28-02-2025
Study: 2024 Balloon Fiesta generated more than $215M for local economy
Feb. 27—The 2024 Albuquerque International Balloon Fiesta had an estimated economic impact of $216.3 million, according to a study conducted by the research company Forward Analytics.
The new figure appears to continue an upward economic trend. In 2022, the event had a $203 million impact.
"I was very pleased that it generated the amount that it did," Balloon Fiesta Executive Director Julie Morgas Baca told the Journal on Thursday. "(That money) benefits New Mexico — not just Albuquerque, not just Bernalillo County."
The 52nd Balloon Fiesta was the first as director for Morgas Baca, who took charge of the event in September after leaving her position as Bernalillo County manager — a role she held for nine years.
The event's economic benefit increased local businesses' volume by an estimated $127.3 million, driving some $15 million in tax revenue, spurred by spending on retail, food and drinks, overnight lodging, car rentals and gasoline, according to the report.
The $15 million was distributed among the state, city and county. New Mexico received $7.13 million, Albuquerque $6.23 million and Bernalillo County raked in $1.67 million, the report said.
Guests from outside the Albuquerque region made up about 85% of the festival's 838,337 attendees, and 58% of visitors came to Albuquerque primarily to attend the festival.
Notably, about 12% of guests visited from Texas, 9% from Colorado, 6% each from California and Colorado, 4% from Florida, 1% from other countries and 35% from other states.
"When you have nine days and multiple sessions of no cancellations, you'll see a lot of benefit at the event along Main Street as well as around the community, and I think that's what we saw this year," said Tom Garrity, founder and president of Albuquerque-based The Garrity Group, which manages public relations for the fiesta.
Attendance numbers climbed slightly from 2022, including the percentage of in-state visitors at 27% — an increase from 2022 when 24% of attendees were state residents.
Morgas Baca attributed the in-state attendance increase to New Mexico Day when residents were extended free admission.
"Folks from within the state are really proud of the event, they want to be a part of it, and it's just a reflection of how important our culture is and how proud New Mexicans are of the event," Morgas Baca said.
