AUSTIN (KXAN) – Year after year, hundreds of thousands of visitors come to Austin for world-renowned festivals and events. And, year after year, those festivals bring hundreds of millions of dollars into Austin.
Though slightly down from 2023, South by Southwest had an estimated $377.3 million impact locally in 2024.
“We spend our money locally, and that's great. But when we can get someone to contribute to our economy that doesn't normally contribute to it – that's a value add for us,” said Matt Patton, vice president of AngelouEconomics.
Patton said spring festivals impact the Austin economy predominantly through increased foot traffic and taxes on hotel stays and car rentals. He also said that visitors' festival trips may lead to future ones where even more money is spent.
“If they're coming for a professional conference, they [might say], ‘Well, next time I want to bring the family with me,'" Patton said. "[Festivals] are a great opportunity for us to showcase all the wonderful things we have here in Austin and Central Texas."
SXSW reported in 2024 there were around 10,500 hotel room reservations in the Austin area during the two-week festival, bringing in roughly $2.3 million for the city’s hotel occupancy tax.
That money collected helps to fund local musicians through the Live Music Fund, according to SXSW.
“It is an amazing thing that we're the tenth or eleventh largest city in the country, and we have some of the most preeminent festivals or events globally,” Patton said. “These are events that are screaming to the world, here's Austin, and we're doing really cool things."
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