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Conservative Study Predicts Olympic Games Would Have Record-Setting Impact on Local Economy
Los Angeles, Calif. - March 30, 2007 – The potential economic impact of a 2016 Summer Olympic and Paralympic Games in Los Angeles would top $7 billion according to a study commissioned by the Southern California Committee for the Olympic Games (SCCOG) released today. The results, which would mark a record impact for a U.S. Games, were calculated in 2007 dollars and based on projected attendance, sponsorship programs, transportation and tourism, among other things.
The internationally renowned firm Economics Research Associates (ERA), which conducted the study, stated that the predictions are conservative and accounted only for the Los Angeles region. A Los Angeles 2016 Games would have additional impacts throughout the state and in Nevada.
ERA included in its results the economic impact of a total of 67,825 full-time equivalent jobs through a combination of both positions directly related to the Games and additional staffing needs in related industries such as hospitality.
“We all believe in the potential of Los Angeles as the great global city of the 21st century, and we all hope to have the opportunity to show the world the beauty and depth of our City," said Mayor Antonio Villaraigosa. "The results of this study speak to the potential transformative impact of the 2016 Olympic Games on the lives and futures of all Angelenos."
The bulk of the direct economic impact would benefit the hotel, restaurant, retail, and local transportation industries. The ripple effect would spread more broadly throughout the economy, according to David A. Wilcox, author of the study and financial advisor to several Olympic Games both in the United States and abroad.
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