Study finds economic impact of 2024 Iowa State Fair, fairgrounds’ year-round activities reached $629M – WQAD

Economic and Community Impact Analysis of the 2024 Iowa State Fair in Alignment with Sustainable Development Goals

Executive Summary

A recent study conducted by Johnson Consulting reveals that the 2024 Iowa State Fair, in conjunction with year-round activities at the fairgrounds, generated a total economic impact of $629.2 million. This report analyzes these findings, placing significant emphasis on their contributions to the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work and Economic Growth) and SDG 11 (Sustainable Cities and Communities).

Contribution to SDG 8: Decent Work and Economic Growth

The Iowa State Fair serves as a significant driver of economic activity, directly supporting the objectives of SDG 8 by promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. The total economic generation of $629.2 million is comparable to other major national events, underscoring its role as a powerful economic engine.

• Job Creation: The fair and associated activities sustained 4,880 ongoing jobs, providing stable employment opportunities within the community.
• Wage Generation: A total of $211.9 million in wages was created, directly contributing to household incomes and poverty reduction (SDG 1).
• Fiscal Impact: The activities generated a $17 million state fiscal impact, providing public revenue that can be reinvested into community services and infrastructure.

Nationally, the collective impact of 1,392 U.S. fairgrounds further amplifies this contribution, generating $52 billion in economic activity and $17.6 billion in wages annually.

Contribution to SDG 11: Sustainable Cities and Communities

The fair’s impact extends beyond direct economic metrics, reinforcing the cultural and social fabric of the community and supporting local infrastructure, in line with SDG 11. The record-breaking attendance of 1,182,682 people highlights the event’s importance as a cultural institution.

• Support for Local Tourism: The event generated 81,400 hotel room nights, providing crucial support for the local hospitality and tourism industries.
• Cultural Preservation: The study notes that total attendance at Iowa’s various fairs was 20% larger than the state’s population, revealing how integral these events are to preserving and promoting Iowa’s agricultural identity and community cohesion.
• Community Engagement: The finding that 29% of the nation’s population attends a fair annually demonstrates the role of these events in fostering community engagement and social inclusion on a broad scale.

Comparative Economic Impact

The economic output of the Iowa State Fair is comparable to other highly-attended national events, highlighting its significant scale.

1. The Kentucky Derby ($405M)
2. NCAA Men’s Basketball Final Four ($429M)
3. Formula 1 Grand Prix in Austin, Texas ($434-480M)
4. Taylor Swift Eras Tour (three shows in New Orleans) ($500M)

Study Methodology

The analysis, conducted by Johnson Consulting, included revenue received by the fairgrounds as rent or profit-share from vendors. It did not include direct revenue made by concessionaires, carnivals, or other businesses operating at the fair, suggesting the total economic impact is likely even greater than reported.

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The primary Sustainable Development Goal (SDG) addressed in the article is:

• SDG 8: Decent Work and Economic Growth

  This goal is central to the article, which focuses entirely on the economic and employment impact of the Iowa State Fair. The text details the revenue generated, wages created, and jobs sustained, all of which are core components of promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s focus on economic growth, employment, and tourism, the following specific targets under SDG 8 can be identified:

• Target 8.1: Sustain per capita economic growth

  The article directly addresses this target by quantifying the economic impact of the fair. The statement that the fair and its year-round activities “generated $629.2 million last year” is a clear measure of economic activity contributing to overall economic growth in the region.

• Target 8.5: Achieve full and productive employment and decent work for all

  This target is supported by the article’s specific data on job and wage creation. The mention of “4,880 ongoing jobs sustained” and “$211.9 million in wages created” directly relates to the goal of achieving employment and providing income.

• Target 8.9: Devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products

  The Iowa State Fair is a major tourism event. The article supports this target by highlighting its role in generating “81,400 hotel room nights” and reinforcing its importance to “Iowa’s agricultural identity,” thereby promoting local culture through tourism. The jobs and economic impact mentioned are direct results of this tourism.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article provides several quantitative data points that serve as direct or implied indicators for measuring progress towards the identified targets:

• Indicators for Target 8.1 (Sustain per capita economic growth)

  The article provides a key financial figure: “$629.2 million” in economic generation. This value can be used as a component to measure the growth rate of the local or state Gross Domestic Product (GDP), which is a primary indicator for this target.

• Indicators for Target 8.5 (Achieve full and productive employment)

  The article explicitly mentions indicators that align with measuring employment and wages. These include:

  • Number of jobs sustained: “4,880 ongoing jobs sustained” is a direct measure of employment.
  • Total wages created: “$211.9 million in wages created” is a direct measure of the economic benefit of these jobs.

• Indicators for Target 8.9 (Promote sustainable tourism)

  Progress towards this target can be measured using tourism-related metrics provided in the article:

  • Accommodation usage: “81,400 hotel room nights generated” is a standard indicator of tourism volume and its impact on the hospitality sector.
  • Event attendance: The record attendance of “1,182,682 people” indicates the scale of the event as a tourist attraction.

4. Table of SDGs, Targets, and Indicators

Source: wqad.com