Report: Super Bowl LVI Will Bring Up To $477 Million To LA Economy
INGLEWOOD (CBSLA) - A report released by Micronomics Economic Research and Consulting on Thursday presented data that suggests anywhere from $234 million and $477.5 million in economic upside will benefit Los Angeles County in the days surrounding Super Bowl LVI.
It is just one of the many major events heading to the Los Angeles area in 2022 and beyond, a list that includes the 2022 MLB All-Star Game at Dodger Stadium, the 2023 College Football Playoff National Championship, the 2023 U.S. Open, Wrestlemania 39 and the 2028 Summer Olympic and Paralympic Games.
Contracts for local businesses and massive amounts of increased visitor spending in surrounding areas and at all of the various events leading up to the game will account for most of that revenue.
An additional benefit will be the increase of job opportunities in the area, as more than 4,500 positions are predicted to open in the coming months - especially in the hospitality and event-production sectors.
Hopes are that this will be a turning point in Los Angeles' economic recovery from COVID-19, with this potential economic boom affecting everyone from corporations to small businesses like hotels and restaurants and retail stores.
The City of Inglewood stands to bring in the most revenue long-term, thanks mainly to SoFi Stadium and the promise to produce events year-round. With each major event, out-of-town visitors will add to the surrounding areas revenue.
Projections for the city over a 25-year span sit at about $670 million in net fiscal impact to the city's general fund.
"When our city welcomed the newly completed SoFi Stadium and YouTube Theater, we were cautiously optimistic to see the projected economic benefits, tax revenues and jobs potential for the community,'' Inglewood Mayor James Butts said in a statement. "With a potential $52 million stimulus for the total Inglewood economy (purchases, jobs and businesses) for Super Bowl week, this report paints an encouraging portrait of what those economic impacts could look like for all of Inglewood."
Opened in 2020, the $5 billion SoFi Stadium acts as a shared home stadium during the NFL season, with home games split between the Los Angeles Rams and the Los Angeles Chargers. It holds 70,240 patrons, with that number expandable up to 100,240 for major events.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)
