projected to be at least
$1.75 million in 2026.
Impact
of Capital Expenditures:
-
From 2018
to 2023, the Museum invested $18.3 million in capital projects (adjusted
to 2023 dollars), generating an estimated $39.2 million in total economic
output and creating 296 jobs that provided $15.6 million in total labor
compensation for the local economy. The capital expenditures also contributed
$1.75 million in state and local tax revenue, highlighting the Museum’s
role in stimulating economic activity through strategic investments.
Outcomes
from the “Live the Code” Capital Campaign
The
Museum recently entered a significant phase in its history through its
$40 million “Live the Code” capital campaign. This ambitious initiative
aims to fund new immersive and interactive exhibits, enhance visitor experiences
and improve infrastructure. These activities are expected to produce a
significant economic boost during construction and increase the amount
of annual ongoing economic activity occurring at the Museum.
Projected
outcomes from the “Live the Code” include generating $62.2 million in economic
output, $24.8 million in labor income, and supporting 469 jobs statewide
that pay an average wage of $52,880. Tax revenue from labor income will
contribute approximately $2.8 million in state and local taxes. Notably,
approximately 71 percent of the campaign expenditures are expected to benefit
the Oklahoma market directly.
While
museums like the National Cowboy & Western Heritage Museum are rarely
evaluated for their economic contribution, they nevertheless remain significant
contributors to economic output, employment, taxes and income in the regions
where they operate. The economic impact study’s findings affirm that the
National Cowboy & Western Heritage Museum is an invaluable economic
asset to Oklahoma. As the Museum continues to grow and evolve, its contributions
will continue to enhance the economic vitality of the region.
Additional
Information:
The
Economic
Contribution Report of the National Cowboy & Western Heritage was
prepared by RegionTrack, Inc., an Oklahoma City-based economic research
firm specializing in regional economic forecasting and analysis. The authors
of the report are RegionTrack economists Mark C. Snead and Amy A. Jones.
About
the National Cowboy & Western Heritage Museum
The
National Cowboy & Western Heritage Museum in Oklahoma City is America’s
premier institution of Western history, art and culture. Founded in 1955,
the Museum collects, preserves and exhibits an internationally renowned
collection of Western art and artifacts while sponsoring dynamic educational
programs to stimulate interest in the enduring legacy of the American West.
For more information, visit www.NationalCowboyMuseum.org.
Media
Contact:
Kerrie
Booher
Director
of Communications
National
Cowboy & Western Heritage Museum
405-838-1867
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