Super Bowl Expected to Deliver up to $477M to LA Economy

1 year ago 223

LOS ANGELES—Next year’s Super Bowl LVI is expected to present arsenic overmuch arsenic $477.5 cardinal to the Los Angeles economy, including thousands of caller occupation opportunities successful the event-production and hospitality sector, positive large contracts for section businesses, according to projections released Oct. 21.

The lawsuit astatine the caller SoFi Stadium successful Inglewood volition make visitant spending acknowledgment to the galore events starring up to the crippled connected Feb. 13, according to a study by Micronomics Economic Research and Consulting.

The economical boost could beryllium a turning constituent successful the region’s economical betterment from the COVID-19 pandemic, particularly for tiny businesses and industries deed hard by the pandemic similar restaurants and hotels, according to the report’s authors.

The full LA portion tin expect Super Bowl LVI to make economical benefits betwixt $234 cardinal and $477 million, including taxation gross ranging betwixt $12 cardinal and $22 million, according to the analysis.

Thousands of visitors to determination hotels, restaurants, amusement venues, and retail businesses could make up to 4,700 caller yearly jobs successful the LA region, the Los Angeles-based economical probe and consulting steadfast concluded successful the report.

The City of Inglewood volition besides recognize important economical gains, with Super Bowl LVI being among the archetypal large events astatine the SoFi Stadium complex.

“When our metropolis welcomed the recently completed SoFi Stadium and YouTube Theater, we were cautiously optimistic to spot the projected economical benefits, taxation revenues and jobs imaginable for the community,” Inglewood Mayor James Butts said successful a statement. “With a imaginable $52 cardinal stimulus for the full Inglewood system [purchases, jobs, and businesses] for Super Bowl week, this study paints an encouraging representation of what those economical impacts could look similar for each of Inglewood.”

The study noted that economical benefits for Inglewood volition turn with each large lawsuit that brings thousands of out-of-town visitors. The stadium is expected to make astir $670 cardinal successful nett fiscal interaction to Inglewood’s wide money implicit 25 years, according to the report.

“Small businesses are the beating bosom of our economy, and we’re anxious to prehend upon each accidental to payment them,” Los Angeles Mayor Eric Garcetti said successful a statement. “As 1 of the world’s top sporting events, the Super Bowl is an bonzer accidental to assistance up our businesses and fortify our portion for generations to come.”

The LA portion is slated to big the Major League Baseball All-Star Game adjacent year, the College Football Playoff National Championship successful 2023, the U.S. Open successful 2023, and the 2028 Summer Olympic and Paralympic Games.

City News Service