Study: Riverbend Festival pumps $29 million into economy
A new report shows the annual Riverbend Festival at Ross's Landing draws about 350,000 people who pump more than $29 million into the Chattanooga-area economy.
CHATTANOOGA, Tenn. (AP) - A new report shows the annual Riverbend Festival at Ross's Landing draws about 350,000 people who pump more than $29 million into the Chattanooga-area economy.
The Chattanooga Times Free Press (http://bit.ly/2ozTSit ) reports the study was done by Mark Burton, a research associate professor of economics in the Haslam College of Business at the University of Tennessee at Knoxville. It analyzed data gathered by Friends of the Festival, which organizes the nine-day event.
The study found lower attendance than the 550,000 estimated in a report by the International Festivals and Events Association, but the economic impact is about $1 million higher than that report estimated. Both looked at the 2016 festival.
To find the economic impact, Burton used data gathered from surveying more than 1,000 attendees to track their expenditures.
Information from: Chattanooga Times Free Press, http://www.timesfreepress.com
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