Every Academic Report: Orlando’s Latest Stadium Gambit Makes No Economic Sense
There’s really no other way to put it. No matter what Buddy Dyer, the city of Orlando or the soccer team says, the latest stadium gambit makes no economic sense. In fact, every academic economic report confirms there is NO local economic impact from publicly financed stadiums or professional sports. Every report. That’s why the City of Orlando and Mayor Teresa Jacobs simply do not have the facts to justify their corporate welfare insider deal which also further the gentrification of historic Parramore.
One example of the research that sums up the arguments well is titled “The Stadium Gambit and Local Economic Development.” The six page report is a must read, but here are some key selections (emphasis is mine).
* “In stark contrast to the results claimed by most prospective economic impact studies commissioned by teams or stadium advocates, the consensus in the academic literature has been that the overall sports environment has no measurable effect on the level of real income in metropolitan areas. Our own research suggests that professional sports may be a drain on local economies rather than an engine of economic growth.”
* “The evidence suggests that attracting a professional sports franchise to a city and building that franchise a new stadium or arena will have no effect on the growth rate of real per capita income and may reduce the level of real per capita income in that city.”
And in conclusion, the report says:
* “The policy implications of our results are no different from those of the previous studies that found no relationship between the professional sports environment and local economies. Still, they bear repeating. The evidence suggests that attracting a professional sports franchise to a city and building that franchise a new stadium or arena will have no effect on the growth rate of real per capita income and may reduce the level of real per capita income in that city.”
As one franchise owner, Bill Veeck, once said, “We play the Star Spangled Banner before every game – you want us to pay taxes?”
I have delivered this report to every Orange County Commissioner and Mayor Jacobs, along with countless other studies and reports saying the same thing.
Even Visit Orlando’s analysis for Orange County said there is no evidence of incremental visitation (increased tourism) or any other claim being made by Orlando. And don’t forget the Problem with Subsidizing Stadiums for Billionaires.
Leave a Reply