The “green” economy: Holyoke’s St. Patty’s Parade generates over $20 million
An economic contribution analysis completed by the UMass Donahue Institute found that Holyoke’s annual St. Patrick’s Day parade generates a total contribution of $20,507,149 in local economic activity. Attracting over 400,000 spectators, the parade brings $12 million into the region through lodging, food, recreation, groceries, gifts and souvenirs, and additional shopping. Along with the costs associated with producing, promoting and staffing the parade, both the direct and indirect spending help bolster businesses and households in Hampden and Hampshire Counties.
UMDI researchers based their analysis on data received from the parade committees and comparative data from two similar events, the American Folk Festive in Bangor, Maine and the Irish Fair of Minnesota. Using the IMPLAN modeling system, a widely used proprietary software that combines U.S. Bureau of Economic Analysis data with regional employment and wage data, they were able to estimate spending patterns, trade flows, and taxes.
Related Documents:
Holyoke St. Patrick's Day Report (PDF 1.5 MB)
March 14, 2012
