Home Posts tagged economic impact

Mill Town Capital Drives $132 Million in Economic Impact

By
Daily News

PITTSFIELD — Impact investment platform Mill Town Capital has delivered a total economic impact of $132 million across Berkshire County from 2017 to 2023, according to a new independent analysis by the UMass Donahue Institute (UMDI).

The study highlights how Mill Town’s investments in local businesses, real estate, and infrastructure along with philanthropic programming, are generating lasting economic impact and revitalization in the region. Mill Town, founded in 2016 by Dave Mixer, strives to improve the quality of life in the community through sustainable projects and investments.

Using the IMPLAN economic modeling system, UMDI quantified the direct, indirect, and induced effects of Mill Town’s activity. Key findings include:

  • $132 million total economic impact, with $107.3 million (81%) in Pittsfield alone;
  • A 1.42x economic multiplier: Every $100 generated by Mill Town spurred an additional $42 in local economic activity;
  • 672 workers connected to Mill Town activity in 2023, up from just 3 in 2017;
  • $5.1 million in local tax revenues driven by investment and job creation.

“This report confirms the power of intentional, community-based investment,” said Tim Burke, Mill Town Capital’s CEO.  Additionally, he commented, “Our work is not just about dollars—it’s about building a stronger, more resilient Pittsfield and Berkshire County.”

To view the economic impact summary report, visit 2017-23-economic-impact-report.pdf

MassMutual Sees Positive Economic Impact in Springfield 

By
Daily News

SPRINGFIELD — The MassMutual Center recently collaborated with Tourism Economics, an Oxford Economics company that measures local economic impact in local markets, to research the economic impact the venue had in Springfield and surrounding markets from July 2018 through June 2019 (FY19). Findings show that the MassMutual Center’s gross economic impact as well as Incremental Impact were significant. 

Tourism Economics found that in FY19, the MassMutual Center had more than 300,000 total attendees in the arena and convention center events, resulting in a total gross economic impact of $47.1 million, which generated 555 total jobs in the market and contributed $4.4 million in total state and local tax revenues.   

Of the total event attendees, 147,000 were out-of-town attendees, resulting in a total incremental impact of $34.9M, which generated 443 total jobs in the market and contributed $3.2M in total state and local tax revenues.   

Gross economic and incremental impacts were measured by money spent by the venue in the local economy to sustain operations, including spending on payroll, marketing costs, legal services, and professional services, as well as money spent by event attendees while attending events at the MassMutual Center and at off-site establishments, including local restaurants, hotels, retailers, and recreation/entertainment venues. Gross economic impact shows impact made by all event attendees, while incremental impacts focuses on the out-of-town event attendees. 

“We love being a part of the Springfield community and are thrilled at seeing the results of these reports.  We look forward to continuing our successful impact on local businesses and growing our partnerships throughout Springfield and Western Massachusetts,” said Sean Dolan, general manager of the MassMutual Center. 

“The MassMutual Center continues to be a positive catalyst for economic activity in Western Massachusetts and the success of the venue and the results that have been achieved are a direct result of the outstanding work Sean Dolan and his team have done to increase the quality of events at the facility to deliver real results for the community,” said David Gibbons, executive director of the Massachusetts Convention Center Authority.