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Hilton Head Island‐Bluffton ChamberHilton Head Island‐Bluffton Chamber Leadership Class: Real Estate and Tourism
John Salazar, Ph.D.
Director, Lowcountry and Resort Islands Tourism Institutey
University of South Carolina Beaufort
Presentation FormatPresentation Format
• NAICS Output Analyses
• Economic Impact of SecondEconomic Impact of Second
Homes survey results
• MSA Analyses
• Other projects
2007‐2010 IMPLAN Annual NAICS Output Analyses
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What is IMPLANWhat is IMPLAN
• Using input‐output analysis in combination with regional specific Social Accounting Matrices and Multiplier Models, IMPLAN provides highly accurate and adaptable models. The IMPLAN database contains county, state, zip code, and federal economic statistics hi h i li d b i i d f i lwhich are specialized by region, not estimated from national
averages and can be used to measure the effect on a regional or local economy. It was developed by the University of Minnesota and is sold by the Minnesota IMPLAN Group (MIG, Inc.).
• Output represents the value of industry production In IMPLANOutput represents the value of industry production. In IMPLAN these are annual production estimates for the year of the data set and are in producer prices. For manufacturers this would be sales plus/minus change in inventory. For service sectors production = sales. For Retail and wholesale trade, output = gross margin and not
lgross sales.
• IMPLAN is used by the federal and local governments, universities, corporations, and a variety of other organizations.
• The following analyses are for the following HHI zip codes: 29915, 29925 29926 29928 and 2993829925, 29926, 29928, and 29938.
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Table comparing 2007 vs 2010
Total HHI Commodity Output
Total Commodity Output for NAICS Sectors (Excluding Gvt. Sector and Non‐NAICS Sector
Categories
% of NAICS Sector Output of the Total HHI Commodity
Output
IndustryCode Description 2007 Employment 2007 Output % Share of 2007
Top NAICS2010
Employment 2010 Output % Share of 2010 Top NAICS
Employment % Increase/Decrease from
2007
Output % Increase/Decrease
from 2007
Output Categories Output
0 Total 46757 $ 4,886,786,246 41148 $ 4,106,207,339 -12% -16%Top NAICS Producers 37757 $ 4,012,603,312 82% 32482 $ 3,078,467,604 75% -14% -23%
360 53 Real estate & rental 7512 $ 1,229,745,425 31% 5166 $ 771,902,928 25% -31% -37%411 72 Accommodation & food services 6623 $ 446,434,598 11% 5671 $ 353,471,530 11% -14% -21%354 52 Finance & insurance 1388 $ 284,589,691 7% 1820 $ 292,403,064 9% 31% 3%394 62 Health & social services 2311 $ 176,429,781 4% 2600 $ 211,890,480 7% 13% 20%34 23 Construction 3075 $ 385,367,204 10% 1713 $ 208,101,919 7% -44% -46%
341 51 Information 517 $ 191,418,507 5% 667 $ 190,371,459 6% 29% -1%$ $320 44-45 Retail trade 4625 $ 257,421,893 6% 3287 $ 189,667,049 6% -29% -26%
367 54 Professional- scientific & tech svcs 2282 $ 242,350,508 6% 1859 $ 180,592,658 6% -19% -25%382 56 Administrative & waste services 2919 $ 186,678,800 5% 3073 $ 178,175,256 6% 5% -5%414 81 Other services 3028 $ 224,500,129 6% 3135 $ 175,314,054 6% 4% -22%402 71 Arts- entertainment & recreation 1171 $ 82,732,764 2% 1564 $ 80,364,890 3% 34% -3%41 31-33 Manufacturing 344 $ 96,496,159 2% 275 $ 73,560,375 2% -20% -24%
319 42 Wholesale Trade 327 $ 59,400,692 1% 280 $ 43,531,105 1% -14% -27%381 55 Management of companies 332 $ 44,716,667 1% 334 $ 41,403,957 1% 1% -7%332 48 49 T t ti & W h i 423 $ 39 038 754 1% 338 $ 32 203 189 1% 20% 18%332 48-49 Transportation & Warehousing 423 $ 39,038,754 1% 338 $ 32,203,189 1% -20% -18%391 61 Educational svcs 774 $ 26,085,226 1% 610 $ 30,391,137 1% -21% 17%33 22 Utilities 59 $ 29,085,893 1% 41 $ 19,732,759 1% -30% -32%1 11 Ag, Forestry, Fish & Hunting 32 $ 1,687,176 0% 29 $ 2,862,772 0% -10% 70%
20 21 Mining 18 $ 8,423,443 0% 18 $ 2,527,023 0% -1% -70%
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Accommodation & food services
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So what does the IMPLAN historical data tell us?So what does the IMP AN historical data tell us?
