Calculating economic impact an art and a science

Boosters of big events like this month's Philadelphia International Festival of the Arts are fond of saying they'll pump x-millions of dollars into the economy. Calculating economic impact is an art and science, says Daniel Funk of Temple's School of Tourism and Hospitality Management. Hotel stays, meals, entertainment and shopping count toward a ripple effect, like a pebble in a pond. A bigger pebble from far away is best. "If you come to Philadelphia from Paris or Frankfurt, you're going international so you spend more … than domestic tourists from California, let’s say."
April 6, 2011 | KYW News Radio 1060