Study: Viking Classic has $22M impact on state
MADISON — Researchers at Mississippi State University have determined the Magnolia State’s only PGA Tour event, the Viking Classic, has an impact on the Mississippi economy in gross output or sales of approximately $22 million.
Commissioned by the Mississippi Development Authority, the study surveyed about 2,500 attendees at the Sept. 27-Oct. 3 tournament at Annandale Golf Club in Madison.
The interviews conducted by College of Business undergraduate students collected information on number of spectators, residency, length of stay in the local area, number in party, where they stayed and how much they spent per party at the tournament. This and other information was used to develop the spending profile of tournament spectators.
The impact of total value added (TVA) was estimated at $12.5 million. TVA is more accurate as a measure of the economic impact than spending, because it reflects the returns in rents, wages, interest and profits.
This economic activity supported 362 jobs in Mississippi, including 280 jobs directly attributable to the event itself, and another 77 jobs throughout the rest of the economy through indirect (39 jobs) and induced (38 jobs) effects.
MSU researchers estimate the total impact of the Viking Classic on labor income in Mississippi was $7.2 million. This included $4.9 million of income directly attributable to the event itself, and another $2.3 million of income that resulted from indirect and induced impacts.
It also was estimated that sales tax collections in Mississippi related to the Viking Classic were approximately $1.5 million.
The top business sectors affected by the tournament were hotels and motels, retail stores (including clothing, food and beverage, general merchandise and gasoline stations) and spectator sports companies.
Of note, the findings of the study do not include the economic impact and value-added advertising exposure from tape-delayed broadcast of tournament rounds by The Golf Channel and coverage by other media outlets, both local and national.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Drew Brees settles lawsuit alleging investment fraud
- Doctor convicted of using phony church for tax shelter
- Ex-Delta mayor indicted, accused of stealing city property
- Cochran's legal counsel asks Court to toss McDaniel's lawsuit
- Williams-Sonoma expanding, adding nearly 1,000 jobs
- Biloxi baseball project still alive but may be held for 2015
- Travis retiring as head of Mississippi World Trade Center
- More than half-dozen groups file charter school applications
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters