Tag: economic impact

The Subscription Economy Disrupts the Movie Industry

In 2017, it is hard not to notice the plethora of available subscription services. Consumer options run the gamut from beauty boxes to recipe delivery to car shares. This glut of subscription services is a reflection of the new subscription economy, in which traditional pay-per-product (or service) companies are moving toward subscription-based business models. One of the most ubiquitous and popular services that has emerged from the subscription economy is streaming. Some argue the proliferation of streaming services threaten the film industry, as younger audiences prefer to stream, only venturing to theaters for blockbusters. This shift to in-home viewing...

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The Great American Eclipse of 2017: A Boom for Business

The Great American Eclipse of 2017 is over, with the next significant viewing opportunity in the U.S. expected in 2024. With such a highly-anticipated event that was visible to all of North America, there have been a multitude of articles discussing the associated economic booms and productivity losses. For towns in 14 states that were in the path of totality, or the 70-mile wide band in which the sun was completely obscured by the moon, an influx of tourists presented an opportunity for economic gains, albeit some logistical headaches. The demand for eclipse-watching spots in the path of totality...

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The Economic Boom of Fireworks

As a Baltimore resident, I find it especially fitting to celebrate the Fourth of July in the city where the Star Spangled Banner was written. Each year, Fourth of July festivities here in Baltimore and across the nation are marked by a variety of quintessentially American activities: parades, patriotic concerts, barbeques, and (most notably) firework displays. While I enjoy the beauty of bursting colors as they shoot across the sky, fireworks are also a boon to the economy. For example, consumers spent approximately $755 million on fireworks in 2015, and fifteen minutes’ worth of backyard fireworks can cost between...

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Employment Opportunities for Maryland’s Neuro-Diverse Workforce

Recently, the Regional Economic Studies Institute (RESI) at Towson Univeristy hosted the Maryland Workforce Outlook Forum. The event highlighted the economic conditions and workforce impacts of different groups—opportunity youth and neuro-diverse individuals—in the state. The term neuro-diversity reflects the increasing awareness that the population consists of people with a variety of different neurological skills, abilities, and conditions. Neuro-diversity is a broad term, and includes conditions including: Attention Deficit Disorder (ADHD) Autism Spectrum Disorder (ASD) Dyslexia Tourette Syndrome Individuals with a mental illness Our population is very neuro-diverse. It’s estimated that approximately 20% of students have a language-based disability, such...

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Economic Impact of Opportunity Youth in Maryland

The Regional Economic Studies Institute (RESI) hosted the Maryland Workforce Outlook Forum on May 17 at Towson University. The event highlighted the economic conditions and workforce impacts of different groups in the state, one of which was opportunity youth. Opportunity Youth Opportunity youth are 16–24 year olds who are not currently attending school nor are they currently employed. Opportunity youth are also referred to as “disconnected youth” because these individuals have the potential to reconnect with the workforce through education or employment. This is a heterogeneous population that can include young adults who have dropped out of high school,...

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Economic Impact of the Arts in Maryland

Last year around this time, I wrote a blog post highlighting the work the Regional Economic Studies Institute at Towson University was performing to quantify the impact that Maryland’s Arts and Entertainment (A&E) Districts have on the state’s economy. Since the impacts stemming from just the A&E Districts are significant—approximately 6,000 jobs, $571.4 million in state GDP, $198.5 million in wages, and $38.5 million in state and local taxes supported annually throughout Maryland—I thought it would be interesting to examine the impact and influence of the broader arts community in the state. According to a report released by the...

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Going for the Gold: The Cost of Being an Olympian

In a few short days, the Olympic torch will make its way to the opening ceremonies of the Rio de Janeiro Olympics, marking the start of the XXXI Olympiad. While the Olympics are an exciting time of national pride and athleticism, they are often accompanied by controversy. Hosting the games can be contentious, as many economists question the tradeoffs associated with spending billions of dollars for such a short, specialized event. This year’s games in Rio are no exception: from political and economic instability to institutional doping scandals affecting national teams to concerns over the Zika virus and public...

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Baltimore, One Year Later

Just over a year has passed since Freddie Gray’s death while in police custody and the unrest that ensued (my blog about the unrest can be found here). Just over a year has passed since the protests arose, since public transit shut down, since a pharmacy and an under-construction senior center burned, since a State of Emergency was declared and the National Guard arrived, since Baltimore City residents fell asleep to the sounds of helicopters flying overhead to remind them of the curfew, since the Orioles played a fan-less game at Camden Yards. The unrest brought many of Baltimore...

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Arts & Entertainment Districts: Economic and Fiscal Impacts

The Regional Economic Studies Institute (RESI) at Towson University has the expertise to complete a wide array of projects, ranging from impact (or economic benefit) studies (as Daraius discussed in a previous post), supply and demand analysis, survey analysis, and advocacy support, just to name a few. While many of our projects focus on one area, we often have the opportunity to draw on multiple skills for a single client. This is the case for RESI’s work for the Maryland State Arts Council (MSAC). Maryland State Arts Council A&E Districts For those who are unfamiliar with the organization, MSAC...

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Making An Impact: Innovation at Towson University

For the past two years, the Division of Innovation and Applied Research published an annual report that outlined the impacts we were having across the state. This year, we took a broader view and included the big things that are happening across the entirety of Towson University. We looked at the teaching, research, and partnerships that are making an impact on the quality of life and economic competitiveness of our state. Making An Impact The Innovation, Entrepreneurship, and Applied Research 2015 Report, Making An Impact, highlights the work our faculty, staff, and students have accomplished in collaboration with partners...

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