Connect with us

Economy

This Map Shows Which States Will Benefit From Solar Eclipse Tourism

Published

on

This Map Shows Which States Will Benefit From Solar Eclipse Tourism

eclipse visitors

This Map Shows Which States Will Benefit From Solar Eclipse Tourism

On August 21st, millions of Americans will migrate to towns along the path of the upcoming solar eclipse. The Great American Eclipse will stretch over 12 states, and it’s already being called the greatest temporary mass migration to see a natural event in U.S. history.

The last total eclipse occurred in the United States in 1979, and businesses are cashing in on the pent-up enthusiasm for this extremely rare celestial event.

Here are some high payoffs that “eclipse boom towns” are hoping for:

City / TownStatePopulationProjected VisitorsEst. Economic Impact
MadrasOR6,200100,000+$9 million
CarbondaleIL26,00055,000+$7 million
NashvilleTN684,41050,000+$15 million
HopkinsvilleKY32,000100,000+$30 million

Many of the towns in the path of totality have been aggressively marketing themselves to potential onlookers. One town, Hopkinsville, KY, has branded itself as “Eclipseville” leading up to the occasion. It’s likely to payoff, since it’s been reported that visitors from 19 countries and 46 states are descending upon the small town for the perfect glimpse of the phenomenon.

As another example, the sleepy agricultural town of Madras, OR, has an entire festival devoted to the solar eclipse. Appropriately named Oregon Solarfest and running from August 17-22, the festival takes advantage of the town’s perfect location in the high desert of Central Oregon and typical clear skies. Although it’s hard to really determine how many people are coming for the solar eclipse – Madras anticipates over 100,000 visitors, and millions of dollars pouring into the town’s economy.

Astronomical Prices

Accommodation and short-term rentals are skyrocketing thanks to the eclipse craze. Hotels along the route have been 95% booked since 2013, so remaining rooms are going at a premium. Here are a couple examples:

Airbnb reports that over 40,000 guests have been booked along the path of totality so far, with Nashville and towns in South Carolina making up nearly half of that activity.

Total Eclipse of the Grid

The other big impact the eclipse will have is on the U.S. power grid – particularly in states that have a higher reliance on solar energy.

Out of 1,900 power plants, only 17 of them are in the path of totality (mostly in eastern Oregon), but hundreds of others will be at least 90% obscured (mostly around North Carolina and Georgia).

Solar Power Grid Eclipse

More than 100 million solar panels are expected to be affected, dropping output by 20% — equivalent to all the energy the city of San Francisco uses in a week.

At first glance, the eclipse might seem like a major headache for utilities, power generators, and grid operators. However, David Shepheard, a managing director at Accenture, sees it instead as a rare opportunity for a “forecastable dress rehearsal” for dealing with major grid interruptions. Some companies are even using the brief interruption to measure exactly how much rooftop solar power is actually connected to their grids.

Party like it’s 2024

If you aren’t able to watch the upcoming eclipse, don’t worry. The next total solar eclipse in the United States will take place in 2024. (You may want to book your room now though!)

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Comments

Chart of the Week

The Economies Adding the Most to Global Growth in 2019

Global economics is effectively a numbers game – here are the countries and regions projected to contribute the most to global growth in 2019.

Published

on

The Economies Adding the Most to Global Growth in 2019

Global economics is effectively a numbers game.

As long as the data adds up to economic expansion on a worldwide level, it’s easy to keep the status quo rolling. Companies can shift resources to the growing segments, and investors can put capital where it can go to work.

At the end of the day, growth cures everything – it’s only when it dries up that things get hairy.

Breaking Down Global Growth in 2019

Today’s chart uses data from Standard Chartered and the IMF to break down where economic growth is happening in 2019 using purchasing power parity (PPP) terms. Further, it also compares the share of the global GDP pie taken by key countries and regions over time.

Let’s start by looking at where global growth is forecasted to occur in 2019:

Country or RegionShare of Global GDP Growth (PPP) in 2019F
China33%
Other Asia (Excl. China/Japan)29%
United States11%
Middle East & North Africa4%
Euro Area4%
Latin America & Caribbean3%
Other Europe3%
Sub-Saharan Africa2%
Japan1%
United Kingdom1%
Canada1%
Rest of World8%

The data here mimics some of the previous estimates we’ve seen from Standard Chartered, such as this chart which projects the largest economies in 2030.

Asia as a whole will account for 63% of all global GDP growth (PPP) this year, with the lion’s share going to China. Countries like India and Indonesia will contribute to the “Other Asia” share, and Japan will only contribute 1% to the global growth total.

