An economic impact study examining the Long Beach Sea Festival was released today, reporting that the annual event generates $9.39 million for the regional economy, including $5.58 million for the Long Beach economy.
The study, conducted by by Dr. Joseph Magadinnno Ph.D. and Dr. Lisa Grobar Ph.D., was conducted to examine the exact economic effect that the SeaFest produces. The yearly summer-long event drew 111 water and beach events.
“We are delighted with these numbers”, said SeaFest President Drew Satariano in the release. “We knew Sea Festival entrants and spectators were staying in Long Beach hotels and spending money in the Community, but we did not really know the exact numbers until we asked our Event Operators; this report serves to accurately validate the real value of Sea Festival to Long Beach and the Region.”
Update: Click here to download the economic impact study.