Estimated industry value added = $599,730,675

Estimated industry gross revenue = $468,869,264

Estimated full-time employment = 4,274

Estimated average base salary = $70,135

Estimated collective employment impact = 14,201

Estimated overall statewide economic impact = $889,398,107

Economic Impact is based on industry-standard RIMS II multiplier

Value added is the sum of compensation of employees, taxes on production and imports, less subsidies, and gross operating surplus

Estimates of collective employment impact include the impact of full- and part-time jobs, including multiplier effects. The Type II multipliers used in the model quantify the cumulative effects of the direct, indirect, and household (induced) rounds of spending. These cumulative effects impact the collective employment above and beyond total jobs in the industry.

Total economic impact includes the sum of direct, indirect, and induced effects

Thanks to Dr. Jay O’Toole of the Strome College of Business at Old Dominion University