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Canal Place Economic Impact Estimated at $19.5 Million

January 21st, 2021 by WCBC Radio

Maryland Heritage Areas Authority (MHAA), the governing body of the Maryland Heritage Areas Program, today released the results of a study that estimates the contribution of Passages of the Western Potomac Heritage Area (PWPHA) (formerly Canal Place Heritage Area) to the statewide economy to be $19.5 million and 273 jobs.

The study was commissioned by the Maryland Heritage Areas Authority and was conducted by Parker Philips, Inc. a nationally recognized consulting firm specializing in economic impact analysis.

In the analysis, the study considered the direct spending on operations, pay, benefits, grants and heritage tourists by the PWPHA and the estimated increase in demand for goods and services in industry sectors that supply or support the heritage tourism in the PWPHA.

According to the study, a key result of the program and heritage tourism is that PWPHA supports and sustains 273 jobs including direct employment by the PWPHA, as well as indirect and induced jobs created by supply and equipment vendors, jobs created in the community at hotels, restaurants and retail stores in support of the PWPHA operations, grantmaking and heritage tourists.

The study also calculated tax revenues generated by this level of economic activity, including sales, property, personal income and corporate income taxes. The study concluded that PWPHA generates about $2.6 million in tax revenues for state and local government