CHATTANOOGA, Tenn. (Sept. 27, 2019) – The Chattanooga Convention and Visitors Bureau implemented a new measurement tool called the Event Impact Calculator on July 1, 2019. The EIC is the industry standard method of calculating the economic value of conventions, sports and events and their return on a community’s investment.
The tool was developed by Tourism Economics, an Oxford Economics Company, and is used by more than 250 convention and visitors bureaus and tourism agencies around the world who have analyzed more than 300,000 events. Oxford Economics is a leader in global forecasting and quantitative analysis and works with more than 1,500 clients including international corporations, financial institutions, government organizations and universities.
“Tourism is a significant contributor to our local economy. The CVB must be able to accurately measure and communicate the value and economic impact of events. This powerful tool provides us with a comprehensive and localized event analysis. With this state-of-the-art tool, we are one step closer to becoming the most competitive and innovative destination organization in the nation,” said Barry White, president and chief executive officer of the Chattanooga CVB.
The EIC models quantify the direct, indirect and induced impacts in terms of business sales, personal income, jobs and taxes. Direct impact includes visitor spending on food and beverage, retail, recreation, lodging and more. Indirect and induced impacts include local industries buying goods and services from other local businesses.
Due to this new methodology, economic impact estimates as of July 1, 2019 cannot be compared to previous estimates for the same events in prior years. Year over year comparisons will not be available until the new methodology has been in use for 1 full year.
For more information on upcoming meetings, sports and events in Hamilton County, visit Chattanooga Event Alerts.
ABOUT THE CHATTANOOGA CONVENTION AND VISITORS BUREAU
The Chattanooga Convention and Visitors Bureau promotes and develops visitor experiences for our community’s economic and social prosperity. chattanoogafun.com