Indianapolis, In. — The Indiana State Fairgrounds & Event Center announces that the renovation of the Indiana Farmers Coliseum, along with the continued success of the Indiana State Fair and other events held at the Fairgrounds, generated a direct economic impact of more than $197.4 million on the local economy in 2017, according to an Economic Impact Study conducted by the Kelley School of Business, Indiana University. This impact figure is an increase of 22% over a 2011 study in which an impact of $161 million was reported. This is the fourth study conducted by the group since 2001.
The study concluded that visitors to Indianapolis accounted for $152 million of direct impact, with those attending the Indiana State Fair accounting for 21%, or $31.4 million, of the total. The remaining $42 million in direct impact is attributed to Indianapolis residents attending events at the Fairgrounds. The significant increase over 2011 was due mostly to the renovation of the Indiana Farmers Coliseum, along with changes to the event calendar and inflation.
This study also reported that the spending by visitors and the Fairgrounds accounted for approximately 1,088 jobs in the Indianapolis economy and generated $12.4 million in state and local tax revenue. The report states that, like a manufacturing plant, the Fairgrounds generates an economic impact year-after-year that leads to the development of jobs, ancillary services and businesses that rely on the Fairgrounds.
“We’re thrilled with the continued success of the Indiana State Fairgrounds & Event Center and proud to be playing such an active role in helping to make Indianapolis a vibrant, prosperous community,” said Executive Director Cindy Hoye. “Visitors turn out in enthusiastic numbers for our events, and the renovation of our historic Coliseum has proved to pay dividends to our organization, our state, and the local economy.”