2008 Festival of Discovery Economic Impact Released
August 20, 2008
Greenwood, SC - Barbeque and blues music continue to be a successful combination for Greenwood and there are numbers to verify that statement.
The 2008 South Carolina Festival of Discovery Economic Impact Report was presented today to the Uptown Greenwood Development Corporation Board (UGDC).
| The report shows a 90% increase in the overall revenue generated directly/indirectly as a result of the Festival. It is estimated the Festival impacted the local and regional economy by over $600,000, up from over $315,000 in 2007. But the trickledown effect from the Festival makes the impact even greater. Every industry from retail to hospitality prospers because events like the festival bring out of town guests to spend money in Greenwood. |
|
“We are thrilled with the positive results,” said UGDC Manager Angie Jones. “I want to personally thank the many sponsors and volunteers who have invested in this growing Greenwood tradition.”
The impact statement also showed that 7 of Greenwood’s hotels reported 390 room nights booked in Greenwood County as a result of the Festival, up from 289 in 2007.
The energy from the 2008 Festival was summed up by an unnamed attendee - “This is the best festival yet! Standing room only at the Blues Cruise venues and huge lines at the BBQ vendors. I only have great things to say when I see that many people enjoying themselves in Greenwood.”
A breakdown of the total revenue cited in the study is:
| Revenue Source |
Revenue |
| Projection of Visitor Expenditures |
$464,450.00 |
| Sales Tax Generated |
$32,511.50 |
| Expenditures from Festival Budget |
$27,557.00 |
| Festival Revenue Generated |
$20,493.00 |
| Additional Restaurant Revenue Generated |
$20,500.00 |
| Sales Tax Generated From Restaurants |
$1,435.00 |
| Hotel Room Revenue Generated |
$31,422.30 |
| Sales Tax From Hotel Rooms |
$2,199.56 |
| State Accommodations Tax Generated |
$628.45 |
| Local Accommodations Tax Generated |
$942.67 |
| TOTAL |
$602,139.48 |
The report also noted that Festival attendees and participants traveled to Greenwood from 157 different zip codes and 11 different states including California and Michigan.
The 2009 South Carolina Festival of Discovery is scheduled for July 9– 11. For additional information on the Festival, visit www.festivalofdiscovery.com or call Uptown Greenwood (864) 942-8448.
|