Hartford’s revitalized riverfront last year pumped at least $7.25 million directly into the state economy, an engine that could expand from the $1.1 billion worth of development underway on both sides of the Connecticut River, a new study shows.
Riverfront Recapture, which manages and promotes events showcasing the river frontage in Hartford and East Hartford, says private events on the riverfront generated another $1 million in sales for supporting businesses and vendors.
Riverfront Recapture, which released an embargoed version of its study to media last week, will publicly unveil its detailed 21-page report at an 11 a.m. news conference at the Legislative Office Building. Slated to attend are Hartford Mayor Pedro E. Segarra and East Hartford Mayor Marcia Leclerc, along with Riverfront Recapture leadership.
“The Connecticut River is the centerpiece of one of the most exciting times the Hartford and East Hartford areas have seen in years,” Riverfront Recapture CEO Joe Marfuggi said in a statement. “The bottom line from this study is more people are using the Connecticut River, its parks and its amenities than ever before, and it is providing a significant and positive boost to the local economy.”
According to the study, nearly 900,000 people visited the riverfront parks for free concerts, festivals and artists’ performances in 2014, up 12 percent from 2013.
The study’s other conclusions:
- For every $1 raised for riverfront activities, $2.90 is contributed to the state’s gross domestic product;
- More than $987,000 in tax revenues were generated as a result of Riverfront Recapture’s public events and activities;
- A total of 111 jobs are created based on Riverfront Recapture’s public events and activities;
- Private events contributed an additional nearly $1 million in sales to the area in 2014;
- A total of 897,237 people enjoyed riverfront activities last year, an increase of 12 percent from 2013.