• The overall Hilton Head Island commodity production (or output) had contracted for the years 2007 through 2010.
• Real estate sector has declined in its annual contribution to the Hilton Head Island economycontribution to the Hilton Head Island economy.
• The sectors related to Tourism (Accommodations & foodservices, Retail trade, and Arts‐entertainment & recreation) have maintained their annual % share )contribution to the total commodity production during 2007‐2010.
• The sectors of Finance & insurance, Health & social i f i d d i i i &services, Information sector, and Administrative &
waste services have increased in their annual contribution to the Hilton Head Island economy.
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2010‐11 Hilton Head Island Second Home Owner Study ReportHome Owner Study Report
Executive SummaryExecutive Summary
• Approximately 59% of the respondents owned Villa/Condominium HomesApproximately 59% of the respondents owned Villa/Condominium Homes
and 36% owned Single Family Homes.
• 90% of second homes have sole owners.90% of second homes have sole owners.
• Most second home owners (26%) owned property in Sea Pines.
• 62% of the homes were not publicly rented and for owner use or non• 62% of the homes were not publicly rented and for owner use or non
paying guest use.
• 83% of the owners drove to Hilton Head Island for their last trip• 83% of the owners drove to Hilton Head Island for their last trip.
• 65% of the owners who utilized air transit for their last trip flew embarked
to Hilton Head Island from the Savannah Airportto Hilton Head Island from the Savannah Airport.
Executive SummaryExecutive Summary
• Beaches, Natural Beauty, and Dining were the most important Hilton Head , y, g p
Island attributes while vacationing.
• 88% (767) of the 876 respondents indicated they visited 8‐10 times before
buying their second home.
• 58% purchased their second home to return to the island for vacation.
• The median year for home purchases was 2003 but most were purchased in
2005.
46% i di t d th t th I l d i Cl i F il V ti S t• 46% indicated that the Island is a Classic Family Vacation Spot.
• 93% indicated that a Hilton Head Island vacation makes them feel relaxed.
• Most indicated they would recycle on vacation• Most indicated they would recycle on vacation.
MethodologyMethodology
• 5,000 second home owners were randomly selected5,000 second home owners were randomly selected from a list of over 17,000 home owners who pay 6% annual property tax.
• The owners were mailed a 4‐page survey to their primary home address.
• 876 surveys were completed and returned ‐ a 17.5% response rate.
• The randomized survey sample has + a margin of error of 3%.
GenderGender
AgeAge
Marital and Family StatusMarital and Family Status
Household IncomeHousehold Income
Average Income: $200K‐$249K
Classification of Second HomeClassification of Second Home2000: The mean year when owners purchased there home
2003: The median year of home purchases
2005: The year when most second homes were purchased
Ownership ArrangementOwnership Arrangement
Community of OwnershipCommunity of Ownership
Current Use of Second HomeCurrent Use of Second Home
Second Home Usage EstimatesSecond Home Usage Estimates
O h d t bli l t th i t t k 5Owners who do not publicly rent their property take 5 vacations per year and stay 7 days per vacation.
Number of Days Used (Median)
Not Publicly Rented: For Owner Use Only and/or Non
Paying Guest (n=62%)
Publicly Rented by a Property
Management Company and/or
Long Term Rental Only (n=8%)
Other (n=2%)
Combination of Any of the Categories
Paying Guest (n=62%)Owners of the Home
(n=23%)
(n=8%)(n=2%)
Days the second home is occupied by the family
50 21 14 21 30
Days the second home is occupied by renters
100 100 365 233 98
Days the second home is occupied by non
i15 14 14 14 14
paying guests
Type of Transportation Used on Last Trip to HHI
Airport UseAirport Use
HHI Attributes RankingHHI Attributes RankingPlease rate how important the following attributes are when choosing to vacation on Hilton Head Island (Check the appropriate
Extremely important
Important Neutral UnimportantNot important
at allMean # of Respondents
Hilton Head Island. (Check the appropriate box to the right of the island characteristic)
importantp p
at allp
Beaches 72% 24% 3% 0% 1% 4.66 834Natural beauty of the destination 66% 31% 3% 0% 0% 4.63 834Dining/seafood 50% 42% 6% 0% 1% 4.41 831Ease of access 37% 49% 11% 1% 1% 4.20 825Cell Phone Signal Strength 36% 40% 17% 3% 4% 4.02 831Wireless (Wi-Fi) Access 36% 38% 17% 4% 4% 3.97 832Golf 30% 31% 17% 11% 12% 3.57 831Environmental/ecological sensitivity 29% 43% 22% 3% 3% 3.93 826Travel distance 24% 49% 20% 5% 2% 3 87 824Travel distance 24% 49% 20% 5% 2% 3.87 824Diversity of activities & places 23% 55% 16% 4% 2% 3.92 824Affordability 17% 52% 24% 4% 3% 3.77 829Water sports 10% 33% 34% 11% 12% 3.18 820Tennis 10% 19% 25% 21% 24% 2.70 828History/heritage 7% 34% 43% 11% 6% 3.26 821History/heritage 7% 34% 43% 11% 6% 3.26 821Arts/culture 6% 39% 41% 11% 4% 3.32 826Hilton Head VIP card perks 5% 16% 35% 21% 23% 2.58 818Spa 1% 8% 35% 30% 26% 2.29 823Volunteer opportunities 1% 7% 38% 28% 26% 2.28 820Answered Question 838
Reason for PurchaseReason for Purchase
Percentage of Time Spent WorkingApproximately 58% indicated they would spend a portion of their timeApproximately 58% indicated they would spend a portion of their time
working remotely.
31% of the respondents indicated they were going to stay on the island more frequently. Those respondents indicated they were going q y p y g gto stay on average an additional 79 days per year.
Vacation FeelingVacation Feeling
Second Homeowner SpendingSecond Homeowners – Not Publicly Rented: Item
# of Respondents
Missing Variable
On average, how many people are you financially responsible for when you
p g
take a trip to Hilton Head Island? (Please enter your answer in the space provided. If you can't answer the question, please indicate N/A in the space.)
474 81 2.59
Transportation (around the area) 346 209 $ 133.56 Lodging 26 529 $ 535.42 Food‐dining out 484 71 $ 430.55 F d i 481 74 $ 289 34Food‐groceries 481 74 $ 289.34 Beaches 41 514 $ 119.29 Shopping 423 132 $ 580.96 Spas 46 509 $ 205.98 Golf 224 331 $ 274.56 Biking 53 502 $ 83 66Biking 53 502 $ 83.66 Parks 6 549 $ 40.83 Performance/visual arts 89 466 $ 124.63 Festivals 54 501 $ 82.96 Museum/historical tours 50 505 $ 56.84 Boating/sailing 50 505 $ 306 60Boating/sailing 50 505 $ 306.60 Nature based activities 28 527 $ 105.54 Dolphin tours 19 536 $ 111.58 Tennis 34 521 $ 102.50 Fishing 33 522 $ 193.79 Sporting events 16 539 $ 229.38 p gOther cultural activities 40 515 $ 105.43 Other sport activities 23 532 $ 98.04 Other outdoor activities 33 522 $ 122.42 Other expenses 115 440 $ 284.12
Non Paying Guest SpendingIf you checked that you have non‐paying guests staying in your home, please estimate their TOTAL expenditures in EACH of the following areas during their last trip. Round UP to the nearest amount.
# of Respondents Mean
UP to the nearest amount.
