It is no secret that the NFL Draft is a major event for many athletes and tourists. The economic impact this event has on its hosted area is quite astonishing. This draft will take place in Kansas City for the year 2023 and it is expected to see around 350,000 visitors during this period. The city is expecting to see 62 million dollars spent on accommodation, 6 million on transportation, 17 million on foods and beverages, and 8.6 million in general business spending. With high numbers such as these, it has cities like Kansas City considering hosting events in the future like possible World Cup games. Large sporting events have a huge start-up cost, although the overall benefit of these events outway the initial costs. The overall economic impact of major sports events is continuously showing positive outcomes. More visitors to cities means more profit for local businesses and corporations. This is again good for the cities, but it also raises the question of where this money is going. On the exterior large cities might seem nice, although low-income neighborhoods are abundant within these same areas. If large cities were to take more sporting events like World Cup games into consideration would we see a change in something like this or would it only create more problems? It is easy to only focus on the large amount of money that is to come from hosting events. Therefore, there has to be a cost-benefit analysis done when looking to have large sports performances come to your city. There is a great economic benefit when hosting things like the NFL Draft, although many cities choose to keep away from the continuous flow of tourists.
Source:
Palmer, T. (2022, November 2). NFL Draft, World Cup each expected to generate $100m-plus in economic impact. KSHB 41 Kansas City News. Retrieved April 7, 2023, from https://www.kshb.com/sports/nfl-draft-world-cup-each-expected-to-generate-100m-plus-in-economic-impact#:~:text=%E2%80%94%20Both%20the%202023%20NFL%20Draft,according%20to%20Kansas%20City%2C%20Missouri.
It is interesting because it is nice to see the economic impact of hosting massive events, but I wonder what the downside would be, such as how the environment in the area is affected? Also
ReplyDeleteDespite the economic growth and boom that events like the NFL draft or the World cup help to spur, it's definitely smart to peek at history and see who is actually benefitting from these events. Typically, low income citizens or your everyday middle class residents don't get to see much of the positives of it because of ramped up traffic and tourism. It does make you wonder who gets the best deal out of this.
ReplyDeleteI agree with Cooper on this, although I like to see certain cities benefit from this, the benefits won't trickle down much to middle and lower class citizens. Josh touched on a good point as well, when Cleveland won the Championships back in 2016 the city was destroyed. Although we're talking about two different events, the ammount of people participating is about the same and the economic impact is as well.
ReplyDeleteI would like to see what a huge event like the NFL draft would do in a city like Columbus. Being able to track economic activity in an area we are familiar with might really help us see the effects.
ReplyDelete