By Lisa Vorderbrueggen
Monday, July 19th, 2010 at 3:20 pm in sailing.
In the interest of full disclosure, I am biased on this subject. I am an avid sailor and would love to see the America’s Cup come to the San Francisco Bay.
Many people may not realize it, but the San Francisco Bay is one of the world’s premier sailing venues. Its predictable summertime afternoon winds produce some of the best sailing anywhere.
Holding the event in the San Francisco Bay poses political and physical challenges but this report will provide advocates with strong, favorable winds.
Read on for the full news release.
Bay Area Council Economic Institute Releases America’s Cup Economic Impact Study
World’s third-largest sporting competition could bring $1.4 billion and 8,840 jobs to Bay Area
SAN FRANCISCO, CA — Today, the Bay Area Council Economic Institute (BACEI) and Beacon Economics released a study outlining the economic impacts if San Francisco is named host of the 34th America’s Cup race. The report, entitled “The America’s Cup: Economic Impacts of a Match on San Francisco Bay,” specifically outlines the economic impact the America’s Cup would have on the Bay Area, the State of California and the entire country if San Francisco is chosen as the host city of the next competition. The America’s Cup is the world’s third-largest sporting competition after the Olympics and soccer’s World Cup.
The report, which was commissioned by the City and County of San Francisco, found that the increase in overall economic activity in San Francisco hosting the America’s Cup could be on the order of $1.4 billion, almost three times the estimated impact of hosting the Super Bowl ($300-$500 million). The potential increase in employment surrounding the event could be on the order of 8,840 jobs.
“Bringing the 34th America’s Cup to San Francisco Bay would be a huge boon for the Bay Area economy,” said Bay Area Council Economic Institute President & CEO Sean Randolph. “The America’s Cup could easily help jumpstart the economy by generating over a billion dollars in revenue and thousands of jobs for the Bay Area. The spillover effect for the region could be substantial.”
Additional highlights from “The America’s Cup: Economic Impacts of a Match on San Francisco Bay” include:
- The economic benefits of bringing the America’s Cup to San Francisco would come primarily through expenditures by racing syndicates, and through spending on hotels, restaurants, and retail and other services by the 2.6 million spectators estimated to attend the race.
- The economic benefits of the race will extend to the greater Bay Area, particularly the neighboring counties of Napa, Sonoma, Marin, and Alameda through related visitor and maritime activity.
- The increase in output and employment would likely yield a benefit to state and local government coffers of nearly $85 million.
- Looking beyond the Bay Area, the U.S. economy as a whole would see increased economic activity of $1.9 billion and the creation of 11,978 jobs.
- A local successful defense of the America’s Cup will likely lead to additional such events in the future. San Diego, for example, was the host to three successive America’s Cups, in 1988, 1992, and 1995.
“Securing hosting rights to the America’s Cup is a prestigious and economically significant prize for any community,” said Mayor Newsom. “I am committed to the defense of the America’s Cup in San Francisco.”
“This is an incredible opportunity that will put San Francisco on the world stage while benefiting Bay Area companies and residents,” said Jim Wunderman, President & CEO of the Bay Area Council. “Investment in development and infrastructure now will help to grow the region’s economy for many years to come.”