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Valencia Half Marathon's €29.4 Million Economic Impact
The 2024 Valencia Half Marathon generated €29.4 million for the Valencian economy, five times its €2.59 million organization cost, creating 258 jobs and €4.96 million in tax revenue, according to a new Ivie report.
- What were the key sectors most impacted by the event economically, and what were their respective contributions?
- The study quantifies the economic impact in terms of turnover, income, and employment, along with tax revenue. 54.3% of participants were from outside Valencia, contributing net economic benefits. National and international visitor spending averaged €137.8 and €159.9 per day, respectively.
- Considering the substantial economic benefits, what strategies could further enhance the Valencia Half Marathon's economic impact in future editions?
- The event's total economic impact on the Valencian economy reached €29.4 million in sales, creating €8.4 million in income and 258 full-time equivalent jobs. The service sector dominated, accounting for 87.4% of income and 89.6% of employment. The positive fiscal impact amounted to €4.96 million, yielding €1.9 in public revenue for each euro spent on organization.
- What was the total economic impact of the 2024 Valencia Half Marathon on the Valencian economy, and how does it compare to the event's organizational costs?
- The 2024 Valencia Half Marathon generated €13.6 million in tourist spending, five times its €2.59 million organization cost. This is according to a new Ivie (Valencian Institute of Economic Research) report, which details the event's economic impact, including job creation and tax revenue.
Cognitive Concepts
Framing Bias
The framing is largely positive, emphasizing the economic benefits of the event. The headline (if there was one) likely highlighted the significant economic impact. The focus on positive economic figures and high participant satisfaction scores could overshadow potential negative aspects.
Language Bias
The language used is largely neutral and factual, using quantifiable data to support the claims. The tone is positive, but this reflects the overall positive results rather than biased language choices.
Bias by Omission
The analysis focuses heavily on the economic impact of the event and participant satisfaction, neglecting other potential aspects like environmental impact or social disruption. While the scope is clearly defined, a more holistic view would strengthen the report.
Sustainable Development Goals
The Valencia Half Marathon generated €29.4 million in revenue, €8.4 million in income (salaries and business profits), and supported 258 full-time equivalent jobs. The event significantly boosted the hospitality sector (€3.4 million and 126 jobs), real estate, business services (€1.6 million and 20 jobs), and commerce (€0.7 million and 35 jobs). This demonstrates a positive impact on economic growth and employment.