Memphis in May (MIM) bought more than $88 million to the area’s economy this year, according to a new study.
More than 265,000 attended the month-long festival this year and they spent $38.3 million while they were there. Spending outside the festival gates (restaurants, parking, shopping, and more) was more than $72 million, according to MIM.
“Our mission directs that we foster economic growth for our city, so we are pleased to have once again produced such a major positive impact for the Memphis area,” said James L. Holt, president and CEO of MIM.
The economic impact of the 2016 festival was 15 percent higher than in 2011 when a similar study was conducted by the University of Memphis Sparks Bureau of Business and Economic Research, according to MIM.
The 2016 festival brought more than $2.8 million to city and county tax coffers. The MIM organization pays to rent Tom Lee Park form the city and pays for all utilities on the site during the festival.
While the festival does get support from city and county public safety organizations, it does not receive any direct funding from local taxpayers.