america's cup economic impact presser
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8/13/2019 America's Cup Economic Impact presser
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FOR IMMEDIATE RELEASE Contact: Rufus JeffrisDecember 10, 2013 O: 415-946-8725
San Francisco Mayors Office415-554-6131
HOSTING 34TH
AMERICAS CUP GENERATES $550MILLION IN ECONOMIC ACTIVITY, CREATES MORE
THAN 3,800 JOBS
SAN FRANCISCO, CAThe thrilling comeback by Oracle Team USA in the 34th America s Cupcapped an historic event that generated $550 million in economic activity, created more than 3,800
jobs and contributed almost $6.6 million in tax revenue to the City of San Francisco, according to theBay Area Council Economic Institute.
These figures include a new cruise terminal whose construction was accelerated by the Americas Cup
races in San Francisco. In the absence of a new cruise terminal, conservative estimates show that theAmericas Cupgenerated $364 million in economic activity, created almost 2,900 jobs and contributedalmost $5.7 million in tax revenue to San Francisco.
The figures also do not include economic activity created throughout the region, local and Bay Areavisitor spending, or the benefits associated with gripping media coverage of the high-tech competitionthat captivated a worldwide audience and showcased the Bay Area as an international touristdestination.
The $550 million in economic activity generated by the Americas Cup is substantial,said SeanRandolph, President of the Bay Area Council Economic Institute. The activity benefitted hundreds ofsmall businesses and other employers in San Francisco and the Bay Area and produced tax revenuethat supports a wide range of important city services.
The economic benefits came from almost $280 million in overall spending by the various teams thatcompeted, the hundreds of thousands of visitors that flocked to the waterfront to watch the mostinnovative and technologically advanced sailboats in the world and the many events that accompaniedthe races.
Hosting the 34th Americas Cup in San Francisco showcased our beautiful City to the world andbrought thousands of new jobs, long-overdue legacy waterfront improvements, international visitorspending, and a boost to our regional economy, said San Francisco Mayor Ed Lee. Our investmentbrought in significant revenue to the City and the lessons we learned will help us deliver even better
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world-class events in the Bay Area in the future.
The bulk of the tax revenue -- almost $3.7 million -- came from hotel stays, while payroll-related taxesproduced $2 million and tax revenue from parking and retail spending combined reached $2.1 million.
The largest segment of economic benefits -- $126.7 million -- stemmed from spectators who traveled toSan Francisco to watch the competitions sleek catamarans zip across the bay at speeds approaching55 miles per hour.
A full Economic Impact Report will be issued before the end of the year.
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About the Bay Area Council Economic InstituteThe Bay Area Council Economic Institute is a partnership of business with labor,government, higher education and community leaders that works to support the economicvitality and competitiveness of California and the Bay Area. It produces authoritativeanalyses on key economic issues in the region and the state, and mobilizes leaders from
diverse backgrounds around targeted policy initiatives. A sought-after source of economicperspective, its public-private governance and fact-based approach to economic analysisunderpin the Institutes forward-looking thought leadership (www.bayareaeconomy.org).