In the spring of 2018 SDSU Extension held a conference in De Smet that had an $18,209 economic impact. In the fall of 2018 Spearfish hosted the Dakota Five-O mountain bike race that produced a $358,440 economic impact. Regardless of size both events created economic impacts for the respective host communities. The best part of the economic impacts is that the dollars generated from these events are brought in from outside the area…that means new money circulating within the host communities. Here are the results of both economic impact surveys.
Energize! Exploring Innovative Rural Communities Conference
The event held in De Smet was called Energize! Exploring Innovative Rural Communities Conference, it started at noon one day and ended around 1:00 pm the next. The conference was attended by 110 people, of which 10 resided in De Smet.
There were three questions the survey asked of Energize! Conference participants. The first question gathered the economic data. The other two questions were to find out distance traveled to attend (793 miles one way was the longest distance), and the last question on the survey was for participants to provide feedback via comments.
- “I thought it was great, useful conference and the idea of walking through the town to various breakout venue was brilliant.”
- “Enjoyed the conference! Very interesting, engaging and informational. I will definitely attend again.”
- “Great conference with good people, great location and venue, strong agenda with community flavor mixed into the workshops. Very personable learning experience and quality face to face time with presenters, local business folks and extension staff members. I would highly recommend to anyone and look forward to the next one. Thanks for a high quality learning environment and the opportunity to connect on many levels.” Paul Putnam. Michigan State University Extension
The survey found out what Energize! Conference participants spent on:
Total Average is $196 and $6,073 is the total economic impact of the 32 total respondents.
By taking the total average $196 times the 100 attendees who came from outside the area = $19,600. However one must consider not all people stayed overnight and everyone did not buy gas. Figuring reduced dollars for the gas and lodging De Smet gained $18,209 new dollars by hosting the Energize! Conference.
32 of 110 Energize! Conference attendees filled out the survey for a response rate of 29%.
End result is a 24 hour event brought an extra $18,000 plus into De Smet.
Dakota Five-O Mountain Bike Race
The Dakota Five-O Mountain Bike Race has evolved over the course of its 17 year existence from a one day and 81 riders, into a weeklong family oriented event for peddle power! With the race being held on Sunday of Labor Day weekend. The 2018 Five-O had 680 participants of which about 100 come from within a 50 mile radius of Spearfish, which means 580 riders came from outside the area.
There were five questions the survey asked the Five-O participants. The first question gathered the economic data. The other questions were to find out distance traveled to attend (1,277 miles one way was the longest distance), where they stayed (84.06% of the riders stayed in Spearfish, how many traveled with the participant (most riders traveled by themselves 1st 30.40%, 2nd 24.18 traveled with 2), and the last question on the survey was for participants to provide feedback via comments.
- “Great race, traveled from Florida to participate in the race. Had a great time, will do it again in a heartbeat.”
- “Great race, great post-race, great vibe, great community support.” - Scott G (Brute Squad)
- “The Five-0 is an exceptionally well run event that our group eagerly awaits every year. The city of Spearfish and the Black Hills area is a cycling paradise—The Dakota Ridge Riders and the Forestry Service get major kudos for the work they did to prep for this year’s Five-0.” High fives to you all! -B. Turk, Saskatoon, Saskatchewan Canada. (BCW/NBR)
The survey found out what Five-O participants spent on:
Total Average is $618 and $146,894 is the total economic impact of the 277 respondents.
By taking the total average $618 times the 580 riders who come from outside the area = $358,440 Spearfish is gaining $358,440 new dollars from the Dakota Five-O Mountain Bike Race.
277 out of 680 Five-O participants filled out the survey for a response rate of 47.7%
The end result is this week long bike cycle extravaganza brings in excess of $300,000 to the community of Spearfish.
The data gathered for both events came from a survey administered via a Survey Monkey link. This was a very simple economic impact analysis…using a “head-count” approach to gather data that focused on how much money just the participants of the Energize! Conference and Dakota Five-O Mountain Bike Race spent.
Because the surveys are limited in scope and depth some educated guesses are made. However, by doing a simple “head-count” survey any community can get a realistic idea of the type of economic impact their event is having for their community and or region.