EXECUTIVE SUMMARY
Enterprise Cape Breton Corporation (ECBC) launched its Festival and Events Program in fiscal year 2002/2003 to assist incorporated, non-profit organizations in Cape Breton interested in hosting festivals and events. Since that time ECBC has provided approximately $729,000 in funding assistance to two hundred and fourteen festivals and events throughout Cape Breton and Mulgrave area.
These festivals and events were attended by over 1.12 million people, of which 27% were off-Island visitors. These approximately 300,000 off-Island visitors generated a positive economic impact of $76.2 million on the Gross Domestic Product (GDP) of Cape Breton, created 2,621 person years of employment for the area, and added approximately $19.6 million to provincial and federal tax revenues during the four years of program funding.
Forty percent (40%) of festival organizers indicated they would not have been able to hold the festival or event without the support of the ECBC Festival and Events Program and ninety-four percent (94%) indicated that the event would not have been of the same quality without the support of the funding program.
Based on the net economic impact or Gross Domestic Product the total contribution to the Cape Breton economy from every $1 in Festival and Events Program funding is $104. Obviously the Festival and Events Program has made a very significant contribution to the Cape Breton economy over the past four years.