Lismore City
Event impact calculator
Events are very important contributors to local and regional economies. A successful well run event can provide significant value to an area by adding jobs and money to the local economy and providing additional cultural and social benefits. Alternatively, the wrong event may have considerable negative impacts such as a loss of money or reputation.
The event impact calculator has been developed to enable the Lismore City to calculate the potential economic impact of a proposed event. This can be used in conjunction with other methods to help the Lismore City select the most appropriate events to support. This calculator alone cannot predict which events will be successful, however it can indicate the potential economic impact a successful event may have across a range of economic measures such as output, employment, wages and salaries and local jobs.
This tool uses input/output estimates to calculate the impact of an event based on the average spend per day by visitors to the event. Simply enter the type of event, the significance of the event, the duration of the event and the average spend per day to calculate the potential economic impact.
As events can also contribute to an area in other ways, such as socially, culturally and environmentally, it is important that other tools or methods are also use to evaluate the potential or benefit of an event.
The proposed event is planned to run for 1 day. It is an event of significance and is estimated to attract 1 visitor during the day, with an average spend per person per day of --. This equals a total visitor spend of -- attributed to this event. Assuming the event will be held in the Lismore City, it is calculated to have the following potential impact:
| Event Impact Summary | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Lismore City - Modelling the effect of -- from an Arts and Heritage event with Local significance | |||||||||
| Output ($) | Value-added ($) | Local Jobs (annual jobs) | |||||||
| Direct impact | 5 | 2 | 0.0 | ||||||
| Industrial impact | 2 | 1 | 0.0 | ||||||
| Consumption impact | 1 | 1 | 0.0 | ||||||
| Total impact on Lismore City economy | 8 | 4 | 0 | ||||||
Source: National Institute of Economic and Industry Research (NIEIR) ©2024. Compiled and presented in economy.id by .id (informed decisions). | |||||||||
Impact on Output
The total visitor spend of 0 attributed to staging the event would lead to a direct impact on output of $5. This additional direct output from the economy would also lead to an increase in indirect demand for intermediate goods and services across related industry sectors. These indirect industrial impacts (Type 1) are estimated to be an additional $2 in Output.
There would be an additional contribution to the Lismore City economy through consumption effects as correspondingly more wages and salaries are spent in the local economy. It is estimated that this would result in a further increase in Output of $1.09.
The combination of all direct, industrial and consumption effects would result in total estimated rise in Output of $8 in the Lismore City economy.
Impact on value added and GRP
The impact of an additional of 0 spend to the local economy as a result of running the event in the Lismore City would lead to a corresponding direct increase in value-added of $2. A further $1 in value-added would be generated from related intermediate industries.
There would be an additional contribution to the Lismore City economy through consumption effects as correspondingly more wages and salaries are spent in the local economy. It is estimated that this would result in a further increase in value-added of $0.53.
The combination of all direct, industrial and consumption effects would result in an estimated addition in value-added of $4 in the Lismore City economy.
Value added by industry represents the industry component of Gross Regional Product (GRP). The impact on the Lismore City’s GRP as a result of staging this event is directly equivalent to the change in value-added outlined above.
In summary, GRP in the Lismore City is estimated to increase by $4.
Impact on Employment (local jobs, 12mth equivalent)
The employment impact of an event is expressed in local jobs. For example, an event that generates 4 weeks of work for 13 people (52 weeks of work in total), would have an employment impact equivalent to 1.0 annual local job.
The direct deduction of 0 spend to the local economy as a result of staging the event in the Lismore City is estimated to lead to a corresponding direct increase of employment equivalent to 0.0 annual local jobs across a range of industries. From this direct expansion in the economy it is anticipated that there would be flow-on effects into other related intermediate industries, creating an additional employment equivalent to 0.0 annual local jobs.
This addition of employment in the local economy would lead to a corresponding increase in wages and salaries, a proportion of which would be spent on local goods and services, creating a further increase equivalent to 0.0 annual local jobs through consumption impacts.
The combination of all direct, industrial and consumption effects would result in a total estimated increase of employment equivalent to 0.0 annual local jobs located in the Lismore City.