ECONOMIC IMPACT OF EASTERN STATES EXPOSITION IS $479,000,000
Eastern States Exposition attracts more than 2.5 million people to its 120 year-round events including 1.4 million visitors to The Big E, the fifth largest fair in North America. Eastern States Exposition not only provides a one-of-a-kind entertainment experience for its visitors, it also promotes the agriculture and culture of New England and pumps almost a half billion dollars into the economy of the region.
In a study, conducted by Regional Economic Models, Inc., (REMI) of Amherst, Mass., the overall economic impact of ESE is $479,000,000 with a Gross Regional Product (analogous to the national Gross Domestic Product) of over $299 million annually.
The announcement was made at a press conference May 15 at Storrowton’s Carriage House, prior to the annual meeting of the Exposition’s 258 trustees.
Eastern States Exposition (ESE) President, Eugene J. Cassidy, said, “The mix of a variety of events year-round and the entertainment, agriculture, and culture of New England at The Big E, make our venue an attractive destination that, in turn, translates to important economic dollars for our region.”
The study focuses on Eastern States Exposition, its 120 year-round shows and events, Storrowton Village Museum programs and the September Big E.
Among the other findings in the report, the Exposition:
- Accounts for 3,000 jobs in Hampden County
- Generates $91.9 million in personal income
- Adds $1.4 million to the Massachusetts sales tax revenues
- Generates $427,000 in hotel tax revenue
- Generates $3 million in income tax revenue
- Represents $3.3 million in food and beverage tax revenue
- Represents 4.9% of all Hampden County performing arts and spectator sports spending
- Generates 11.5% of the annual sales in the accommodations & food services & drinking places sector.
More than 2,200 people choose to live in Hampden County because of the Exposition’s presence and the attractive employment opportunities. The REMI analysis includes the Exposition’s impact on the rest of New England and New York. Regional employment totaled 2,000 jobs generating $134 million in personal income. Another 1,400 people live in the rest of New England and New York for the same reason.
In 2013, the Exposition paid $1.3 million to the town of West Springfield, including $354,971 in real estate taxes and $200,431, or 1 percent of the Eastern States Exposition’s 2012 gross revenues to The Big E/West Springfield Trust Fund, established in 1994 to benefit the town’s education, youth and elderly programs as well as community projects. To date, contributions including the 2014 donation of $211,704, bring the fund total to $3,094,069.
The Exposition receives no state or federal tax revenue to support its operations.
REMI constructs models which reveal the economic effects that policy initiatives or external events may cause in the local economy. REMI’s models have been used throughout the United States by state governments, planning agencies, universities, utilities and private consulting firms. The company’s client list includes the AARP, Los Angeles World Airports, New York City Economic Development Corporation, Massachusetts Institute of Technology, boston Redevelopment Authority and the University of Connecticut. For more information, visit www.remi.com.
The Big E takes place Sept. 12-28 and features top name entertainment, international exhibits, agricultural contests and exciting daily events, including Mardi Gras Parades. For more information, visit www.TheBigE.com.