As the annual state fair has kicked off, its financial impact should be something to celebrate if last year’s numbers are any indication.
The 2023 State Fair of Texas (SFT) generated up to $680 million in economic impact, according to a recently published study.
The study, by Michael C. Carroll, Ph.D. and the Economics Research Group at the University of North Texas, assessed the economic value and overall impact of the 2023 State Fair on the Dallas-Fort Worth area. It found that the “core impact” on the economy was approximately $422 million, while “secondary effects” ranged from $140.3 million to $258.3 million, resulting in a total estimated economic impact between $562.3 million and $680.3 million.
SFT also significantly contributes to the economy through job creation, generating thousands of positions from event staff to local vendors.
The core activities, including operations and visitor spending, generated 4,486 jobs and $70.5 million in local, state, and federal tax revenues. Secondary impacts from vendor sales were estimated between $78.2 million and $196.2 million.
“The State Fair of Texas serves as a vital economic engine for the region, generating millions in revenue and supporting thousands of jobs. Its ability to attract tourists and promote local businesses not only highlights the cultural significance of the State Fair but also reinforces its role in driving economic growth and community engagement throughout the state,” Carroll said.
According to its mission statement, the state fair is dedicated to community support through educational initiatives, scholarships, and backing local nonprofits. In 2023, according to the SFT website, SFT contributed $15.8 million to the local community, including funding for historical preservation in Dallas and grants for nonprofits serving the South Dallas or Fair Park area.
Compared to a similar study conducted by UNT in 2016, the latest findings reflect substantial growth in the fair’s economic impact over the past 7-8 years, with previous estimates of the fair’s value or “economic impact” ranging from $410.6 million to $499.9 million.
More than two million visitors flock to the state fair each year, and about half a million of the fairgoers last year were from outside North Texas. About 240,000 of those came from other states, spending roughly $135.3 million, Axios reported.
The fair also generated $70.5 million in tax revenue, primarily from federal sources.
“We’re more than just a fair, we are a key player in the economic landscape of North Texas,” said Mitchell Glieber, president of the State Fair of Texas. “We are proud to provide a platform for local vendors, artisans, and performers while creating an unforgettable experience for our fairgoers.”