County Estimates Nearly $2 Million Benefit to Local Economy from SILVERDOCS Documentary Film Festival

For Immediate Release: Tuesday, June 17, 2003

The first annual SILVERDOCS Documentary Festival to be held June 18 to 22 at the AFI Silver Theatre in Silver Spring will pump nearly $2 million into the Montgomery County economy, according to an Economic Impact Analysis prepared by the County’s Department of Finance.

Sponsored by the American Film Institute (AFI) and Discovery Communications, the first annual SILVERDOCS will showcase 74 documentaries from around the world and feature discussions of the films by filmmakers, international documentary professionals and area communities.

The nearly $2 million in total economic impact reported in the analysis -- based on information supplied by AFI -- assumes $550,400 in direct spending by the attendees and more than $1.3 million coming from indirect spending by local businesses through purchasing of goods and services to accommodate the demand. The report estimates an attendance of 10,000, with about 1,000 persons from outside the immediate metropolitan area expected to attend and stay in local hotels.

The largest portion of projected direct spending ($212,000) would come from diners eating in local restaurants, followed by persons using area hotels ($200,000), admissions ($97,000), concessions ($27,200), and parking ($13,500).

A direct impact to Montgomery County government would be more than $20,000 in County tax revenues from hotel rooms and admissions.

“While we recognize the impact that SILVERDOCS undoubtedly will have on the international documentary film world, we don’t want to overlook the impact it will have on our local economy,” said Montgomery County Executive Douglas M. Duncan. “I predict it will be a winner on both counts.

“SILVERDOCS is not only a nice shot in the arm for the local economy, it will bring world-class film entertainment to Silver Spring for the enjoyment of film goers from throughout the region,” Duncan said.

Details about SILVERDOCS and associated activities are available at www.silverdocs.com or by calling 301-495-6776.

 

Release ID: 03-260
Media Contact: Joe Shapiro, Economic Development 240-777-6507, Katie Stack, AFI 301-496-6739