Hatteras Island’s Economic Impact on Dare County

News Summary

Hatteras Island is a vital economic contributor to Dare County, showcasing its significance through an economic impact study highlighting real estate, tourism, and fishing sectors. The island generates substantial revenue and tax contributions, playing an essential role in the local economy despite challenges like the pandemic. With over $1.4 billion in visitor spending and numerous businesses aiding economic growth, the island’s status as an economic powerhouse is clear.

Hatteras Island’s Economic Powerhouse: A Deep Dive into Its Impact on Dare County

Welcome to Hatteras Island, a stunningly beautiful part of Dare County that’s not just known for its hops and skips to the beach, but also for its amazing economic contributions. In a remarkable report commissioned by the Dare County Board of Commissioners in September 2021, an economic impact study has shown just how important this little slice of paradise is to the local economy.

The Study Behind the Success

Tasked with unraveling this intricate data was E. Brent Lane, an economic strategist with a wealth of experience, who had previously crafted reports for the Outer Banks Visitors Bureau and the Dare County Regional Airport. For this particular study, Lane received a fee of $27,500, and he wrapped up his findings by February 2022. The results? Hatteras Island plays a disproportionately large role in the overall economic fabric of Dare County.

Dissecting the Economic Sectors

The study focused on four primary sectors: real estate, tourism, recreational fishing, and commercial fishing. Let’s break this down.

Real Estate: A Solid Foundation

Hatteras Island boasts a whopping 8,572 parcels of real estate, valued at $2.657 billion. That’s a hefty 17% of Dare County’s total assessed value of $16.915 billion. The numbers tell a compelling story, generating approximately $10.6 million in property tax revenue in 2020 alone. In a world where every penny counts, these figures showcase just how vital property ownership is to the local economy.

Tourism: The Heartbeat of Hatteras Island

Now let’s chat about tourism, which is undeniably the lifeblood of Hatteras Island. In 2021, occupancy tax receipts from the island hit about $189.4 million, making up 24.6% of the total for Dare County. Even during the pandemic, when North Carolina saw a staggering 32% decline in tourism spending, the island only reported a modest 2.2% drop. With $1.41 billion in visitor spending, Hatteras Island really stood tall.

With 136 tourism-related businesses contributing to a total revenue of $104.57 million, the economic impact showcases Hatteras Island as an active player. It generates a fantastic $324 million in economic output while providing employment to 2,715 individuals. Furthermore, this sector pumps over $28 million in state and local taxes into the community!

Recreational Fishing: Catching Opportunities

For those who love a good day on the water, the recreational fishing sector is also a vital part of Hatteras Island’s economic success. This sector alone generates an impressive $35.7 million in economic output, employs 443 workers, and brings in about $2.2 million in taxes. Those who enjoy reeling in the big ones are also helping keep the local economy flourishing.

Commercial Fishing: A Sea of Worth

Shifting our focus to commercial fishing highlights its financial relevance too. Hatteras Island seafood landings were valued at $3.58 million in 2020. With an economic footprint of $6.3 million and creating 83 jobs, this sector is no small fish in the pond! It also contributes $379,000 in taxes.

All Together Now

Combining the impacts from recreational and commercial fishing at Hatteras Inlet reveals a substantial economic output of $42 million, supporting 526 jobs and generating an impressive $37.5 million in income.

Concluding Thoughts

The economic impact study underscores that Hatteras Island is an essential cornerstone of Dare County’s economy. For residents and visitors alike, understanding this significance enhances appreciation for this coastal gem. You can check out the full report on the Dare County website; it might just surprise you how much value this lovely island adds to the community!