Economic Impact of a Festival
I have been asked to do an economic impact estimate for a planned multi-day science festival. The festival is seeking a 3-year financial commitment from the state to support this festival and would like to demonstrate the potential positive economic impact to the state. Several local media and insititutions have committed to donate in-kind resources to the festival. Is it correct to assume that the value of these resources (advertising, volunteers, space, staff time etc.) cannot be included in the estimate of the potential impact of the festival?
Also, do you have any tips on how to make resonable estimates for a brand new type of event? I will recommend conducting surveys during year one to improve impact estimates for subsequent years.
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The question is: will the \"volunteer labor\" create ecnonomic activity? There will be office-like expenses, especially with regards to advertising. If the volunteers receive no salary or extra compensation then they can't spend it to create an induced effect. I would expect that most of the economic activity will occur as expenditures by out of town visitors and exhibitors, so the efforts should concentrate on their spending. Be sure to try Google for similar studies (and their expenditure patterns).0
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The question is: will the \"volunteer labor\" create ecnonomic activity? There will be office-like expenses, especially with regards to advertising. If the volunteers receive no salary or extra compensation then they can't spend it to create an induced effect. I would expect that most of the economic activity will occur as expenditures by out of town visitors and exhibitors, so the efforts should concentrate on their spending. Be sure to try Google for similar studies (and their expenditure patterns).0
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