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May 25
2010
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Every year our region hosts a number of amazing festivals and events. All enhance community pride, create a sense of community identity, and provide us with a lot of fun in the process. In addition to all that, there are some festivals and events which leave a significant economic impact and sustain the economy. They can mean the difference between a year of profit or loss for many local businesses. But how can we know this for sure? And how can it be successfully measured? These questions are important because in this period of scarce resources, festivals and events which can prove that they significantly impact the economy will be in a better position to attract funding from governments and private sponsorships. Traditional economic impact studies are fraught with inaccuracies and can be difficult to interpret. Nova Scotia Tourism has partnered with consulting economists Gardner Pinfold to come up with the Tourism Economic Impact Model (TEIM), a mathematical model that simulates the impact of certain tourism conditions on the total economy of Nova Scotia. You could almost call it “Economic impact analysis for dummies”. More on this to follow!