One of the expectations of economists working in academia is publication. My career is full of written work that, in all truth, no one has ever read except for my mother. She kept all my research in the holiest of places — the top shelf of her closet.
In doing research, one always hopes to find an original question — one touched by no one else. Here we can clearly search for an original answer. Yet, in many cases, we simply end up repeating the work of other academics, except we use a different methodology. Different methods often produce different conclusions, making our work relevant. Yet, you can avoid accountability in this way by saying that two pieces of research cannot really be compared, and therefore judged, because they are not really the same due to differences in methods.
It is a wonderful thing when comparisons can be made and the issue of different methods is not at play. Such is the case of two economic impact studies done by the Selig Center for Economic Growth of the University of Georgia of Jekyll Island and Sea Island. Both are based on 2016 data and the underlying methodology is identical. So while Jekyll Island and Sea Island appear very different, the analysis performed by the Selig Center treats them as if they are identical, thereby, allowing for comparison.
What are some things that should be considered in doing an economic analysis? First, they are members of the same industry — hospitality and tourism.
Second, they may be classified in the same industry but they are very different. Sea Island is the best private resort — in every facet — in the world. Given my unbiased assessment, its operations are private, profit-seeking. It is even family owned. From golf tournaments, to gatherings of world leaders, it is exclusive, expensive and simply wonderful.
Jekyll Island is on the other end of the ownership spectrum. Jekyll Island is a self-governing state park largely occupied by outside vendors (the Westin, for example). Just pay $6 and you enter for the day. In addition, at any time, only 35 percent of the land area can be developed. Like Sea Island, Jekyll is uniquely special. From the history connected to the island itself, the initial conversations leading to the creation of the Federal Reserve, to the best graduation venue (the Convention Center) in the world (CCGA has graduation there), Jekyll Island remains a state park.
Economic impact studies are very interesting. They are largely based on the idea that one person’s spending is another person’s income. Both Sea Island and Jekyll Island have part-time and full-time employees whose income come from the spending of all sorts of visitors. Yet, after work, employees spend their income. So a second person and business is impacted. This is to say, to know economic impact we need to understand what is called a multiplier process.
What do the Selig studies tell us about their respective economic impacts on Glynn County? They are virtually identical. In gross revenue, Jekyll has the advantage with $700 million in sales compared to Sea Island’s $670 million. Sea Island’s impact in jobs totals 6,254 (direct, indirect, and induced) with $200 million in labor income. Jekyll Island’s employment numbers 7,170 with $249 million in labor income. Sea Island contributes $370 million to local GDP, while the activity on Jekyll Island contributes $416 million to GDP. Both contribute around $25 million in tax revenue.
Even more impressive is when you combine the two economic equals. They account for 22 percent of gross sales and for 28.5 percent of all jobs in Glynn County. This analysis is not to dismiss the importance of others in the hospitality and tourism industry. Yet, these are two economic powerhouses.
Economic impact is only one of the many margins Sea Island and Jekyll Island that can be used for comparison. Also consider their awards and recognitions, histories, community advancement and engagements, and on and on. For this space, let us celebrate their combined economic presence. We are very fortunate that both Sea Island and Jekyll Island are in our community and the opportunities they provide our citizens.
Reg Murphy Center