A study from the Ottawa Festival Network shows the effect of festivals, fair trades, and other special events in the economy of Ottawa. The study focuses on the money infused into Ottawa’s economy coming from tourists’ spending which summed to over $122.5 million resulting in a $222.6 million of overall GDP.
The study by OFN is an initial step towards gaining concrete proof to provide a comprehensive outlook of the festival industry’s significance on Ottawa’s economy, employment, and community prosperity such as the following:
- A $222.6 million contribution from tourists’ spending generated from activities at only 37 of the yearly events that were held. The industry’s impact on the economy clearly has far-reaching community advantages with direct sales divided into lodging (27%), food and drinks (24%), retail sales (15%), transportation (14%), other recreational forms (10%), business operations (8%), and A/V (3%).
- Tourists attending yearly festivals, fairs, and special events have spent $122.5 million wherein $36.7 million was spent on lodging, $33.4 million was spent on food and beverage, $19.5 million spent on transportation, $18 million on retailers, and about $14.4 million on other forms of entertainment during their visit.
- The spending generated by tourists, sponsors, and organizers has helped support 68,798 jobs which then generated $63 million in personal income and over $33 million worth of taxes to three government levels.
The list of the festivals’ impact on Ottawa’s economy is long and is surely not limited to what is stated above. Through the region’s vibrant and spirited annual celebrations, Canada’s capital’s economy and community will definitely continue to flourish in the coming years.