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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info