Thursday, August 31, 2017

Memphis In May Brought $111.9M Impact This Year

Posted By on Thu, Aug 31, 2017 at 11:06 AM

click to enlarge MEMPHIS IN MAY
  • Memphis in May

Memphis in May (MIM) had a much bigger impact on the Memphis economy this year than it did last year and brought in more than 94,000 out-of-town visitors to 44 events during the month-long celebration.

The festival had an overall economic impact of more than $111.9 million this year, according to economic analysis from Younger Associates. That figure shattered last year’s $88 million impact by 22 percent. This year’s festival is expected to bring in $3 million to the city tax coffers.

“It is widely recognized that the Memphis in May International Festival plays an important part in the culture of our city, but this study is a reminder of the significant positive economic impact it has on the hospitality and tourism industries, and on the tax coffers of Memphis and the surrounding areas,” said Kristen Wright, 2018 Memphis in May board chair and senior vice president and general counsel of AutoZone.

Here’s a breakdown of the biggest events:

Beale Street Music Festival:
Attendance: 88,898
Visitors outside Shelby County: 55,917
Total visitor spending: $30.7 million
Economic impact: $55.7 million
Jobs supported: 533
Tax revenue: $1.7 million

World Championship Barbecue Cooking Contest:
Attendance: 63,721
Visitors outside Shelby County: 35,556
Total visitor spending: $20.77 million
Economic impact: $37.7 million
Jobs supported: 361
Tax revenue: $1.2 million

901 Fest:
Attendance: 7,333
Visitors outside Shelby County: 1,657
Total visitor spending: $95,062
Economic impact: $172,709
Jobs supported: 2
Tax revenues: $5,072

Great American River Run:
Attendance: 3,730
Visitors outside Shelby County: 1,278
Total visitor spending: $101,725
Economic impact: $184,814
Jobs supported: 2
Tax revenues: $5,610

The MIM organization spent a little more than $9.7 million to put on the month’s events. It brought in just under $10 million. All told, the organization made $278,655 form the event this year. That’s a great improvement over the $329,689 loss from the 2016 MIM festival.


Tags: , ,

Favorite

Comments

Subscribe to this thread:

Add a comment

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Most Commented On

ADVERTISEMENT
ADVERTISEMENT
© 1996-2017

Contemporary Media
460 Tennessee Street, 2nd Floor | Memphis, TN 38103
Visit our other sites: Memphis Magazine | Memphis Parent | Inside Memphis Business
Powered by Foundation