Grand Valley economists predict another economic boost from ArtPrize

Early indications are that the second year of ArtPrize in Grand Rapids will once again give a surge to the region’s economy. Economic professors at Grand Valley State University, in partnership with Experience Grand Rapids and the Downtown Development Authority, have started to gather information related to the impact of ArtPrize 2010 on the Grand Rapids area.

Faculty are supervising Grand Valley students who have been working to ascertain the number of local attendees and the number of visitors from outside the region. The information will be used to develop a final estimate of the economic impact of ArtPrize on the local economy.  

Last year, Grand Valley students and faculty worked with the Downtown Development Authority in conducting an economic impact study of the inaugural ArtPrize. That study concluded that ArtPrize 2009 resulted in approximately $7 million dollars of increased economic activity in the Grand Rapids area. That study, however, did not have access to survey information from ArtPrize attendees. Because of the ongoing survey study during this year’s event, the study should result in more reliable estimates of ArtPrize’s economic impact.

In addition to the economic surge during ArtPrize, Grand Valley’s Hospitality and Tourism Management department is preparing a follow up e-mail survey of attendees to gain further insight into their future travel plans.

Preliminary information suggests that this year’s ArtPrize has already contributed significantly to the local economy.

* The ArtPrize website is reporting , as of Sept. 28, that 30,125 people have registered to vote, and more than 220,000 votes have been cast.
* The Grand Rapids Art Museum reported the museum has had more than 40,000 visitors since the start of ArtPrize. Saturday the museum had its highest daily visitor count, almost 14,000 people, and sales from Wednesday to Sunday were up 112 percent over last year.
* Area restaurants and hotels are reporting significant increases in sales over this time last year.

Grand Valley will be monitoring a variety of indicators throughout the next two weeks to compile a report which will include the dollars generated in the economy during the 19-day ArtPrize exhibition.

For more information, contact:
Paul Sicilian, Grand Valley Economics Department, (616) 331-7425
Seohee Chang, Grand Valley Hospitality and Tourism department, (616) 331-8868
Janet Korn, Experience Grand Rapids, (616) 233-3545