From Inside the Games
A new study published today has claimed that Los Angeles could help increase economic output across the United States by $18.3 billion (£15 billion/€17 billion) if the city hosts the 2024 Olympic and Paralympic Games.
The study was conducted by Beacon Economics and the Riverside School of Business Centre for Economic Forecasting and Development at the University of California.
It is claimed that economic output could increase by $11.2 billion (£9.2 billion/€10.6 billion) in the host city itself.
The $18.3 billion (£15 billion/€17.3 billion) figure across the country was deemed to be the “upper end possible” for gross economic output, with $17.4 billion (£14.3 billion/€16.4 billion) the lower figure.
A study conducted by the Centre for Law and Economics of Sport at the University of Limoges claimed last year that Paris, one of Los Angeles’ bidding rivals, could provide €10.7 billion (£9.3 billion/$11.3 billion) in economic benefits to France should they win the right to stage the Games.
Direct expenditure by a future Los Angeles 2024 Organising Committee and visitors to Los Angeles were analysed as part of the latest study, along with the associated indirect and induced expenditure from suppliers and employees.
It is claimed that with no permanent construction being required for the event, tourism and Games operations would be the sole drivers of the positive economic impact.
The study forecasts that there could be an increased gross economic output of between $10.62 billion (£8.7 billion/€10 billion) to $11.18 billion (£9.1 billion/€10.5 billion), with additional tax revenues ranging from $152 million (£125 million/€143 million) to $167 million (£137 million/€158 million).
Direct additional spending brought about by the Games is forecast at between $6.72 billion (£5.5 billion/€6.3 billion) and $7.07 billion (£5.8 billion/€6.7 billion), while workers’ earnings are estimated to come in between $4.88 billion and $5.11 billion.