Younger Associates does Impact Analysis for Memphis in May
The Memphis in May International Festival, in addition to goals that include cultivating international relationships, had a major impact this year on the Memphis area economy - to the tune of $88 million.
That’s according to a report out today from the market research and economic development consulting firm Younger Associates. An economic impact study the firm prepared that focused on this year’s festival found a “significant and growing boost” to the local economy - indeed, that Memphis in May generated an economic impact of more than $88 million as a result of the festival events this year, as well as supporting 1,138 jobs.
The festival doesn’t get any direct funding from the city of Memphis or from any taxing authority. All of its funding comes via corporate sponsorship and donors as well as revenue generated by the various events, including admission and concession revenue.
At the same time, the Younger Associates report shows the festival has a major direct impact on the city’s coffers in a few different ways.
One is that the estimated impact of the 2016 festival on city of Memphis revenue was found to be more than $2.8 million, realized through local city and county taxes. And according to event survey and ticket data, more than 93,000 of the festival’s attendees over the course of the month came from more than 50 miles away from the Memphis area.
That, according to the report, helps the festival create a net positive impact on the local economy, since it’s not an all-local base of attendees and a “redistribution of existing money to different industries.”
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