How the NFL Draft could reshape our economy
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The NFL Draft is just two weeks away. Photo: Alexis Johnson/Axios
The NFL Draft's impact could go beyond dollars and cents for Pittsburgh.
Why it matters: The draft is not just an opportunity to raise significant cash for businesses and local tax revenue, but a chance to showcase Pittsburgh to the world and attract big investors.
By the numbers: The draft is expected to attract 500,000–700,000 visitors across three days — including repeat visitors — and they will be spending on hotels, food, drink, Ubers and more, PNC chief economist Gus Faucher tells Axios.
- That will create an economic impact of $125–$200 million for the region, he says.
The big picture: Beyond direct spending, the region will hopefully benefit from the visibility the draft will generate, says Faucher.
- "I think the bigger question is, does this change perceptions of Pittsburgh? Does this help drive long-run economic growth in Pittsburgh? And there's a chance for this to be a big positive there."
State of play: The region is dressing up for visitors and a global television audience that could exceed 50 million.
- Pittsburgh International Airport received a $1.7 billion upgrade.
- Arts Landing park will open on Penn Avenue next week, and a Market Square renovation will open the day before the draft.
- The Point State Park fountain is on early, and Downtown roads are receiving fresh pavement this week.
Zoom in: People in the hospitality industry — like servers, Uber drivers and those renting out their homes — will directly benefit from the draft, says Faucher.
- Restaurants and hotels located near the draft will likely make a month's worth of sales in just the three days of the draft, he says.
- Those outside of those industries might just see extra traffic and less short-term economic impact, he says.
Zoom out: Detroit hosted in 2024, and leaders there said the draft helped reset the Motor City's formerly negative reputation, Axios Detroit reported.
- Nashville hosted in 2019, and Tennessee Titans president Burke Nihill said the city has seen a big increase in sports tourism since.
- Yes, but: Small businesses farther from the draft campus in Kansas City in 2023 said they actually lost revenue that weekend.
What they're saying: Faucher believes Pittsburgh can benefit similarly to other cities, and said he thinks the biggest goal is gaining some major business investment.
- "It could help with business relocations. They're business people who may see Pittsburgh in the news, who may be here for the draft, and say, 'Huh, I didn't realize all that Pittsburgh had to offer,'" he says.
The bottom line: The draft is a huge step for Pittsburgh, but it won't solve the city's short-term financial problems, Faucher said.
- Hotel, sales and drink tax revenue from draft weekend is expected to net between $3 million and $4.5 million for county coffers, according to a county analysis acquired by Axios.
- The city is facing a $30 million shortfall this year.
- "Those are certainly going to help, but we have big structural issues with declining property values," said Faucher. "So it's going to help with the budget holes, but those are still going to persist."