This year’s Moogfest generated $14 million for Buncombe County, according to an analysis by the Economic Development Coalition for Asheville-Buncombe County and the Asheville Area Chamber of Commerce. The five-day April event injected $696,000 back into the local and state tax base, with the report concluding that Moogfest provided a return that more doubled the $180,000 in local government incentives provided by Asheville and Buncombe County.
The festival aimed to celebrate the synthesis of technology, art and music as well as spark economic development. Mostly funded with private capital, it cost about $2.74 million to produce and lost roughly $1.5 million.
“This report is a concrete measurement that Moogfest had a strong return on investment for Buncombe County in the short term,” says Moog Music Inc.’s CEO Mike Adams in a press release. “Looking at the big picture, it’s been proven that dynamic cultural events help to attract talent to an area, and talent draws new business. If community leaders embrace events like Moogfest, they could play an integral role in energizing our economy in the long term.”
The Economic Impact Study found:
• $4.7 million additional labor income was generated for residents in Buncombe County.
• State and local tax revenues increased by approximately $696,000.
• Federal tax revenues increased by approximately $996,000.
• 147 jobs in Buncombe County were supported, and for every job supported directly, another 1.1 jobs were supported indirectly.
• Out-of-town visitors stayed an average of 4.6 days and spent an average of $910 per person over the course of their stay.
• Total economic output, which includes labor income and tax revenues, increased by approximately $14 million.
The Economic Impact Study also found that hotels were one of the local industries most positively affected, with a sales increase of $1.7 million generated from outside visitors attending Moogfest. To explore this further, the Economic Development Coalition for Asheville-Buncombe County and the Asheville Area Chamber of Commerce produced a year-over-year analysis of Buncombe County hotels that found that throughout the four nights of Moogfest.
• The average daily rate increased by 13 percent.
• Revenue per room increased by 25 percent.
• Occupancy increased by 10 percent.
The traditional and social media garnered by Moogfest made it one of the “Top 25 Buzzed about Festivals in 2014,” according to a recent report by Eventbrite. The event generated 1.3 billion impressions and positive references to Asheville appeared in dozens of international news and culture publications, including the New York Times, Time magazine, The Huffington Post, BBC, Newsweek, People magazine and many others.
In July, Moogfest organizers announced that it would become a biennial event, skipping 2015 and returning to Asheville in 2016.
Update: The above information was based on a press release from Moogfest organizers. Read a complete copy of the Economic Impact Study here: