Boston Globe: Report says Olympics could generate $5B in economic activity

BOSTON – A Boston Olympics in 2024 could generate $5 billion in economic activity for Massachusetts from the operations of the games, as well as $4 billion in new construction in the six years leading up to the event, according to a study of Boston’s Olympics bid by UMass Donahue Institute researchers.

The analysis was commissioned by The Boston Foundation, according to the Boston Globe, which reported that the event also could potentially create approximately 4,000 construction jobs annually for six years, along with 54,000 temporary jobs and $514 million in additional tourism-related activity the year of the event.

But the report also cautioned about the possibility of cost overruns.
The U.S. Olympic Committee in January selected Boston to represent the United States, but it is also competing with Rome, Hamburg and Paris. A decision will be made by the International Olympic Committee in two years.
The Globe said that the local bid committee, Boston 2024, is proposing a $4.7 billion Olympic operating budget, funded from corporate sponsorships, broadcast fees and ticket sales. Construction costs, estimated at $3.4 billion under the bid committee’s plan, would come from private developers who would construct Olympic facilities, lease them to Boston 2024 for use during the Olympics and then run them afterward as commercial ventures, the newspaper said.

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