Special Events Energize Local Economy
by Aaron London
For some residents , special events like Daytona 500 , Bike Week or any of the many art and cultural festivals are a time of increased traffic and inconvenience , for others they are a chance to enjoy the area ’ s many wonders . But for everyone , those events bring an influx of visitor spending and add to the overall economic well-being of the region .
According to a report from Mid-Florida Marketing & Research commissioned by the Halifax Area Advertising Authority , special events have a very special economic impact on the Greater Daytona region .
The report focused on four major special events in 2017 : Speedweeks , Bike Week , the July 4 Weekend and Biketoberfest . The report found the base economic impact of the four events comes to just under $ 238 million , with nearly half coming from Speedweeks alone with $ 102 million .
Bike Week adds another $ 99 million to the total , with July 4 Weekend chipping in $ 22 million and Biketoberfest contributing $ 16 million . The information was compiled through interviews conducted with visitors to the area for each of the events who stayed overnight in a hotel or motel . Visitors were asked about previous visits to the area as well as what they spent for their visits .
The significance of these four events in particular , as well as other special events throughout the year , is no surprise to Lori Campbell- Baker , executive director of the Daytona Beach Area Convention and Visitors Bureau .
“ We sometimes like to think of ourselves as the Event Capital of Florida , with dozens of annual events and festivals that create the unique tapestry of our tourism product ,” she said . “ A great number of visitors initially come to the Daytona Beach for events , then they return time and time again for vacations . And they sometimes even relocate their families and / or their businesses to the destination .”
Campbell-Baker said in addition to the impact of direct spending and sales tax revenue they bring , special events – from major international affairs like the Daytona 500 to neighborhood art shows and food truck rallies – also “ shine a positive spotlight ” on the area .
“ They help to keep our local residents employed and our local businesses thriving , and they even help to even out some of the seasonality of tourism ’ s visitation patterns ,” she said .
Lori Campbell- Baker
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