Transportation (around the area) 173 $ 102.63 Lodging 18 $ 116.67 Food‐dining out 240 $ 260.44 Food‐groceries 218 $ 184.03 B h 36 $ 45 56Beaches 36 $ 45.56 Shopping 183 $ 263.93 Spas 26 $ 162.31 Golf 119 $ 197.77 Biking 69 $ 70.94 Parks 11 $ ‐Performance/visual arts 28 $ 54.46 Festivals 22 $ 39.77 Museum/historical tours 35 $ 42.00 Boating/sailing 42 $ 125.95 g gNature based activities 24 $ 38.33 Dolphin tours 25 $ 99.40 Tennis 32 $ 71.72 Fishing 35 $ 115.00 Sporting events 15 $ 56 67Sporting events 15 $ 56.67 Other cultural activities 19 $ 45.26 Other sport activities 18 $ 55.83 Other outdoor activities 16 $ 50.00 Other expenses 44 $ 184.09
Generating the EstimatesGenerating the EstimatesGenerating the EstimatesGenerating the Estimates
• 17,343 second‐homeowner households17,343 second homeowner households– Survey: 846 respondents
• Reported spending weighted according toReported spending weighted according to number of respondents in each category:– Not Publicly Rented y– Publicly Rented by Property Management Company
– Long Term Rental– Non‐Paying Guests– Other
InputsInputsReported Spending CategoriesReported Spending Categories
T t ti Biki T iTransportation Biking Tennis
Lodging Parks Fishing
F d di i t P f / i l t S ti tFood‐dining out Performance/visual arts Sporting events
Food‐groceries Festivals Other cultural activities
B h M /hi t i l t Oth t ti itiBeaches Museum/historical tours Other sport activities
Shopping Boating/sailing Other outdoor activities
S N t b d ti iti OthSpas Nature based activities Other expenses
Golf Dolphin tours
InputInput‐‐Output ModelOutput ModelInputInput Output ModelOutput Model
• Utilized the Regional Dynamics (REDYN) modelUtilized the Regional Dynamics (REDYN) model
• Estimates include:Di t (i t di tl lti f 2nd– Direct (impacts directly resulting from 2nd
homeowner spending)
Indirect (impacts generated by suppliers to– Indirect (impacts generated by suppliers to businesses servicing 2nd homeowners)
Induced (impacts generated by consumer– Induced (impacts generated by consumer spending by the employees whose jobs were created by direct & indirect impacts)y p )
ResultsResultsResultsResults
• Reported in terms of:Reported in terms of:– Employment – total jobs created in Beaufort County
– Output – dollar value of goods & services produced within Beaufort County (roughly county GDP)(roughly = county GDP)
– Disposable Income – aggregated after‐tax household income in Beaufort Countyhousehold income in Beaufort County
– Net Fiscal – local (county & municipal) government revenues net of expenditures
MultipliersMultipliersMultipliersMultipliers
• Based upon ratio of total job creation to jobsBased upon ratio of total job creation to jobs created directly by second homeowner spending
• Estimated employmentmultiplier = 1.08– Every 10 directly‐created jobs generate y y j gapproximately 1 additional job in Beaufort County
• Estimated outputmultiplier = 1.12– Every $100 spent by second homeowners generates an additional $12 of output in County
Total Estimated ImpactTotal Estimated ImpactAll Second HomeownersAll Second HomeownersAll Second HomeownersAll Second Homeowners
Beaufort CountyBeaufort County
2011 2012 2013 2014 2015
Employment 2,176 2,153 2,116 2,081 2,046
Output (x1000) $120,650 120,652 120,665 120,674 120,684
Disposable Income (x1000) $63,308 63,630 63,653 63,659 63,650Income (x1000)Net Fiscal(x1000) $5,484 5,280 5,057 5,069 5,080
(Note: All dollar amounts are in current dollars)
Total Estimated ImpactTotal Estimated ImpactNonNon‐‐Paying GuestsPaying GuestsNonNon‐‐Paying GuestsPaying GuestsBeaufort CountyBeaufort County
2011 2012 2013 2014 2015
Employment 120 118 117 115 113
Output (x1000) $6,349 6,350 6,350 6,352 6,353
Disposable Income (x1000) $3,414 3,437 3,441 3,443 3,445Income (x1000)Net Fiscal(x1000) $401 391 379 380 381
(Note: All dollar amounts are in current dollars)
Total Estimated ImpactTotal Estimated ImpactTotal Homeowners + NonTotal Homeowners + Non‐‐Paying GuestsPaying GuestsTotal Homeowners + NonTotal Homeowners + Non‐‐Paying GuestsPaying Guests
Beaufort CountyBeaufort County
2011 2012 2013 2014 2015
Employment 2,296 2,271 2,233 2,195 2,159
Output (x1000) $126,999 127,002 127,015 127,026 127,037
Disposable Income (x1000) $66,723 67,067 67,094 67,103 67,096Income (x1000)Net Fiscal(x1000) $5,885 5,671 5,436 5,449 5,462
AdditionalProperty Tax Rev $77 578 6 77 578 6 77 578 6 77 578 6 77 578 6Property Tax Rev (x1000)
$77,578.6 77,578.6 77,578.6 77,578.6 77,578.6
Total Fiscal (x1000) $83,463 83,249 83,015 83,028 83,040
(Note: All dollar amounts are in current dollars)
Hilton Head Island Top 28 MSA pMarkets According to Zip Code FrequencyFrequency
•Top 10 markets are similar for Ogilvy, 2010 Visitor Inquiries, and Second Home Survey Participants.•Detroit MSA and Raleigh MSA are important MSA’s to consider as geographic target markets.
