The Economic Index Score is the easiest one to read and understand in Phase One. The Economic Index Score of 1 out of 1
Overall, there are 5 Optimal Conditions (OC) that we have identified for the economic pillar that we value as important to tourism. For each Optimal Condition we have identified several things we can track and measure as an indicator of what we value as important. NOTE: Many indicators are estimated based on research and data used with permission from Tourism Research Australia (TRA) who conduct quarterly surveys to domestic and international visitors. We can use this data to estimate various things like visitation numbers and expenditure.
- Visitation is consistent throughout the year (in the 360 Model, we refer to this as OC1). Overall, it’s really important that we have jobs for people all year round and so increasing visitation in the shoulder and off season to reduce seasonality fluctuation of business is critical to long term employment in the region.
- PHASE 1 INDICATORS: Estimated numbers of domestic overnight, day trippers and international overnight visitors are a good indication of this OC and you will see this data in the model – taken from TRA survey results. We have also identified actual occupancy rates in accommodation as a great measure of people in region and council owned and operated caravan parks provided simple way to access data. Long term, we would love to have a survey in place that looks at a broader range of accommodation providers however this is resource dependent as data collection every quarter can be quite time consuming. Occ rates of holiday accomodation (15+ rooms) is also available though ABS and also included in Phase 1.
- PHASE 2 INDICATORS: Number of tourism visitation driving events .
- Visitor yield is increasing at a greater rate than visitation (in the 360 Model, we refer to this as OC2). It is recognised that more people is not always best, so it is a key industry measure to look at how much people are spending in the region as well as how many are coming. In an ideal world, we aim for the average spend of visitors to increase at a higher rate than the number of visitors.
- PHASE 1 INDICATORS: Estimated dollars spent in region by domestic day visitors, domestic overnight visitors and international overnight visitors, as well as estimates of the South Coast market share are included in the model for Phase 1. We have also included some ABS figures including revenue from accommodation 15+ rooms, average room rates and yield from accommodation 15+ rooms.
- PHASE 2 INDICATORS: We have identified commercial shop vacancies, proportion of businesses who report steady business and positive business growth projections, however, data is not availabe at this stage. / average length of stay, proportion of overnight visitors that are repeat customers and reason for repeat visitation as other key measures that currently have no data available. We will continue to actively work towards sourcing this data for Phase 2.
- Businesses demonstrate vitality and resilience (in the 360 Model, we refer to this as OC3).
- PHASE 1 INDICATORS: Total number of occupation certificates issued to businesses is a good indicator of business trust in the economy so you will see this data in the model for phase 1.
- PHASE 2 INDICATORS: We have identified commercial shop vacancies, proportion of businesses who report steady business and positive business growth projections, however, data is not available at this stage. We will continue to actively work towards sourcing this data going forward as resources become available.
- Year round employment opportunities exist for local residents (in the 360 Model, we refer to this as OC4).
- PHASE 1 INDICATORS: In partnership with the Economic Development Team, we have identified several indicators for phase 1 including; size of population aged 20 to 29 years as a proportion of Estimated Residential Population of Shoalhaven; participation rate of local labour force and proportion of employment growth to population growth.
- PHASE 2 INDICATORS: Difference between Shoalhaven and NSW gross regional product growth and number of estimated direct jobs generated by tourism are identified as options to add in the model if data can be easily sourced.
- Destination Marketing is effective (in the 360 Model we refer to this as OC5)
- PHASE 1 INDICATORS: Proportion of visitors who primarily come to visit family and friends; proportion of visitors who come from Sydney; proportion of visitors who come from international and engagements on social media have been identified as indicators we have data available for now and are live in the model.
- PHASE 2 INDICATORS: Proportion of visitors who primarily visit for Food and Wine; proportion of visitors who come from Canberra; and some subjecting date from new visitor surveys in regards to target markets and website interactions via the itineraries builder to be included as data becomes available.
Overall we combine all the optimal conditions and their indicators to rank how many we believe are acceptable vs how many are not performing well to give us an overall “Economy Index Score”
The Economy Index Score is 1. The indicators result is satisfactory, with those OC that have complete data show a score of 1 out of 1 score. The score should be considered reasonable, considering that there optimal conditions that have not been populated with some data not yet available with more to come soon.