Study finds Overture Center contributed over $34M to Madison economy in 2021–22 season
The University of Wisconsin–Whitewater Fiscal and Economic Research Center reports the Overture Center for the Arts contributed $34,480,000 to the Madison economy during its 2021–22 season. Overture engaged in the economic impact study to establish a post-pandemic baseline for its activities.
The Overture Center’s economic impact comprises four categories of direct spending and the impact of each category. The direct spending comes from the cost of producing and running shows and events, the cost of maintenance and renovations, and ancillary purchases made by Madison tourists. That money was then re-spent in multiple subsequent rounds. These subsequent rounds of spending are categorized as “indirect” spending. The sum of the direct and indirect rounds of spending is what constitutes Overture Center’s full economic impact on the Madison economy.
The direct spending was divided up into four distinct categories, including:
- Broadway, at $2.52 million;
- Resident events, at $2.5 million;
- Non-resident and local events, at $680,000; and
- Operations, at $28.8 million.
Additionally, the study showed spending by Overture Center visitors totaled $6.3 million. Nearly 53% of attendees were people who live outside the Madison area. Overture Center visitors rented around 7,000 total hotel rooms, and their annual hotel spending exceeds $1 million.
Overture Center operations and events also resulted in visitors spending $4.6 million at local restaurants, primarily located in downtown Madison.