DECEMBER 10, WEST HOLLYWOOD: Today, Christopher Street West (CSW), the 501(c)3 non-profit that produces the annual LA Pride Festival and Parade, in partnership with Beacon Economics, an independent research and consulting firm, released an economic impact report announcing the 2019 LA Pride Parade and Festival generated $74.7 million in economic output and $42.2 million in direct expenditures in Los Angeles County.
“LA Pride has been a voice for the LGBTQ+ community in the greater Los Angeles area for nearly 50 years, and we’re proud of the positive impact that the LA Pride Parade and Festival has on our local economy,” said Estevan Montemayor, CSW board president. “With our partners from the Cities of West Hollywood and Los Angeles, JJ|LA and beyond, we look forward to providing diverse experiences for the community and bringing even more people into the County of Los Angeles for our 50th-anniversary celebration next year.”
Based on expenditure data from organizer CSW and a survey of event attendees, exhibitors and producers, the report details how the three-day event directly impacted the City of West Hollywood, the City of Los Angeles and Los Angeles County. Beacon Economics considered spending by all participants at the 2019 event including attendees, CSW, exhibitors, and producers.
Key findings show that the 2019 LA Pride Festival and Parade:
- Increased economic output in Los Angeles County by $74.7 million of which $27.7 million was concentrated in West Hollywood and $18.2 million in the City of Los Angeles
- Increased labor income for workers in Los Angeles County by $33.1 million, including $14.7 million in West Hollywood and $7.4 in the City of Los Angeles
- Supported the annual equivalent of 830 jobs in LA County, including 397 in West Hollywood and 191 in the City of Los Angeles
- Estimated $2.5 million in tax revenue generated in LA County, including $896,100 in West Hollywood and $332,800 in the City of Los Angeles
This year’s LA Pride Parade and Festival attracted a diverse group of attendees with just over half of ticket buyers being from Los Angeles County, 31% coming from outside Southern California and the remainder being from elsewhere in Southern California. Of the ticket buyers, nearly 40% had a bachelor’s degree or higher and over 40% ranged between the ages of 25-34. The City of Los Angeles was the most popular location for accommodations, accounting for 40% of accommodations, while West Hollywood accounted for 18% of accommodations. Additionally, CSW data showed that over 85% of the exhibitors and producers came from Los Angeles and fewer than 15% from outside the area.
“Beyond being a world-famous celebration of the resilience of LA’s LGBTQ+ community, the economic and fiscal impacts that the LA Pride Parade and Festival have on both the city and county are undeniable,” said Adam J. Fowler, Director of Research at Beacon Economics. “The event’s ability to generate jobs, labor income, and tax revenue at the level it does is a testament to its success, as well as to the diversity of the local population.”
The LA Pride Parade and Festival has an impact that goes beyond spending, jobs, wages and taxes as the event serves as Southern California’s largest annual gathering to celebrate the LGBTQ+ community. The annual event brings together the diverse community to reflect upon the progress made since the 1969 Stonewall Uprising, provides the community and its allies with resources to advance equality and provide a safe space to those in the LGBTQ+ community.
Link to study here.
About Christopher Street West (CSW) & LA Pride
Christopher Street West (CSW), a 501(c)3 non-profit, organized the world’s first permitted parade advocating for gay rights on June 28, 1970, as a response to and in commemoration of the Stonewall Rebellion on Christopher Street in New York City the year prior. Since then, we have built a rich history as an active voice for the LGBTQ+ community across the Greater Los Angeles metropolitan area. Today, we continue to produce the globally-recognized LA Pride Parade and Festival every June in the City of West Hollywood. We also organize a number of events throughout the year with our nonprofit, philanthropic, community, and corporate partners. Visit lapride.org for more information.
About Beacon Economics
Founded in 2007, Beacon Economics, an LLC and certified Small Business Enterprise (SBE) with the state of California, is a leading independent research and consulting firm dedicated to delivering accurate, insightful, and objectively-based economic analysis. Leveraging unique proprietary models, vast databases, and sophisticated data processing, the firm equips its clients with the analysis needed to understand on-the-ground realities and make informed business and policy decisions. Practice areas include sustainable growth and development; housing, land use, and real estate markets; economic, fiscal, and social impact analysis; public policy analysis; regional economics; and EB-5 Visa analysis. In 2015, Beacon Economics partnered with the UC Riverside School of Business to establish the Center for Economic Forecasting and Development. Learn more at www.BeaconEcon.com.