Sports, jobs, and taxes: the economic impact of sports teams and stadiums, Page 3
America is in the midst of a sports building boom. Professional sports teams are demanding and receiving fancy new playing facilities that are heavily subsidized by government. In many cases, the rationale given for these subsidies is that attracting or retaining a professional sports franchise--even a minor league baseball team or a major league pre-season training facility--more than pays for itself in increased tax revenues, local economic development, and job creation.But are these claims true? To assess the case for subsidies, this book examines the economic impact of new stadiums and the presence of a sports franchise on the local economy. It first explores such general issues as the appropriate method for measuring economic benefits and costs, the source of the bargaining power of teams in obtaining subsidies from local government, the local politics of attracting and retaining teams, the relationship between sports and local employment, and the importance of stadium design in influencing the economic impact of a facility.The second part of the book contains case studies of major league sports facilities in Baltimore, Chicago, Cincinnati, Cleveland, Indianapolis, San Francisco, and the Twin Cities, and of minor league stadiums and spring training facilities in baseball. The primary conclusions are: first, sports teams and facilities are not a source of local economic growth and employment; second, the magnitude of the net subsidy exceeds the financial benefit of a new stadium to a team; and, third, the most plausible reasons that cities are willing to subsidize sports teams are the intense popularity of sports among a substantial proportion of voters and businesses and the leverage that teams enjoy from the monopoly position of professional sports leagues.
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Build the StadiumCreate the Jobs
The Economic Impact of Sports Teams and Facilities
The Employment Effect of Teams and Sports Facilities
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100 percent analysis annual Arena attendance attract average ballpark Baltimore Bengals built Camden Yards Chicago China Basin Cincinnati city's Cleveland Club seats consumption benefits cost County direct democracy dollars Dome downtown sports facilities economic impact effect employment estimated expenditures fans federal Florida football franchise funds Gateway area Giants Gund Arena Hamilton County host income increase incremental Indianapolis investment issue Jacobs Field Lease expires luxury boxes Luxury suites major league team Maryland Maryland Stadium Authority Mayor McCormick Place Metrodome metropolitan area million Minneapolis minor league baseball operations Orioles owners percent of gross players professional sports proposal PSLs referendum region renovation Rent Riverfront Riverfront Stadium sales tax San Francisco season share signage Soldier Field sources spending sports team spring training Stadium Authority subsidy Table Target Center tax-exempt bonds taxable sales taxpayers Team retains ticket vote voters