Silver Spring Civic Building and Veteran’s Plaza Economic Impact Analysis FY-2017

Abstract

The Silver Spring Regional Center sought a report detailing the economic and fiscal impacts of the Silver Spring Civic Building at Veteran’s Plaza (SSCB) on Montgomery County’s economy in 2017. The SSCB is an indoor community facility for events, festivals, trade shows, conferences and conventions, and other activities available to county residents and out-of-town groups. The County benefits from the economic activity and fiscal revenue generated by the SSCB’s meetings and events. While some of these benefits are difficult to measure, the SSCB’s contribution to regional economic activity can be quantified in terms of spending, jobs and earnings. This analysis compiles data from a variety of sources to estimate direct, indirect, and induced economic benefits and tax benefits produced by the SSCB in FY2017. This economic and fiscal impact analysis was conducted by the Partnership for Action Learning in Sustainability (PALS) and the Center for Economic Development (EDA Center) at the University of Maryland College Park. To quantify the SSCB’s economic and fiscal impact, PALS/EDA used the IMPLAN input/output model.