Commerce RI's Salamano Talks About the Economic Impact of Volvo Ocean Race
Commerce RI's Salamano Talks About the Economic Impact of Volvo Ocean Race
Volvo opening at Fort Adams in Newport May 8 and will close on May 20.
Volvo visited Newport three years ago and had a $47 million impact on the economy. Rhode Island officials expect that number to grow.
It is recently reported that Volvo Ocean Race has added 96.2 million euros to the Spanish Gross Domestic Product, an increase of 7.6% over the 2014-15 edition. The result in Spain raises questions about how big an economic impact the race will have on Rhode Island's economy as Newport is the only American stopover.
“In addition to the numbers that reinforce the success of the event for another year, in this edition, we have grown exponentially in many areas...I’m not only talking about the message that has been transmitted and amplified to the public about Ocean health, but also the concrete commitments secured from businesses and government to adopt sustainable practices,” said Antonio Bolanos, Managing Director of the Volvo Ocean Race.
The race also generated the equivalent of 1,700 full-time jobs in Spain, according to an economic impact study delivered by PriceWaterhouseCoopers (PwC) measuring the impact of the Volvo Ocean Race on the Region of Valencia and Spain.
Salamano also discussed the success of the new tourism campaign. SEE THE CAMPAIGN BELOW.