GFDA Releases Recreation, Hospitality, and Entertainment Market Assessment: Market Opportunities and Regional Strategy
Tourism is an important primary sector industry in Montana. It brings new money into our communities, supports businesses that serve residents, and attracts workforce, entrepreneurs, and business investment to the state. The Great Falls trade area enjoys significant visitation which we believed could be grown.
Through a competitive process, GFDA retained Hunden Partners, a leading global advisor in destination real estate and specialty destination assets. We commissioned Hunden to complete an inventory analysis and market assessment of indoor and outdoor recreation and entertainment business expansion opportunities in the Great Falls trade area.
Recent tourism market analysis and strategic planning done by Great Falls Tourism, Central Montana Tourism, and the Montana Department of Commerce, and research by the Institute for Tourism and Recreation Research at the University of Montana, provided a foundation for beginning the analysis. Dozens of tourism operators in the region contributed their market knowledge and experience.
The market assessment identified three top investment opportunities for the region: destination and experiential hospitality, family-centric activities, and adventure-oriented tours/guide services. We will use the findings to help existing businesses and startup entrepreneurs, and to attract new businesses into the region. The report details tactics we can use to help accomplish this.
View or Download the Report from our Website
Growing our regional tourism industry is a key industry sector priority in our Regional Economic Development Strategy: “Expand and diversify tourism primary-sector industry and increase indoor and outdoor recreation and entertainment offerings to make region more competitive to attract and retain workforce talent.”
Visitors bring new dollars into our region and support many of the businesses and experiences that make our market more competitive for talent retention and attraction. These market findings show significant opportunities to increase visitation, as well as recreation and entertainment industries in the region.
Thank you to Great Falls Tourism, Central Montana Tourism and the dozens of businesses and partners throughout our region and beyond who helped with the study. Thank you to GFDA Investors and the U.S. Economic Development Administration for funding it!
Now, let’s put these findings to work!