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Hosting The 2024 Olympics Could Boost L.A.'s Economy By $11.2 Billion
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It's down to Budapest, Paris, and Los Angeles for the 2024 Summer Olympics. The International Olympic Committee will make its decision in September, but it seems Los Angeles and Paris are the frontrunners for the games. Should either city be selected, they will match London's record (of 3) for most games hosted.
Now, the University of California, Riverside School of Business Center for Economic Forecasting and Development has partnered with Beacon Economics LLC on a study of the games' potential economic impact on Los Angeles. They conclude that the 33rd Olympiad would boost L.A.'s economic output by $11.2 billion, and the nation's by $18.3 billion. While our fair city's GDP is around $800 billion annually (possibly more by 2024) we'll take any addition we can get.
The report also estimates that between 74,000 and 80,000 new full-time jobs will be created by the games.
“There is little doubt that hosting the Olympics is an enormous boost for a local economy—both in the short term as driven by activity surrounding the events themselves, and in the long term given how these events raise the global profile of the region,” Christopher Thornberg, a founding partner of Beacon Economics and director of the UC Riverside School of Business Center for Economic Forecasting and Development, said, notes the UCR. “The worry is always that these benefits come at too high a cost, but because Los Angeles already has many of the assets needed for a successful Olympic experience, the upside is far greater than it would be for many other cities who would be hosting for the first time.”
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In fact, according to LA 2024, we basically have all the venues we need to host the games. Any expenses would go mainly into retrofitting venues, like the Coliseum, for the event.
But not everyone is on board with L.A. hosting the games.
David Zirin, sports editor of the Nation, argued in a recent L.A. Times op-ed that the Olympic games always bring unforeseen catastrophes, budget overruns, and spur police violence by the host city.
"Even if Angelenos are hopeful that their Games can succeed all over again, there is good reason for the city to rise up and join other cities — from Krakow to Boston — that have actively organized against hosting the Games," Zirin wrote. "Such activism would have an impact well beyond saving Los Angeles from the maladies that inevitably accompany the Games."
“In 1984, Los Angeles showed the world that a responsibly managed Olympic Games could add billions of dollars to the local economy and bring progress that could be felt for decades to come — and we’re ready to do that again in 2024,” Los Angeles Mayor Eric Garcetti countered. “This report shows that L.A. is an ideal, low-risk host for the 2024 Games, and that we have the right plan in place to make sure that a winning bid brings a lasting Olympic legacy back to our city.”
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