2034 Winter Games in Salt Lake City could generate billions in economic impact
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Utah is expected to come out ahead financially if it hosts the 2034 Winter Olympics, per a report released last week.
Why it matters: Many cities across the world have hosted the Olympics at a loss, benefiting instead from the energy and international spotlight it brings.
Driving the news: If Salt Lake City hosts the 2034 Winter Olympics, it's projected to generate over $6.6 billion in economic impact for the state between now and 2035, with expenditures totaling $4.1 billion, per the analysis from the University of Utah's Kem C. Gardner Policy Institute.
- The report's projections use 2023 dollars.
- The last time Utah's capital hosted the Winter Games in 2002, it resulted in a $163 million surplus.
Zoom in: Utah has an advantage in keeping costs down because it can reuse facilities built for the 2002 Winter Games. Utah does not plan to build new facilities for the 2034 Games.
- The Games are also anticipated to spur about 42,000 job-years of employment. A job year is a job that amounts to one year.
Between the lines: The International Olympic Committee (IOC) in 2021 approved a series of reforms for its bidding process to reduce costs associated with hosting and provide new revenue streams.
Flashback: It took the city of Montreal, Canada, about three decades to pay off hosting the 1976 Summer Games after costs ballooned to $1.5 billion, per the Council on Foreign Relations, a nonpartisan think tank.
- The city had originally budgeted $124 million.
Caveat: The numbers in last week's report are estimates and hosting the Games could grow more costly over the next decade.
What they're saying: "Hosting the 2034 Winter Games will have significant positive economic and fiscal impacts for the state," researchers wrote in the report.
What's next: A decision on whether Salt Lake City will host the games is expected on July 24.