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A Key Finding from Tulane Economics Professor’s Economic Impact Study Estimates the City of New Orleans Earns $2.64 for Every $1.00 It Invests in Mardi Gras (New Orleans, Louisiana) This morning at the annual Kings Day Celebration at Mardi Gras World, the official commencement of the Carnival season in New Orleans, Rex Official James Reiss the economic impacts of Mardi Gras in New Orleans that was jointly commissioned and assisted by the MMGAC and New Orleans & Company. Among the findings in Professor Weiss’ economic impact report: • Total direct and indirect impact of Mardi Gras on the New Orleans economy: $891,202,780 • Percentage of New Orleans G ross Domestic Product: 3.07% NEW ORLEANS — On Jan. 6, the Mayor’s Mardi Gras Advisory Council and New Orleans & Company released a new economic impact study from Tulane professor Toni Weiss.. The report found that the total direct and indirect impact of Mardi Gras on the New Orleans economy is $891,202,780, which equals 3.07% of the New Orleans gross domestic product. New Orleans & Company commissioned a study with the mayor’s Mardi Gras Advisory Council and Tulane University Professor Toni Weiss for our first fact-based economic impact study of Mardi Gras since 2009. Key findings include: 1. Mardi Gras impact on the New Orleans economy is nearly $900 million, more than a 300 percent growth since 2009. 2. The 2023 economic impact report includes the following findings: Total direct and indirect impact of Mardi Gras on the New Orleans economy: $891 million ; Percentage of New Orleans Gross Domestic Product (GDP): 3.07 percent; Net fiscal benefit accrued to the City of New Orleans as a result of staging Mardi Gras, including franchise value: $28 Return on the City of New Orleans’ investment in Mardi Gras: $2.64 for every $1.00 spent; Increase in State of Louisiana tax revenues as a result of Mardi Gras within the City of New Orleans: $14,300,000; This is Professor Weiss’ fourth study of the economic impacts of New Orleans’ Mardi Gras since her first one in 2009. Worth noting: The study was commissioned by Mayor LaToya Cantrell's Mardi Gras Advisory Council and the city CVB, New Orleans & Company. What the data says: The total direct impact of Mardi Gras 2023 on the city's economy is pegged at $891,202,780, according to the report, representing more than 300% of growth since 2009. The estimated economic impact of last year's Mardi Gras is also $411 million more than the city's last Super Bowl in 2013, which brought in $480 million, according to the University of New Orleans. Total direct and indirect impact of Mardi Gras on the New Orleans economy. $300,656,546. Percentage of New Orleans GDP . 1.5%. Net fiscal benefit accrued to the City of New Orleans as a result of staging Mardi Gras including franchise value. $13,108,538. Return on City's investment in Mardi Gras. $8.45/$1.00 Return on the City of New Orleans’ investment in Mardi Gras: $2.64 for every $1.00 spent; Increase in State of Louisiana tax revenues as a result of Mardi Gras within the City of New Orleans: $14,300,000; This is Professor Weiss’ fourth study of the economic impacts of New Orleans’ Mardi Gras since her first one in 2009. Beyond its economic impact, Mardi Gras plays a crucial role in fostering a sense of community and pride among New Orleans residents. The festivities bring people together, transcending social and cultural boundaries, and creating a shared experience that strengthens the city’s unique spirit. Mardi Gras brings $1B to New Orleans economy In fact, the celebration’s economic impact in New Orleans has grown 66 percent since 2011 and today, it makes up 2 percent of the city’s GDP Over $1 Billion: The economic impact of Mardi Gras on New Orleans. $408.6 Million: The economic impact of Mardi Gras on Alabama’s Mobile. Over 25 Million Pounds: Weight of beads thrown during Mardi Gras in New Orleans each year. 266,000 Pounds: Weight of beads recycled after Mardi Gras in 2019 (2 times more than in 2018). This year's Mardi Gras celebration resulted in a direct economic impact of $145.7 million and an indirect impact of $322 million in the city of New Orleans, a study commissioned by a group of A new study takes another look at the economic impact of Mardi Gras on New Orleans. February 1, 2016 | By Jennifer Gibson Schecter Carnival is the single largest event-based economic driver for the city of New Orleans. Mardi Gras in New Orleans is back in full swing this year. Hundreds of thousands of revelers will be in the city as local businesses are still dealing with the volatile post-pandemic economy. The weeks of festivities, according to an analysis from WalletHub, has an economic impact of over $1 billion in the city of New Orleans. While many residents have decorated their homes as floats Tulane economist Toni Weiss has conducted several studies on the Carnival season, and estimates its current indirect and direct annual economic impact on the New Orleans economy to be close to 900 million dollars. Since Mardi Gras became such a vital part of the city’s economy, it has on occasion become a political flashpoint. New Orleans & Company is working on a study to measure the economic impact this Mardi Gras had on the city. That hasn't been done in a while. The organization hopes to release those numbers as Mardi Gras has an economic impact of more than $1 billion for the city of New Orleans, bringing in 1.4 million visitors, according to a 2020 study by Wallethub.
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