Fall Tour: A Vital Economic Asset(Presented by: Schulz, B., Yandell, K., Springer, M., Walen, D., James, K., Walker, J., and Smith, J.)
Graduate students from Northwestern State University completed an economic impact study for the APHN Fall Tour of Homes. The purpose of the Economic Impact Study is to assess the financial impact of the tour and project the amount of ‘new money’ created in the community of Natchitoches, Louisiana. If there are a large number of attendees who travel more than 30 miles to partake in the 58th Annual Fall Pilgrimage Tour of homes, then a positive economic impact will be estimated for the city and surrounding communities. The 2012 Fall Tour brought an estimated $509,000 in economic impact to the community.
93 surveys were collected at random. Questions included the participant identifying where they live, how many are traveling in their group, how long they were staying in town, and estimated spending on food, drinks, souvenirs, lodging, and gas.
Using the average ticket price of $37.66; approximately 536 tickets were purchased for the Tour of Homes.
“New Money” is defined as money introduced into the community that would not be available to the area (over 30 miles). $27,278 of new money was spent (ticket sale not included). In other words, each visitor who came to Natchitoches only for Tour of Homes spent $357.82. The total money (people coming just for Fall Tour and people who would be in Natchitoches anyway) was $27,820.
The impact multiplier for Natchitoches is 2.8 which makes the economic impact of Fall Tour of Homes approximately $509,037.73.
This study has several limitations including the fact that ticket sales are roughly estimated and the data from participants is self-reported. But these numbers are shocking. Fall Tour has an enormous impact on the local economy with 57% spent on food and lodging; hotels, B&Bs, and restaurants benefit most from the event.
What we discovered during this project is that primarily “new money” is generated. This is money that would not have been spent in Natchitoches without Fall Tour of Homes. We have a “tangible opportunity to increase the local economy,” and APHN is proud to have such an impact on the vitality of the community.
(Originally posted by Adam Foreman)