Rank Metropolitan AreaOgilvy Sum by MSA
Ogilvy% Share of T28
2010VI Sum by MSA
2010VI% Share of T28
Second Home 5K Sum by
MSA
SH% Share of T28MSA T28 MSA T28 MSA T28
1 Atlanta‐Sandy Springs‐Marietta, GA MSA 84 15% 5608 17% 428 18%2 Charlotte‐Gastonia‐Concord, NC‐SC MSA 44 8% 2081 6% 109 5%
3New York‐Northern New Jersey‐Long Island, NY‐NJ‐PA MSA
38 7% 3622 11% 351 15%
4 Pittsburgh, PA MSA 35 6% 1189 4% 126 5%g5 Chicago‐Naperville‐Joliet, IL‐IN‐WI MSA 33 6% 2281 7% 108 5%
6Philadelphia‐Camden‐Wilmington, PA‐NJ‐DE‐MD MSA
30 5% 1539 5% 139 6%
7 Cincinnati‐Middletown, OH‐KY‐IN MSA 28 5% 1349 4% 129 5%
8Washington‐Arlington‐Alexandria, DC‐VA‐MD‐WV
27 5% 1686 5% 168 7%8MSA
27 5% 1686 5% 168 7%
9 Cleveland‐Elyria‐Mentor, OH MSA 26 5% 1068 3% 82 3%10 Columbus, OH MSA 25 4% 892 3% 66 3%11 Akron, OH MSA 20 4% 464 1% 32 1%12 Raleigh‐Cary, NC MSA 16 3% 787 2% 23 1%13 Detroit‐Warren‐Livonia, MI MSA 15 3% 861 3% 67 3%14 Augusta‐Richmond County, GA‐SC MSA 14 2% 680 2% 135 6%
Rank Metropolitan AreaOgilvy Sum by
Ogilvy% Share of
2010VI Sum by
2010VI% Share of
Second Home 5K Sum by
SH% Share ofRank Metropolitan Area Sum by
MSAShare of T28
Sum by MSA
Share of T28
5K Sum by MSA
Share of T28
15 St. Louis, MO‐IL MSA 12 2% 1601 5% 25 1%16 Boston‐Cambridge‐Quincy, MA‐NH MSA 11 2% 909 3% 46 2%17 Indianapolis‐Carmel, IN MSA 11 2% 852 3% 28 1%18 Baltimore‐Towson MDMSA 11 2% 768 2% 45 2%18 Baltimore Towson, MD MSA 11 2% 768 2% 45 2%19 Richmond, VA MSA 10 2% 770 2% 29 1%20 Nashville‐Davidson‐‐Murfreesboro, TN MSA 9 2% 1104 3% 27 1%21 Knoxville, TN MSA 8 1% 643 2% 53 2%22 Dayton, OH MSA 8 1% 340 1% 31 1%23 Rochester, NY MSA 8 1% 277 1% 14 1%,24 Denver‐Aurora, CO MSA 8 1% 271 1% 9 0%25 Albany‐Schenectady‐Troy, NY MSA 8 1% 251 1% 16 1%26 Harrisburg‐Carlisle, PA MSA 8 1% 163 0% 18 1%27 Louisville‐Jefferson County, KY‐IN MSA 7 1% 946 3% 40 2%28 Minneapolis‐St. Paul‐Bloomington, MN‐WI MSA 7 1% 518 2% 19 1%
Top 10 MSA’s By Frequency and Market ShareTop 10 MSAs By Frequency and Market Share
1. Atlanta‐Sandy Springs‐Marietta, GA MSA2. Charlotte‐Gastonia‐Concord, NC‐SC MSA3. New York‐Northern New Jersey‐Long Island, NY‐NJ‐PA
MSA4. Pittsburgh, PA MSA5. Chicago‐Naperville‐Joliet, IL‐IN‐WI MSA6 Phil d l hi C d Wil i t PA NJ DE MDMSA6. Philadelphia‐Camden‐Wilmington, PA‐NJ‐DE‐MD MSA7. Cincinnati‐Middletown, OH‐KY‐IN MSA8. Washington‐Arlington‐Alexandria, DC‐VA‐MD‐WV MSA9. Cleveland‐Elyria‐Mentor, OH MSA10. Columbus, OH MSA
