Report shows EDC New York brought $34 million to local economy
According to Beacon Economics, Electric Daisy Carnival New York brought $34 to the local economy last year. With a considerable percentage of attendees coming from out of town, a large portion of revenue for New York and New Jersey came from hotel rooms alone. Food, entertainment, and transportation around the festival were the main factors which increased the total to $34 million, generating some healthy tax revenue for the state and local governments.
Labor totaled $16.5 million, equivalent to just over 320 full-time jobs. The results were $2.6 million in tax revenue and hundreds of thousands of dollars in donations by the festival’s founders, Insomniac. Similar to its charitable endeavors in Las Vegas, Insomniac has donated more than $200,000 to local charities in New York over the past two years.