WaterFire Economic Impact

The chart below shows the estimated economic impact from Water Fire Sharon events as calculated using the Arts & Economic Prosperity IV economic impact of the nonprofit arts and culture industry calculator.  A total attendance of 30,000 people in 2013, growing by 25% each year thereafter, was used in conjunction with population and projected spending by WaterFire Sharon to calculate the economic impact estimates below. 

 WaterFire Sharon Economic Impact

 

2013

2014

2015

Total

Estimated Total Economic Impact from WaterFire event expenditures and audience spending

$1,172,100

$1,315,125

$1,493,906

$3,981,131

Estimated Total Tax Dollars received by local and state governments as a result of WaterFire event and audience expenditures

$944,977

$1,045,061

$1,170,167

$3,160,205

 

Communities that draw cultural tourists experience an additional boost of economic activity.  Tourism industry research has repeatedly demonstrated that arts tourists stay longer and spend more than the average traveler.  A recent study, the Arts & Economic Prosperity IV study, reflects these same findings and reported that 32% of arts attendees lived outside the county in which the event took place and their event-related spending was more than twice ($39.96 : $17.42) that of their local counterparts.

The study also found that when patrons attend an arts event, they often also pay for parking, eat dinner at a restaurant, shop in local retail stores and have dessert on the way home.  Based on surveys conducted during the study, it was found that a typical arts attendee spends $24.60 per person, per event, beyond the cost of admission.  WaterFire Sharon is a series of arts events that will draw cultural tourists from at least four different states and bring with them discretionary income to spend in the Shenango Valley.

As part of a broader creative placemaking vision, WaterFire Sharon programming is a piece of the larger community conversation that aims to spur economic development, bridge economic divides, generate hope, instill pride of community and empower the disadvantaged.  It inspires the best of American small town life by bringing people together in beautiful, open spaces to enjoy arts programming while reinvigorating our public spaces, breathing life into the regional business community and fostering a vital pedestrian friendly city.  An egalitarian event, WaterFire Sharon also plays an important role in providing World Class artistic programming to those members of the community who are underserved.

Arts programming in combination with riverfront development has served to revitalize cities across the country.  Likewise, the Sharon riverfront offers new opportunities for local economic development and enrichment.  A goal of WaterFire Sharon is to foster sustainable riverfront development and additional cutting-edge arts programming along with increased downtown residential living in order to transition the city from post-industrial stagnation, reduce the severity of regional sprawl, energize the city, support additional service businesses and cultural attractions and spur economic growth.

WaterFire Sharon and other event related arts and cultural programming will also enhance the quality of life for residents as well as encourage outdoor recreation.  By creating a healthier environment that improves access to outdoor recreation through riverfront trails, walkways, greenways, and other activities that encourage people to get outdoors, be active and linger in town, WaterFire Sharon helps to turn the Shenango River into a year-round gathering place.

Due to former industrial use, an environmental goal of WaterFire Sharon is riverfront reclamation conducted with an eye toward restoring natural habitats.  This will reduce the negative impact to the city’s freshwater system due while also nurturing a community that enjoys the river and protects it through responsible stewardship.  Ultimately, the execution of WaterFire Sharon translates to a more livable city.  And, much like WaterFire Providence will serve as a model of transformation through the arts in a rural, small town environment.

Impact

  • Foster cultural tourism
  • Ignite riverbank development plan and city-wide way-finding signage
  • Highlight a diverse range of artists
  • Support additional artists, arts organizations and businesses
  • Ignite economic growth and increase the livability of Sharon

 

As measured by

  • Growth in the overall level of social and civic engagement
  • Job growth within the community
  • Increased pedestrian activity and spending
  • Increased downtown business establishment and expansion
  • Growth in the cultural and creative sector
  • Enhanced and revitalized public spaces
  • Installation of public art
  • Increased pride in community