Monday, August 14, 2023
Virginia Beach, VA – In the fiscal year 2022, the Virginia Aquarium & Marine Science Center supported more than 3,000 jobs, nearly $85 million in labor income, and $257 million in economic impact for Virginia Beach, according to Sage Policy Group, Inc. The Aquarium supported more than $5.8 million in tax revenues for the City of Virginia Beach and more than $8 million in tax revenues for the Commonwealth of Virginia, equating to the base salary of more than 110 new police officers, firefighters, or teachers per year in Virginia Beach.
“The economic impact analysis provides valuable quantifiable data to further demonstrate the Virginia Aquarium’s impact, not only to the City of Virginia Beach, but to the Hampton Roads region and the commonwealth of Virginia,” said Cynthia Whitbred-Spanoulis, Executive Director at the Virginia Aquarium. “We will continue to strive to maintain and grow our position as a top economic driver in Virginia Beach and are thankful to Sage Policy Group, Inc. for their research.”
As the third most visited attraction in the commonwealth1, the Virginia Aquarium is more than a major economic driver in Virginia Beach; it is an important cultural, educational, and conservation organization. The guest experience, animal care, school education programs, and nationally recognized Stranding Response Program contribute to the well-being of the community and environment in ways unable to be measured through financial impact alone.
The analysis was calculated using a combination of the Aquarium’s financial data and data collected from a guest survey conducted by Yorktown Analytics. The survey asked guests if the Aquarium was their primary reason for visiting the area, how many days they intended to stay in the area, and how much they intended to spend in the area. The results revealed out-of-town visitors in 2022 spent an estimated $210 million in the Virginia Beach area that otherwise would not have been spent without the Aquarium’s presence.
This analysis also looked into the potential impact of the Virginia Aquarium Future Renovation (VAFR), an approximately $250 million investment intended to replace the Aquarium’s aging infrastructure in the main building and update the facility to enhance the overall visitor experience. Key findings regarding the future economic impact include:
- During the renovation, the VAFR will support nearly 2,500 jobs, more than $156 million in labor income, and $360 million in economic activity in Virginia Beach.
- With the completion of the VAFR, The Aquarium’s expanded operations will support an estimated 3,400 jobs, $95 million in labor income, and nearly $300 million in annual economic activity.
- This expanded operation will support $6.5 million in annual tax revenues for Virginia Beach and approximately $9.3 million for the Commonwealth.
Beyond the economic impact, the Virginia Aquarium reports the quality of its educational efforts and environmental pursuits. In 2022, the Aquarium responded to more than 113 cases of marine mammals and 156 sea turtles stranded on beaches. That year, the Aquarium led more than 100 on-site school programs reaching more than 6,700 students.
1According to Canopy Strategic Partners.
Virginia Aquarium & Marine Science Center
The Virginia Aquarium & Marine Science Center is an accredited member of the Association of Zoos and Aquariums, and the Alliance of Marine Mammal Parks and Aquariums. The Aquarium is also a member of World Association of Zoos and Aquariums. The Virginia Aquarium's mission is to connect people to the marine environment, inspiring a more sustainable future. It is located at 717 General Booth Boulevard, just south of Rudee Inlet in Virginia Beach.
Since the Virginia Aquarium is a Department of the City of Virginia Beach, it aligns its efforts with the City’s mission to enhance the economic, education, social and physical quality of the community; and provide sustainable municipal services which are valued by its citizens.
The Virginia Aquarium & Marine Science Center Foundation, a 501(c)(3) nonprofit organization, supports the work of the Virginia Aquarium. The Foundation procures and maintains the Aquarium's exhibits, including the animals and habitats. It is also responsible for annual and capital fundraising, administration and funding for the Virginia Aquarium Stranding Response Program, conservation and scientific research efforts, and the Aquarium's mission-related education programs. You can be a part of our mission by making a tax-deductible donation to support our programming.
Sage Policy Group, Inc.
Sage Policy Group, Inc. is an economic and policy consulting firm headquartered in Baltimore, MD. Dr. Anirban Basu, Sage’s chairman and CEO, founded the firm in 2004. Over a period spanning nearly two decades, Sage has managed to create a client base that encompasses more than forty states and seven countries and includes Fortune 500 companies, NFL teams, aquariums and zoos, state and local governments, insurance companies, banks, brokerage houses, major medical systems, trade organizations, and law firms, among others.
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