America's Cup three times more profitable for San Francisco than Super Bowl
Those numbers are based on more than $24 million in revenue, and an estimated $11 million in tourism related costs. The potential increase in employment surrounding the event could be on the order of 8,840 jobs.
The report, titled The America's Cup: Economic Impacts of a Match on San Francisco Bay, was prepared by The Bay Area Council Economic Institute (BACEI) and Beacon Economics. It provides estimates of the economic impact of an America's Cup match on the San Francisco Bay.
The analysis of economic impacts is based on prior America's Cups and Valencia, Spain, which hosted the 32nd and 33rd America's Cup regattas in 2007 and 2010, and evaluates direct quantifiable benefits which are unique to San Francisco Bay.
The report found that the increase in overall economic activity in San Francisco hosting the 34th America's Cup could be on the order of $1.4 billion, almost three times the estimated impact of hosting the Super Bowl ($300-$500 million).
The America's Cup is the world's third-largest sporting competition, after the Olympics and soccer's World Cup.
The economic benefits of bringing the America's Cup to San Francisco would come primarily through expenditures by racing syndicates, and through spending on hotels, restaurants, and retail and other services by both domestic and overseas visitors and Bay Area residents.
The economic benefits of the race will extend to the greater Bay Area, particularly the neighboring counties of Napa, Sonoma, Marin, and Alameda through related visitor and maritime activity. California's economy would see increased economic activity of $1.4 billion and the U.S. economy as a whole would see increased economic activity of $1.9 billion and support an increased creation of 11,978 jobs. ■