NEW: America’s Cup Will Generate $72 Million in Activity For RI
Thursday, September 15, 2011
The Economic Development Corporation today announced the results of its economic impact analysis report which focuses on the benefit of the 2012 America’s Cup World Series event – which will be held in Newport from June 23 through July 1.
According to the report, it’s estimated that the event will generate $72 million in spending towards the Rhode Island economy while also creating 400 jobs. The forecasted amount includes both direct and indirect expenditures.
“With $72 million in new spending and the creation of 400 new jobs, this single event is an exciting economic growth opportunity that will support many local businesses and key industries across the state,” said RIEDC Executive Director Keith Stokes.
The Department of Revenue’s forecasting model identifies nearly $51 million in economic benefits as the result from direct spending on construction, marine trades, hotel rooms, restaurants, transportation and retail. Another projected $21 million in indirect and induced spending will come from related purchases by companies and local consumers because of the America’s Cup World Series.
“The economic impact of Newport’s hosting of the America’s Cup World Series event comes at the right time for the state’s economy,” said Department of Revenue Director Rosemary Booth Gallogly.
The 400 new jobs will benefit Rhode Island workers in a wide range of trades and service industries across the state, including professional and technical services, event management companies and other support services.
Comments:
Michael Trenn
10:13pm on Thursday, September 15, 2011
I'm betting that the tolls don't go into place on the Mt. Hope Bridge until AFTER the fancy-shmancy shindig. Wouldn't want the East Siders to have to pay for any bridge maintenance; that's just for the hoi polloi.