Boston Olympics could reap $5 billion economic boost
If Boston’s bid is ultimately successful, the 2024 Olympics could be a $5 billion cash cow for eastern Massachusetts, according to a University of Massachusetts study.
It projects about $2.1 billion in new construction in the state and a potential $2.9 billion to state operations.
It also says an additional $300 million will be generated during the games through visitor spending.
However the report notes that budget overruns are virtually an occupational hazard for cities hosting an Olympic Games.
“Success will depend upon smart budgeting and effective planning to avoid some of the huge cost overruns that have bedeviled some Olympic host cities in the past,” said Paul S. Grogan, CEO of the Boston Foundation which commissioned the report.
The report states: “There is a long history of initial budget estimates for Olympics being far lower than the actual cost of the Games. Thus, it seems unlikely that the actual final cost of the Boston 2024 Summer Olympics would actually be the proposed $9.1 billion.”
Boston mayor, Marty Walsh, has repeatedly said all funding for the Olympics would be covered by private investment without any taxpayer funds.
The study forecasts up to 150,000 visitors each competition day of the Games, which lasts for 16 days along with an additional 210,000 members of the media and more than 250,000 athletes and official Olympic officials.
The construction phase alone will create an extra 24,000 jobs in the city between 2018 and 2023, the report said.
Boston will go up against world cities such as Paris, Berlin and Doha for the right to be host with the winning bid announced in 2017.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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