Sport Tourism Economic Assessment Model (STEAM)
As part of the preparation of hosting an event, it is often desirable to conduct an economic impact assessment in order to estimate the level of economic activity that could potentially be supported by the event. STEP St. John’s has experience utilizing the Sport Tourism Economic Analysis Model (STEAM) on a number of previous events and bid proposals and was integral in the development of its event hosting strategy.
There are two main challenges associated with performing an impact analysis. First, depending on the assumptions made during the preparation of these studies, the estimated impact can vary widely. Second, the costs associated with conducting an impact review can be prohibitive for small to medium sized hosting organizations.
Created and maintained by the Canadian Sport Tourism Alliance (CSTA) the objective of developing this tool was to create a model that is both easy to use and easy to access. STEAM meets the first criteria, ease of use, as the only information needed to generate results from the model are a basic knowledge of participant and spectator demographics, augmented with information contained in the event’s business plan. The second criterion, ease of access, has been met through the hosting of the model on the internet. STEAM is the world’s first web-based economic impact model specifically designed for sport events.
Through its partnership with Destination St. John’s, STEP St. John’s has the ability to conduct STEAM evaluations and will facilitate STEAM training sessions to sport organizations throughout the Province.
For more information on STEAM, please click here.