HOUSTON, Oct. 11 /PRNewswire-USNewswire/ -- The Houston Livestock Show and Rodeo released results of its economic impact study from data collected from the 2010 Show and prepared by Barton Smith, Ph.D., Professor of Economics, Emeritus, University of Houston.
"While the primary benefit of the Rodeo is the unparalleled entertainment opportunities it provides the region and the large distribution of charitable giving, the Rodeo also provides a bonus economic stimulus to the overall economy that is significant," said Smith. "This stimulus is almost certainly greater than any other sports or arts production in Houston and is comparable to the presence of a major economic base corporation with local employment in excess of 3,000 employees."
Results from this study show the following economic impact on the Houston region:
- Annual aggregate gross sales are increased by $475,403,000.
- Annual gross regional product is increased by $320,221,000.
- Annual personal incomes are raised by $290,710,000.
- 7,265 full-time equivalent jobs are created.
- The local population is increased by 16,316 people.
- Residential capital is changed by $361,877,000.
- Non-residential capital is changed by $420,125,000.
- The annual fiscal dividend (tax revenues) to local government is increased by $27,344,000.
Expanded over the life of the Show's current 30-year lease at Reliant Park, the increase in government revenue is estimated by the Show staff to exceed $820,000,000.
The above results were obtained by utilizing the REMI research model (Regional Economics Modeling Incorporated). The REMI model analyzed $143,760,712 in exogenous spending (from money external to the area) by spectators, contestants, exhibitors, contractors and sponsors at the 2010 Show.
"When you look at the results from this economic study, there are a lot of numbers, and sometimes that is hard to digest," said Leroy Shafer, chief operating officer of the Houston Livestock Show and Rodeo. "What it all boils down to is that there is no equivalent organization in the United States that is bringing this type of economic impact or that much entertainment to people and doing this much good."
The Houston Livestock Show and Rodeo is a Section 501(c)(3) charity that benefits youth, supports education, and facilitates better agricultural practices through exhibitions and presentation. Since its beginning in 1932, the Show has committed more than $265 million to the youth of Texas. The 2011 Show runs March 1-20. For more information, visit www.rodeohouston.com.
SOURCE Houston Livestock Show & Rodeo