In terms of developed economies, the U.S. will lead the pack (11%) in contributing to global growth. Europe will add 8% between its various sub-regions, and Canada will add 1%.

Share of Global Economy Over Time

Based on the above projections, we were interested in taking a look at how each region or country’s share of global GDP (PPP) has changed over recent decades.

This time, we used IMF projections from its data mapper tool to loosely approximate the regions above, though there are some minor differences in how the data is organized.

Country or RegionShare of GDP (PPP, 1980)Share of GDP (PPP, 2019F)Change
Developing Asia8.9%34.1%+25.2 pp
European Union29.9%16.0%-13.9 pp
United States21.6%15.0%-6.6 pp
Latin America & Caribbean12.2%7.4%-4.8 pp
Middle East & North Africa8.6%6.5%-2.1 pp
Sub-Saharan Africa2.4%3.0%+0.6 pp

In the past 40 years or so, Developing Asia has increased its share of the global economy (in PPP terms) from 8.9% to an estimated 34.1% today. This dominant region includes China, India, and other fast-growing economies.

The European Union and the United States combined for 51.5% of global productivity in 1980, but they now account for 31% of the total economic mix. Similarly, the Latin America and MENA regions are seeing similar decreases in their share of the economic pie.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Economy

Which Countries Are Set to Attract the Highest Skilled Workers from Abroad?

The world’s most innovative companies want to get the best talent at any cost. See whether their home countries are helping or hurting their odds.

Published

on

For the world’s most innovative companies, the stated goal of attracting top talent is not simply an HR mantra – it’s a matter of survival.

Whether we’re talking about a giant like Google that is constantly searching to add world-class engineers or we’re talking about a startup that needs a visionary to shape products of the future, innovative companies require access to high-skilled workers to stay ahead of their competition.

The Global Search for Talent

There’s no doubt that top companies will go out of their way to bring in highly-skilled workers, even if they must look internationally to find the best of the best.

However, part of this recruitment process is not necessarily under their control. The reality is that countries themselves have different policies that affect how easy it is to attract people, educate and develop them, and retain the best workers – and these factors can either empower or undermine talent recruitment efforts.

Today’s infographic comes from KDM Engineering, and it breaks down the top 25 countries in attracting high-skilled workers.

Which Countries Are Set to Attract the Highest Skilled Workers from Abroad?

If attracting the best people isn’t hard enough, there is another factor that can complicate things: the best people are sometimes not found locally or even nationally.

For top companies, recruitment is a global game – and it’s partially driven by the policies of governments as well as the quality of life within their countries’ borders.

Top Countries for Attracting High-Skilled Workers

Using data from the United Nations and the Global Talent Competitive Index, here are the top 10 countries that are the best at attracting and retaining highly-skilled workers.

They are ordered by overall rank, but their sub-category ranks are also displayed:

Overall RankCountryEnableAttractGrowRetainMigrants
#1🇨🇭 Switzerland#2#5#5#12,438,702
#2🇸🇬 Singapore#1#1#13#72,543,638
#3🇬🇧 United Kingdom#8#11#7#58,543,120
#4🇺🇸 United States#11#16#2#846,627,102
#5🇸🇪 Sweden#9#13#8#41,639,771
#6🇦🇺 Australia#17#6#9#146,763,663
#7🇱🇺 Luxembourg#21#2#17#3249,325
#8🇩🇰 Denmark#3#15#3#15572,520
#9🇫🇮 Finland#6#21#4#9315,881
#10🇳🇴 Norway#13#14#10#2741,813

The subcategory ranks are defined as follows:

  • Enable: Status of regulatory and market landscapes in country
  • Attract: Ability to attract companies and people with needed competencies
  • Grow: Ability to offer high-quality education, apprenticeships, and training
  • Retain: Indicates quality of life in country

According to the data, Switzerland (#1) and Singapore (#2) are the two best countries for attaining and keeping high-skilled workers.

While the regulatory environments in both of these countries are well-known by reputation, perhaps what’s more surprising is that Singapore scores the #1 rank in the “Attract” subcategory, while Switzerland is the #1 country for retaining talent based on quality of life.

Another data point that stands out?

The United States has a higher total migrant population (46.6 million) than all of the countries on the top 10 list combined. Not surprisingly, the massive U.S. economy also has a high ranking in the “Grow” category, which represents available opportunities to bring high-skilled workers to the next level through education and training.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Standard Lithium Company Spotlight

Subscribe

Join the 100,000+ subscribers who receive our daily email

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Popular