EDTC STUDY SHOWS US INVESTMENT IN FORT ERIE HITS $500 MILLION
FORT ERIE, September 22, 2003 - Fort Erie Economic Development and Tourism Corporation (EDTC) General Manager, Jim Thibert, today released the results of the Corporation’s 2003 US Investment Study before Fort Erie Town Council. “We’ve demonstrated unequivocably how the history of American business interests and American seasonal residents in Fort Erie have contributed significantly to the economic development of this border community”.
The Study revealed that:
• 45%-50% of the revenue base of the Town’s major economic base firms is generated by sales-exports to the US
• 31% of all Fort Erie jobs are attributable to some form of US investment
• American spending in Fort Erie’s retail marketplace totals $15 million yearly and sustains 314 jobs.
• More than 40 customs brokerages representing over 800 jobs process $700 million worth of trade crossing the Peace Bridge weekly.
• The total assessed value of the Town’s 1,775 American-owned residential properties is $277 million. The relatively higher share of residential property taxes paid by US owners is significant particularly in view of the fact that the owners reside in the Town for only a portion of the year and do not draw on local municipal and education services as much as the Town’s permanent residents.
• Approximately 80% of all gamers who frequent the Fort Erie Racetrack Slots and the Town’s three bingo halls are American
Herb McGirr EDTC Chair, stated, “The EDTC is grateful to Town Council for its financial support of this research study as well as to the federal government’s Product Export Market Development Program and Brock University’s co-operative student program”. Student researchers conducted 1,033 door-to-door surveys of American seasonal residents in addition to the EDTC’s targeted survey of industrial companies. Complementing the study was a US advertising program which generated significant leads and exposure for the Corporation. “The advertising”, explained Jim Thibert, “has already proven to have attracted North American companies”.