MANCHESTER, TN (WRCB) - The multi-day music and arts festival Bonnaroo has released the results of a recently completed economic impact study that shows $51.1 million dollars of economic impact to the surrounding area.

The visitors and the festival itself put more than $50 million into the local Manchester and Tennessee economies last year.

The study, performed by Greyhill Advisors, reports the festival generated $36 million in direct expenditures and an additional $15 million in indirect and induced economic activity. The estimated economic impact on Coffee County, which becomes the 7th largest city in the state during the festival, was more than $37 million in 2012.

Bonnaroo organizers and attendees contributed more than $580,000 to Coffee County tax coffers in 2012. Of this total, nearly $314,000 was generated by taxes on sales, motor fuel and hotel occupancy.

The festival also generated $2.9 million in taxes that benefited Tennessee. More than $2 million of the total was generated by sales tax on Bonnaroo tickets. An additional $900,000 was generated by the activity of Bonnaroo attendees during their time in Coffee County and their travels to and from the festival.

The festival has a well-earned reputation as a youth-oriented event, members of the largest demographic segment are well beyond their college years: 40% are between the ages of 25-34 with 31 percent between 21 and 24. An additional 8 percent are over the age of 35, and nearly one in four attendees earns in excess of $75K per year.

Bonnaroo attracts attendees from 50 states and international visitors. Approximately 25% of attendees are from Tennessee, New York and Florida closely followed by Georgia, Illinois, Ohio, Pennsylvania and Virginia. Canada is the largest origin of international visitors, but attendees also come from Asia, South America, Europe and Australia.