Economist Ray Perryman on Tuesday detailed results of an updated study conducted by The Perryman Group that announced the increased economic benefits of the Ellen Noël Art Museum’s current expansion project and its impact on Odessa and the surrounding area in West Texas.
Entitled “Enhancing the Arts and Opportunities in the Permian Basin,” this new study, conducted in May of 2024 reveals benefits to the area. Upon completion of the current expansion and renovation of the museum, notable investments will have been made during the construction stage of the project. In addition, ongoing benefits would be generated by the expanded operations at the museum as well as increased visits by both residents and out-of-area visitors.
The study estimates that the construction renovation stage would lead to an increase in business activity in the Odessa area of more than $17 million in output (gross product) and 163 job-years by project workers. “That’s an increase from $9.4 million in gross product, and 104 jobs since the original study was done in March of 2021,” Ray Perryman, president and CEO of the Perryman Group based in Waco, said in a news release.
“Ongoing annual benefits of the expansion from incremental operations and tourism include an estimated $17.6 million in gross product and 199 jobs when multiplier effects are considered,” Perryman added.
