Report: Hosting 2024 Olympics Could Have $11.2B Impact On LA Economy
LOS ANGELES (CBSLA.com) — The local economy would get a $11.2-billion boost if Los Angeles hosts the 2024 Summer Olympics, according to a study released Monday.
The study, conducted by Beacon Economics LLC and the University of California, Riverside School of Business Center for Economic Forecasting and Development, was commissioned by the LA 2024 Bid Committee.
"In 1984, Los Angeles showed the world that a responsibly managed Olympic Games could add billions of dollars to the local economy and bring progress that could be felt for decades to come -- and we're ready to do that again in 2024," Los Angeles Mayor Eric Garceti said.
"This report shows that L.A. is an ideal, low-risk host for the 2024 Games, and that we have the right plan in place to make sure that a winning bid brings a lasting Olympic legacy back to our city," he said.
The rosy economic prediction comes after the bid committee in December released a proposed budget for the Olympics that was balanced, with projected costs and revenue coming to $5.3 billion.
No new permanent venues would need to be built, according to the panel, which intends to make use of existing sports complexes, as well as some planned by private investors.
"The worry is always that these benefits come at too high a cost. But because Los Angeles already has many of the assets needed for a successful Olympic experience, the upside is far greater than it would be for many other cities who would be hosting for the first time," said Christopher Thornberg, founding partner of Beacon Economics and director of the UC Riverside School of Business Center for Economic Forecasting and Development.
The study also projects the Olympics could produce up to $18.3 billion in gross economic output for the United States as a whole, as well as create up to 79,307 full-time jobs and $167 million in additional tax revenue for the state.
LA 2024 is competing with bid committees in Paris and Budapest, Hungary, to bring the Olympics to Los Angeles in 2024. The winning city will be announced in September.
The Beacon study was required by the International Olympic Committee's candidature process and will be submitted with LA 2024's bid book, which is due to the IOC on Feb. 3.
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