Top 28 MSA Markets According toTop 28 MSA Markets According to MSA Share Comparison to Arbitron, Nielsen, and Scarbarough DMA DataData
•Top 10 markets somewhat differ when compared zip code frequency share analysis. •Atlanta, Charlotte, Akron, Pittsburgh, and Cincinnati are strong markets because the population that
d d d h h f l h ll d
OT28‐ OT28‐ OT28‐ 2010VIT2010VIT
2010VIT SHT28‐ SHT28‐ SHT28
visited HHI or are interested in HHI exceeds the share of population that normally consumes radio, television, and newspaper media.
Rank Metropolitan AreaOT28‐Arb
OT28‐Neilsen
OT28‐Scarb
2010VIT28‐Arb
28‐Neilsen
2010VIT28‐Scar
SHT28‐Arb
SHT28‐Neilsen
SHT28‐Scar
1 Atlanta‐Sandy Springs‐Marietta, GA MSA 9% 9% 9% 11% 11% 10% 12% 12% 12%2 Charlotte‐Gastonia‐Concord, NC‐SC MSA 5% 5% 5% 3% 4% 4% 2% 2% 2%3 Akron, OH MSA 4% 4% 4% 1% 1% 1% 1% 1% 1%4 Pi b h PA MSA 4% 3% 4% 1% 1% 1% 3% 2% 3%4 Pittsburgh, PA MSA 4% 3% 4% 1% 1% 1% 3% 2% 3%5 Cincinnati‐Middletown, OH‐KY‐IN MSA 3% 3% 2% 2% 2% 1% 3% 3% 3%6 Columbus, OH MSA 2% 2% 2% 1% 0% 0% 1% 1% 0%7 Cleveland‐Elyria‐Mentor, OH MSA 2% 1% 1% 1% ‐1% ‐1% 1% 0% 0%8 Augusta‐Richmond County, GA‐SC MSA 2% 2% 2% 1% 1% 2% 5% 5% 6%9 Raleigh Cary NC MSA 1% 0% 1% 1% 0% 0% 1% 2% 1%9 Raleigh‐Cary, NC MSA 1% 0% 1% 1% 0% 0% ‐1% ‐2% ‐1%10 Harrisburg‐Carlisle, PA MSA 1% 0% 0% 0% ‐1% ‐1% 0% ‐1% 0%11 Knoxville, TN MSA 1% 0% 0% 1% 1% 0% 1% 1% 1%12 Richmond, VA MSA 0% 0% 0% 1% 1% 0% 0% 0% ‐1%13 Albany‐Schenectady‐Troy, NY MSA 0% 0% 0% 0% ‐1% 0% 0% ‐1% 0%14 Dayton OH MSA 0% 0% 0% 0% 0% 0% 0% 0% 0%14 Dayton, OH MSA 0% 0% 0% 0% 0% 0% 0% 0% 0%
OT28‐ OT28‐ OT28‐ 2010VIT2010VIT
2010VIT SHT28‐ SHT28‐ SHT28Rank Metropolitan Area
OT28‐Arb
OT28‐Neilsen
OT28‐Scarb
2010VIT28‐Arb
28‐Neilsen
2010VIT28‐Scar
SHT28‐Arb
SHT28‐Neilsen
SHT28‐Scar
15 Rochester, NY MSA 0% 0% 0% 0% 0% ‐1% ‐1% 0% ‐1%16 Indianapolis‐Carmel, IN MSA 0% ‐1% ‐1% 1% 0% 0% ‐1% ‐1% ‐2%17 Louisville‐Jefferson County, KY‐IN MSA 0% 0% ‐1% 2% 1% 1% 0% 0% 0%18 N h ill D id M f b TN MSA 0% 1% 1% 2% 1% 1% 1% 1% 1%18 Nashville‐Davidson‐‐Murfreesboro, TN MSA 0% ‐1% ‐1% 2% 1% 1% ‐1% ‐1% ‐1%
19Philadelphia‐Camden‐Wilmington, PA‐NJ‐DE‐MD MSA
‐1% ‐2% ‐1% ‐1% ‐3% ‐2% 0% ‐1% 0%
20 St. Louis, MO‐IL MSA ‐1% ‐1% ‐2% 2% 2% 1% ‐2% ‐2% ‐3%
21Washington‐Arlington‐Alexandria, DC‐VA‐MD‐WV MSA
‐1% ‐1% ‐3% ‐1% ‐1% ‐3% 1% 1% ‐1%MSA
22 Baltimore‐Towson, MD MSA ‐1% ‐1% ‐1% ‐1% 0% ‐1% ‐1% ‐1% ‐1%23 Denver‐Aurora, CO MSA ‐2% ‐2% ‐3% ‐2% ‐3% ‐3% ‐3% ‐3% ‐4%24 Minneapolis‐St. Paul‐Bloomington, MN‐WI MSA ‐2% ‐3% ‐4% ‐2% ‐3% ‐3% ‐3% ‐3% ‐4%25 Detroit‐Warren‐Livonia, MI MSA ‐3% ‐2% ‐3% ‐3% ‐2% ‐3% ‐3% ‐2% ‐3%26 Boston‐Cambridge‐Quincy MA‐NH MSA ‐3% ‐3% ‐3% ‐3% ‐2% ‐3% ‐3% ‐3% ‐3%26 Boston Cambridge Quincy, MA NH MSA 3% 3% 3% 3% 2% 3% 3% 3% 3%27 Chicago‐Naperville‐Joliet, IL‐IN‐WI MSA ‐5% ‐3% ‐3% ‐4% ‐2% ‐2% ‐6% ‐4% ‐4%
28New York‐Northern New Jersey‐Long Island, NY‐NJ‐PA MSA
‐14% ‐11% ‐5% ‐10% ‐7% ‐1% ‐6% ‐3% 3%
Top 10 MSA’s According to Media Market Share C iComparison
1. Atlanta‐Sandy Springs‐Marietta, GA MSAy p g2. Charlotte‐Gastonia‐Concord, NC‐SC MSA3. Akron, OH MSA4 Pi b h PA MSA4. Pittsburgh, PA MSA5. Cincinnati‐Middletown, OH‐KY‐IN MSA6 Columbus OH MSA6. Columbus, OH MSA7. Cleveland‐Elyria‐Mentor, OH MSA8. Augusta‐Richmond County, GA‐SC MSA9. Raleigh‐Cary, NC MSA10. Harrisburg‐Carlisle, PA MSA
Comparing MSA Frequency versus Media M k Sh C iMarket Share Comparisons
Top 10 MSA’s By Frequency and Market Share
Top 10 MSA’s According to Media Market Share ComparisonMarket Share
1. Atlanta‐Sandy Springs‐Marietta, GA MSA
2. Charlotte‐Gastonia‐Concord, NC‐SC
Market Share Comparison1. Atlanta‐Sandy Springs‐Marietta, GA
MSA
2. Charlotte‐Gastonia‐Concord, NC‐SC2. Charlotte Gastonia Concord, NC SC MSA
3. New York‐Northern New Jersey‐Long Island, NY‐NJ‐PA MSA
4 Pitt b h PA MSA
2. Charlotte Gastonia Concord, NC SC MSA
3. Akron, OH MSA
4. Pittsburgh, PA MSA4. Pittsburgh, PA MSA
5. Chicago‐Naperville‐Joliet, IL‐IN‐WI MSA
6. Philadelphia‐Camden‐Wilmington, PA‐NJ‐DE‐MD MSA
5. Cincinnati‐Middletown, OH‐KY‐IN MSA
6. Columbus, OH MSA
7. Cleveland‐Elyria‐Mentor, OH MSA
8 Augusta‐Richmond County GA‐SC MSA7. Cincinnati‐Middletown, OH‐KY‐IN MSA
8. Washington‐Arlington‐Alexandria, DC‐VA‐MD‐WV MSA
9 Cleveland Elyria Mentor OH MSA
8. Augusta‐Richmond County, GA‐SC MSA
9. Raleigh‐Cary, NC MSA
10. Harrisburg‐Carlisle, PA MSA
9. Cleveland‐Elyria‐Mentor, OH MSA
10. Columbus, OH MSA Green text MSA’s = MSA made both Top 10 listings
Core and Secondary MSA MarketsCore and Secondary MSA MarketsCore Geographic Target Market: Based on Frequency and Media Share Comparison (Dedicated markets)markets)1. Atlanta‐Sandy Springs‐Marietta, GA MSA2. Charlotte‐Gastonia‐Concord, NC‐SC MSA3. Pittsburgh, PA MSA4. Cincinnati‐Middletown, OH‐KY‐IN MSA5 Cleveland‐Elyria‐Mentor OH MSA5. Cleveland Elyria Mentor, OH MSA6. Columbus, OH MSA
Secondary Market: Based on Frequency and Market Share (Market penetration due to population size)1 New York Northern New Jersey Long Island NY NJ PA MSA1. New York‐Northern New Jersey‐Long Island, NY‐NJ‐PA MSA2. Chicago‐Naperville‐Joliet, IL‐IN‐WI MSA3. Philadelphia‐Camden‐Wilmington, PA‐NJ‐DE‐MD MSA4. Washington‐Arlington‐Alexandria, DC‐VA‐MD‐WV MSA
Secondary Market : Based only on Media Share Comparison (Dedicated smaller markets)Secondary Market : Based only on Media Share Comparison (Dedicated smaller markets)1. Akron, OH MSA2. Augusta‐Richmond County, GA‐SC MSA3. Raleigh‐Cary, NC MSA4. Harrisburg‐Carlisle, PA MSA
Other Ongoing Projects Related to Real EstateVery Aware/Aware
PlantationHHI Reg Res Very
Aware/AwareVisitors
Sea Pines Plantation 94% 68%Sea Pines Plantation 94% 68%Hilton Head Plantation 92% 64%Palmetto Dunes Plantation 90% 61%Shipyard Plantation 88% 57%Port Royal Plantation 88% 54%Indigo Run Plantation 86% 47%Wexford Plantation 84% 44%
•Awareness of HHI
Plantations (2011 Wexford Plantation 84% 44%Palmetto Hall Plantation 83% 43%Spanish Wells Plantation 80% 40%Windmill Harbour 83% 36%Long Cove Plantation 79% 33%
Concours survey)
• Interest in real estate as a How did you first learn of one of the Hilton Head Island plantations?
Option HHI Reg Res VisRecommendation by family or friends 26% 29%Other 28% 25%I am not aware of any of the Hilton Head Island plantations. 3% 13%
result of attending HHI
events/festivals (2012 Real estate agent 17% 6%Hotel/Resort/Time Share/Property Management Company 4% 5%Signage at the plantation gate entrance 4% 5%Internet website 2% 5%Other magazine ad or article 3% 4%Real estate magazine 5% 3%Hil H d I l d Bl ff Ch b f C 2% 2%
events/festivals (2012
festival surveys)
Hilton Head Island-Bluffton Chamber of Commerce 2% 2%Newspaper ad 4% 1%Television ad 1% 1%Radio ad 1% 1%
SummarySummary
• Real estate accounts for the largest portion of commodity sales on Hilton Head Island.
• Visitors purchase real estate after visiting Hilton Head Island 8‐10 times.
• Visitors purchase because they want to return to Hilton Head Island for their vacations.
• Residents from Atlanta and Charlotte vacation and purchase properties on Hilton Head Island.
• Visitors are most aware of Sea Pines Plantation
• Visitors learn about plantations via family andVisitors learn about plantations via family and friends.
• Visit www.lriti.org for our research results.
For more information contact:For more information contact:
John Salazar Ph D CHEJohn Salazar, Ph.D., CHEUniversity of South Carolina – Beaufort
andThe Lowcountry & Resort Islands Tourism Institute
Salazar, 2008 52