What are the best ways to evaluate the economic impact of a tourism project?

Given the scope of 'best ways' it depends on the nature of the problem, what is regarded as economic, who and what is affected, e.g. is the public good included and externalities on other economic actors and the environment. Determining the scale of analysis in space and time is crucial with many analyses having too narrow a range (in my opinion), which is often 'good' from the development perspective but 'poor' in terms of the wider environment and other actors, including destination communities.

- How many jobs does the project create (This includes temporary jobs during construction and permanent jobs for operation) - Number of Beds (as a supplier in the Tourism Hospitality sector) - Estimating the revenue from tourist spending, including accommodation, dining, entertainment, and other activities. - Understanding the number and type of tourists the project is expected to attract

It will be helpful to conduct an ‘as-is’ analysis to carefully assess the current state of tourism for the specific area. This will allow better understanding of where we are and and we should go and improve. SWOT is helpful to structure the assessment holistically.

It will be helpful to conduct an ‘as-is’ analysis to carefully assess the current state of tourism for the specific area. This will allow better understanding of where we are and and we should go and improve. SWOT is helpful to structure the assessment holistically.

I would actually add a human component to it. Since all projects should be human-cantered. Data can say a lot on an analytical level, but how do you measure the impact it truly has on the life of the community. So it goes beyond mere results based on some static goals, but on emotional states as well.

Choosing the method to evaluate the economic impact of a tourism project, particularly in terms of job creation, involves defining the scope of the analysis, including the project's objectives, activities, outputs, and outcomes, and how they relate to the tourism sector and the wider economy. Depending on the level of detail, data availability, and complexity of the analysis, various methods can be chosen. Input-output analysis, which illustrates the interrelationships between different sectors of the economy, is a popular choice. For example, the London Olympics in 2012 had a significant impact on job creation. Games-related projects helped generate thousands of jobs in Great Britain during a global recession.

Una metodología innovadora en este campo es emplear un Valor Actual Neto y contrastarlo con un VAN Social, para evidenciar un efecto positivo sin generar un perjuicio importante desde un punto de vista social.

Selection of the method depends not only on the problem but also how the results will be used and by which audiences/actors because you want the results of any method to be acceptable to as many actors as possible as this will greatly help decision-making

Collecting data to evaluate the economic impact of a tourism project involves a combination of methods. Surveys are a common tool, gathering data from tourists, local businesses, and households to understand spending patterns and the direct impacts of tourism. For instance, tourist expenditure surveys can estimate value-added impacts. Input-output analysis is another method, which examines the interrelationships between different sectors of the economy. This analysis can help understand the direct, indirect, and induced impacts of an economic event, such as a tourism major event or project.

Evaluating the economic impact of a tourism project, particularly in terms of job creation and revenue generation, involves a multifaceted approach. One can assess job creation by examining employment, considering job opportunities generated within the tourism and related industries. Revenue generation can be measured by tracking increases in spending by tourists, and by analyzing the overall contribution to the local economy. For example, London's major events are more than just spectacles; they're economic catalysts. Take Euro 2020, part of a series contributing a whopping ￡2.51bn to the city's economy over three years. These events don't just entertain; they create jobs, generate revenue, showcasing the impact of the visitor economy.