Economic Impact of the Yorktown Landing of the Hermione

Abstract

On June 5, 6, and 7 of 2015, the reconstructed French frigate L’Hermione made its first official landing in the United States at the port of Yorktown, Virginia. This vessel was named after the original 1780 frigate that brought the Marquis de Lafayette to America from France to help in the American Revolutionary War effort, and was meticulously reconstructed using period materials and methods. Unlike other ports of call where admission fees were charged for entry onto the vessel, at Yorktown access was provided via a ticket distribution system on a first-come, first-served basis during the three day visit. Student volunteers from nearby Christopher Newport University helped distribute tickets, control crowds, and manage the boarding process. About 8,000 members of the public boarded the vessel; an estimated total of 20,000 members of the public attended the other related events taking place that weekend. In addition, during the three-day period, 1,676 survey intercepts were conducted by student volunteers. The data indicates:- Over 85% of the surveyed population agreed or strongly agreed that York County’s ticket distribution system was fair- A surprisingly small portion of the surveyed population came from York County (~12%), indicating a broad impact of the event to the region, state, and beyond- Around $350,000 was spent on hotel rooms, meals, and incidentals among those who traveled to Hampton Roads specifically for the Hermione visit, based on extrapolations from the survey data- About $500,000 of driving/travel expenditure was indicated by zip code distance analysis- Using a rough measure of consumer surplus (opportunity cost analysis), the data indicate that around $1.5 million of value creation (utility) was associated with the event.- The surveyed population was overwhelmingly white (95%) and had relatively high incomes (over 35% reported annual household income above $100,000, compared to a national average of about 20%)- The surveyed population was very well-traveled relative to the United States average, with more than 35% reporting travel outside the US over the past 12 months