Photo: Kat Rowland (Flickr)
A new study released Wednesday says the Indiana State Fair generated $124 million dollars in economic impact for the state in 2011. The study, conducted by the Indiana University Kelley School of Business, says the State Fairgrounds were responsible for roughly $8 million in state and local tax revenue last year.
IU Professor Bruce Jaffee says an injection of $124 million of direct spending can have a ripple effect of twice that amount.
“None of use can really get our hands around $124 million means,” he says. “There really is nothing in the state that compares to the Fairgrounds. It’s really a unique facility.”
The Pepsi Coliseum alone generated about $89.3 million in direct spending. Direct spending means money from actual people who visited fairground events and spent money and indirect spending comes from money spent at nearby venues like restaurants.
Jaffee adds that in terms of the revenue it generates, the State Fairgrounds represent a firm that employs upwards of 600 employees.