Palatka's Blue Crab Festival, one of the largest annual festivals in northeast Florida, is the latest victim of the economic downturn.

After celebrating the festival's 20th anniversary last May, officials confirmed Thursday the three-day festival will not be held in 2009.

"Because of the lagging economy, we have decided it would be best to go on hiatus for a year," said Skeet Alford, one of the tri-chairman for the festival. "Putting on the festival is very expensive and we must depend on businesses to help defray the cost. With the economy in its present state, the Blue Crab Festival Committee has decided it makes sense to take a year off."

The three-day festival usually includes free performances from nationally known musical acts. The cost of entertainment, insurance and related services has sharply escalated in recent years as the festival has grown to about 200,000 visitors.

"Our plans call for returning in 2010," Alford said. "We started the festival as a way of bringing people to Palatka and helping merchants increase their business. We intend to continue in that tradition when we return."