What's the quickest way to dump several million dollars into a local economy, create nearly 1,000 jobs, and generate upwards of $10 million in federal, state, and local taxes?
Simple, gather a bunch of electronic dance music artists and drop them in the middle of Downtown Miami, then add 165,000 screaming fans and watch it rain $100 bills.
According to a new study conducted by the Washington Economics Group and commissioned by Ultra Music Festival, the EDM fest's annual economic impact on Miami-Dade County is an astounding $79 million, including $32 in labor income and $50 million in GDP contributions.
"We always knew from the huge crowds that we draw that we had a major impact on our local economy, but we did not realize it was this huge," UMF creator and executive director Russell Faibisch said in a statement. "Last year people in all 50 states and more than 75 countries bought tickets to attend."
Of the estimated 165,000 annual attendees, WEG reports that nearly 60 percent come from outside of Miami-Dade, spending an average of about $262 a day on lodging, food, transportation, and shopping for stuff like Vick's inhalers, pacifiers, and furry boots.
Faibisch says, "We see ourselves as partners in the economic prosperity for Miami-Dade County and hope to continue and expand our contribution to the magic that makes our area unique."
Who knows, maybe the presidential candidates will apply Faibisch's fiscal policies and free the country from our current economic woes.
EDM's not just good for the club, bro. It's epic for the economy.