The National Association of Sports Commissions (NASC) today announced that it is launching an improved Economic Impact Calculator to guide its membership in measuring the $8.3 billion U.S. sports events industry.
The Economic Impact Calculator model and Event Spending data are based upon studies completed by Sportsimpacts at over 50 events within the last decade spanning various market sizes and event types, and a 2011-2012 Consumer Spending study conducted by the University of Arizona Sports Management program that analyzed daily visitor spending trends at 30 events spanning various market sizes and event types.
Dr. Pat Rishe, Executive Director of Sportsimpacts, a national sports consulting firm, originally developed the calculator in 2007, which offers a consistent approach to calculate and report economic impact results. When used properly, the calculator allows NASC members to approximate the total direct spending stemming from all non-local sources, and report upon such findings in an accurate manner.
“Our goal with the Economic Impact Calculator is to simplify the process of estimating the economic value of an event and its return on investment,” said Don Schumacher, Executive Director of NASC. “The improvements made to the calculator are based on extensive research to offer accurate results and ease of use. It is a valuable tool that is available for free to all NASC members.”
One new feature of the calculator is a Spectator Survey that allows members to gather data required for inputs. This survey will give insight to visitor spending behavior, which will enable members to itemize and localize spending estimates for greater authenticity.
The updated calculator also offers two options for approaches to determine a final impact number. The itemized approach ensures greater accuracy for spending estimates based on research gathered through the Spectator Survey. The aggregate approach provides a more general overview of the flow of visitor spending.
In addition, three sets of calculations are put forward permitting members to choose any or all of them depending on the data desired: Spending by Event Spectators, Spending by Event Participants, and Spending Stemming from Other Non-Local Sources.
Access to the calculator is offered to all NASC members as a benefit of membership and will be available starting Monday, July 15.