March 18, 2010 (Cleveland, OH) – A recent study conducted by TeamNEO shows that the 2009 IngenuityFest was more than a fun summer diversion; it was an economic engine for the Northeast Ohio region. According to the study, the three-day celebration of art, music, and technology brought in an estimated $1.3 million to Cuyahoga County from out-of-region visitors and $2.7 million to the City of Cleveland from non-Cleveland visitors. The study also shows a transaction total of $4.5 million indicating total money spent because of the festival from both inside and outside the area. The total budget for 2009’s festival was approximately $600,000.
“Every year our goal is to put on a world-class event for the area’s residents, but the TeamNEO study shows that our efforts have been an economic plus for the city and region as well,” says Paula Grooms, Ingenuity’s Executive Director. “From the perspective of our supporters and sponsors, the report definitely shows that their money has been a good investment not only in arts & culture, but in the area’s overall economy. As Ingenuity expands its role as a year round organization we are looking forward to further increasing the positive impact we have on the city and region.”
To produce the report, TeamNEO used a model developed by Regional Economic Models, Inc. (REMI), Policy Insight, to estimate economic impacts. The NEO REMI model is custom designed and tailored to the region based on NEO specifications. The REMI model is the preeminent model of its type used widely across North America and Europe. The model takes into account a range of factors such as job creation, taxes, transportation, and lodging, as well as both consumer and business-to-business sales.
“This study shows that Ingenuity had a return on investment for the city and the region,” said Jim Robey, Vice President at TeamNEO. “This type of report can be a useful tool in helping government, business, and cultural leaders determine paths for funding in the future.”
IngenuityFest is entering its 6th season and has been funded in the past by The Gund Foundation, Cuyahoga Arts and Culture, The Cleveland Foundation, and the Ohio Arts Council as well as other businesses, non-profits, and private individuals. The three-day festival this year will be held on the subway level of the Veterans Memorial / Detroit Superior Bridge September 24 -26, 2010. For more information please visit www.ingenuitycleveland.com.
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