UConn center begins economic impact study of Mashantucket Pequot Tribe and enterprises (Released: 3/16/00)
By David Bauman, Office of University Communications
STORRS, Conn. -- The Connecticut Center for Economic Analysis at the University of Connecticut has started a major economic impact study of the Mashantucket Pequot Tribe and its business enterprises on the Connecticut economy.
The sweeping study, using the latest in research techniques and econometric models, will examine the impact of the tribe and its businesses on the state's economy.
The study will look at the impact of tribal employment, tax revenues and other payments, the purchase of goods and services for business use, the purchase of area homes and consumer goods, and the inflow of tourist dollars to the region based on all of the tribe's enterprises, including the Foxwoods Resort Casino, the Mashantucket Museum & Research Center, Pequot Pharmaceutical Network, Fox Navigation ferry services and the tribe's hotel group, which includes the Hilton Mystic, Norwich Inn & Spa and Randall's Ordinary.
"This study is important to the State and New London County because it will assess the many elements of the economic impact of the Mashantucket Pequot Tribal Nation's enterprises," said UConn Prof. Fred V. Carstensen, director of the Connecticut Center for Economic Analysis. "We believe these impacts are significant and far-reaching. Given the dramatic loss of jobs in the traditional businesses in the region in the early 1990s, clearly the Mashantucket Pequot developments helped revitalize the economy of southeastern Connecticut."
"The study by the Center for Economic Analysis will help strengthen the entire region as the study assesses economic strengths across a wide range of areas: business development, tourism, and employment and spending growth," said Kenneth M. Reels, Tribal Council Chairman of the Mashantucket Pequot Tribe. "The study can help identify opportunities for future growth in the area and in the state, for the Tribe, for our employees and for our neighbors and partners."
The economic impact study relies on extensive data, including business data from the Tribe, information collected through surveys of visitors at the various Mashantucket Pequot businesses, and data from area governments. The analysis uses a sophisticated, multi-sector model of the state's economic developed by Regional Economic Modeling, Inc., of Amherst, Mass. It shows the economic impact of specific activities on the state and regional economies. The UConn analysis will evaluate how the regional economy would have performed without the Mashantucket Pequot investments and activities.
The Connecticut Center for Economic Analysis at UConn has done numerous economic impact analyses for state agencies and municipalities, as well as for private sector clients. CCEA has evaluated the economic impact of Adriaen's Landing, Long Wharf Mall, Renaissance Place, Sikorsky Airport, Lisbon Landing, Pfizer expansion, Bayer expansion, Connecticut's deep water ports and the former Norwich State Hospital redevelopment. CCEA has also done tax analysis for the State and municipalities and has assessed the impact of the use of tax credits to encourage brownfield remediation in Connecticut.
March 2000 Releases
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