For many of those outside of the state, the Balloon Fiesta is one of the first things that comes to mind when they hear about New Mexico – apart from our crime rate, terrible schooling, the atomic bomb, and Breaking Bad, of course.
Ever since Albuquerque’s first Balloon Fiesta in 1972, the event has been one of the main attractions for visiting tourists. This year, from October 7th to October 15th, the city hosted its 51st annual Balloon Fiesta. With over five hundred balloons going up each morning, it is the world’s largest balloon festival. This year, it brought in approximately 968,516 visitors. Including both the price of admission and the money pulled in by local businesses, last year’s Fiesta generated $203.19 million dollars for New Mexico’s economy, of which $119.52 million directly impacted local businesses. Balloon enthusiasts in 2022 spent an additional $83.67 million on travel and lodging expenses. The state has also gathered around $12.4 million in tax funds that can be directly attributed to spending during the Balloon Fiesta last year. Figures summarizing the economic impact of this year’s Balloon Fiesta have not been released.
Because New Mexico is a poorer state and does not have many other major sources of income throughout the year, it is important that the Balloon Fiesta continues to bring money into our economy so that more money can be put into improving certain aspects of our state, such as schooling and crime.
CORRECTION: This article was updated on 11/7/2023 with updated sourcing of 2023 figures and clarified that some of the numbers cited here are from the 2022 Balloon Fiesta. H/t to Tom Garrity.
