Phoenix LXVI: Get Your Kicks On Thread LXVI
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12-12-2012, 03:44 PM
Join Date: Dec 2012
Originally Posted by
Not entirely OT and very appropriate for citizens of Glendale, Arizona:
Interesting article on public funding and tax breaks for stadiums from Patrick Hruby at Sports on Earth. Basically sports stadium construction has no impact on the economy of a local area, and can actually decrease the average incomes in your town. Buyer beware. Most, if not all, public investment in stadiums in recent years has been a disaster.
I'm sure we could commission TL Hocking to refute the claims made in this article, right Glendale?
Lake Forest College economics professor Rob Baade has been saying this since 1987. The book
has an entire chapter devoted to publicly funded stadiums and major sports events (Olympics, World Cup, Super Bowl). They don't bring in the money that they were predicted to. Now, the book does say the stadiums/events do make the locals feel better about their city and take more pride in it. So there are benefits to stadiums and major events. But they rarely bring in true economic benefit. As I said in earlier post, when there is real profit to be made, private investment will want to find it and and keep it for themselves.
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