The Lollapalooza 2023 project showcased a significant economic boost for Chicago, with a $98 million increase over the previous year, reaching $434 million. Under a new 10-year contract, the festival contributed $9.6 million directly to the Chicago Park District and generated $6.8 million in amusement tax revenue, with approximately 115,000 attendees daily from August 3rd to 6th. Since 2010, Lollapalooza has injected over $2.7 billion into Chicago’s economy and sustained more than 25,000 regional jobs.
AngelouEconomics analyzed the festival’s economic impact, utilizing the IMPLAN model to assess both festival operations and attendee expenditures. With a partnership spanning 14 years, AE’s methodology ensured accurate measurement, accounting for direct, indirect, and induced effects on jobs, labor income, total economic output, and state and local tax revenues.
Moreover, Lollapalooza’s charitable efforts, such as the Arts Education Fund and participation in various community initiatives, further solidified its positive footprint in Chicago. By refurbishing tennis courts in Grant Park and supporting local organizations, the festival contributed to the city’s cultural and social fabric, enhancing its reputation as a responsible corporate citizen.
Case Studies in Economic Strategy & Development
Case Study: National Entrepreneur Center
The National Entrepreneur Center (NEC) in Orlando, FL was founded in 2003 as a way to bridge the gap between entrepreneurs and the organizations that provide services to entrepreneurs. While the NEC does not offer services to entrepreneurs or small businesses, it facilitates the organizations that do.
Case Study: Bathroom Bill Economic Impact Study
The Texas legislature introduced two separate “bathroom bills” that would require individuals to use the public restroom or changing facility that corresponded to the sex on one’s birth certificate. We studied the potential economic impact of business departures prompted by the legislation.
AngelouEconomics helped me define New Mexico’s industry clusters but then went many steps further with a marketing plan, contact lists and assistance is setting up strategic meetings. All in all, an impressive effort. AngelouEconomics is a well-rounded firm that excels in strategic development ranging from marketing plans and cluster analyses to economic impact reports for recruitment.
Rick Homans
President/CEO Tampa Hillsborough Economic Development Corporation
Former Cabinet Secretary of Economic Development, State of New Mexico
