According to a new study, Los Angeles can help boost the economic output across the United States. A whopping $18.3 billion can be generated if the city hosts the 2024 summer Olympic and Paralympic Games.
The research was coordinated by Beacon Economics and the Riverside School of Business Centre for Economic Forecasting and Development at the University of California.
The report suggests that economic growth can increase by $11.2 billion in the host city itself.
The $18.3 billion revenue across the country is esteemed to be the “upper possible limit.” While $17.4 billion the lower limit.
In an another study conducted by the Centre for Law and Economics of Sport at the University of Limoges claimed last year that Paris, another bidding contender, can provide $11.3 billion in economic output to France if they win the right to showcase the Olympics.
As part of the recent study, direct expenditure by a future Los Angeles 2024 Organising Committee and visitors to Los Angeles were analysed. Further, the associated indirect and induced spending from suppliers and employees were included.
The report also says that no permanent construction being required for the event, tourism and Games operations would be the only donators of the positive economic development.
The study predicts that there can be an increased gross economic output between $10.62 billion to $11.18 billion. Also, Additional tax returns ranging from $152 million to $167 million will be added.
Direct additional expense brought about by the Games is predicted at between $6.72 billion and $7.07 billion. On the other hand, workers’ earnings may lie between $4.88 billion and $5.11 billion.
Further, the number of full-time jobs which will be created in Los Angeles 2024 can go up to 79,307.
The study was commissioned by Los Angeles 2024 as demanded by the International Olympic Committee’s (IOC) candidature process.
Consequently, the report will be included with Los Angeles 2024’s bid book to the IOC. It is due to be submitted on February 3.
Budapest and Paris are the Los Angeles’s rivals to showcase the Games. The decision is due to be made at the IOC Session in Lima on September 13.
Here is beloved Ellen DeGeneres educating on the campaign: