(COLORADO SPRINGS) – A $16 million dollar boom to the City of Colorado Springs is the estimated economic impact of this year’s 38th Space Symposium, according to Visit Colorado Springs.

The Space Foundation CEO said this year’s Space Symposium is going to be bigger than any of the others, and the numbers show it. According to the Colorado Springs Chamber and EDC, over 20,000 people have traveled into the city for this event. The total attendance is up by over 10,000 compared to last year.

“You will see a huge uptick in sales tax and lodging and real tax collections in April attributable to this… It is an absolute economic boom for the city of Colorado Springs as well,” said Mayor John Suthers.

The Symposium saw representation from over 40 countries this year, with more than 30 hotels around the city being booked.

“Space Symposium is really a great nexus, the coming together of the space industry from across the entire world — delegations from Japan, Australia, all parts of the United States coming together,” said Governor Jared Polis (D-CO).

City officials say the economic and tourist boom will serve as a gateway to growth in the city for years to come.

“So we say tourists today, resident tomorrow… To be the host and to be the home for this is just an incredible opportunity,” said Theresa Metcalf, VP of Economic Development, Colorado Springs Chamber and EDC.

There is a reason why the symposium brings in so many people. This year’s symposium features over 260 speakers and 230 exhibits across the 110,000-square-foot exhibition space.