In Minnesota there are currently anywhere from 1,500 to 2,000 festivals and events that take place annually, and roughly 50,000 that take place throughout the nation. One of the oldest festivals in Minnesota is the Renaissance Festival, which began in 1971. One of Minnesota’s most significant annual events is the Minnesota State Fair, a 10-day event which hosts 1.7 million visitors. All festivals and events have a life cycle, beginning with an initial concept, followed by a period of development and growth, peaking, and then either decline or change. Rarely a festival or event becomes a "classic"; one that draws crowds consistently year after year. Festivals and events represent a major piece of tourism industry, yet impacts are hard to measure due to the transitory and temporal nature they often exhibit.