Pure Michigan Bayview Mackinac Race
WEDNESDAY, 24 JUNE 2009
DETROIT - The "Pure Michigan Bayview Mackinac Race" will have a positive impact on Michigan's economy this summer powering up to $59.5 million in residual spending on tourism, according to an independent study released today.
"The estimated economic value of the Bayview Mackinac race under the finest weather and travel conditions is estimated at $59.5 million," stated noted Economist David Littmann in a recent study on the annual race event. "Even with sub-optimal weather conditions overall spending associated with the race, both direct and indirect, is approximately $30.4 million."
Littmann, who served as Comerica Bank's Chief Economist for 30 years before joining the Mackinac Center for Public Policy in 2008, added that the weather impact is related to people actually getting out to attend race related events. He noted the fact that the longevity of the race has created a loyal fan following that comes to Michigan every year to be a part of the race.
"Because of its unbroken, never canceled track record of 85 consecutive races, the Port Huron-to-Mackinac race has indisputably catapulted Michigan and its sailors into the most prestigious international sail boat racing and water sport circles," said Littmann. The Chicago-Mackinac Race has been halted over the years due to economic recessions and war years, he added.
"We initiated the study this spring to quantify the general impact of the race," said Bayview Yacht Club Commodore Dr. Robert Amsler. "We believe it is important given today's challenging economy to demonstrate the value this premier sailing event has on our state." The Pure Michigan Bayview Mackinac Race sets sail on Saturday, July 25, 2009.
"We always knew the race had a substantial impact on Michigan's economy given the fact we draw people from 20 states and several countries to participate, and sail and vacation in Michigan before and after the race itself," said Amsler. "Until now we had no tangible proof of the contribution the race generates on so many levels."
This year will mark 85 consecutive years for the world class event that will set sail from Port Huron to Mackinac Island. More than 220 sailboats and 2,500 sailors will take part in the annual regatta with thousands of sailing fans and families attending the festive start in Port Huron. For the first time sailing fans in Michigan and around the world will be able to monitor the historic race via the michigan.org Web site with Global Positioning System (GPS) tracking technology. GPS devices will be placed on all active race boats.
"The race is a perfect fit with our highly successful Pure Michigan national advertising campaign," said Travel Michigan Vice President George Zimmermann. "The campaign is designed to introduce the nation to the attributes that make Michigan such a popular and unique destination. This sailing race helps draw attention to the exceptional beauty of Michigan's waterways and 3,200 miles of fresh water shoreline."
More than 200 journalists from at least six nations -- including photographers and videographers -- cover the regatta and events for newspapers, magazines, websites, cable, wire services, radio, TV, blogs and special interest publications. There are 350 media guides distributed to media outlets in Michigan and out-of-state, with stories hitting the wire for entry into 46 North American and 100 foreign sailing and boating publications.
"Also included in the total economic impact of the race are indirect outlays," said Littmann. "Outlays are indirect when induced by the first wave of spending. For example, individuals in a hot dog or ice cream concession booth will re-spend portions of the income received from the first round of purchases. In turn, that re-spending cycle kicks off additional, though smaller, waves of spending."
"The accumulated spending within the state of Michigan (including taxes collected on all retail outlays) is tantamount to a multiplier value of two. In other words, when all spending attributable to the Pure Michigan Bayview Mackinac Race is tallied, the total is double the initial outlays touched off by the race itself," Littmann wrote.
The Bayview Yacht Club web site, www.byc.com, generally draws a million page views for the race; up to 20 million page views are expected to hit the michigan.org Web site where the GPS tracking link for the 2009 race will be located, said 2009 Race Chairman Frank Kern. GPS tracking will be offered exclusively through michigan.org.
Source: www.marketwatch.com
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