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Report Shows $5 Billion Economic Impact of Professional Sports in D.C. in 2022

WASHINGTON INFORMER — The District’s major sports teams and facilities have catalyzed neighborhood prosperity, with commercial real estate development near the District’s sports facilities outpacing District-wide developments in the years following each facility’s opening.
The post Report Shows $5 Billion Economic Impact of Professional Sports in D.C. in 2022 first appeared on BlackPressUSA.

Published

12 months ago

June 18, 2024

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WI Web Staff | Washington Informer

The District’s Office of the Deputy Mayor for Planning and Economic Development released a report outlining the actual and potential fiscal, economic, and community impacts of professional sports in the District.

The study also analyzed the economic impact of sports and entertainment venues in the District to date, as well as the impact of potential relocations of existing major sports teams into the city.

“D.C. is the sports capital,” said Mayor Muriel Bowser. “We know how important sports are in our city’s economy and culture. They create jobs, generate tax revenue, and spur economic development. But sports also create a lot of pride in our city, they bring people together, and we look forward to continuing to support our teams in ways that benefit our city and residents and help knock D.C.’s comeback out of the park.”

Key findings of the report include:

Major sports generated $5 billion in 2022 and attracted 7.4 million visitors in 2023 (with 88% being non-D.C. residents).

The District’s major sports teams and facilities have catalyzed neighborhood prosperity, with commercial real estate development near the District’s sports facilities outpacing District-wide developments in the years following each facility’s opening.

“Anchor” sports facilities generate greater localized benefits than “islands,” as anchors are well-integrated into urban environments, maximizing pedestrian and economic activity, while islands prioritize parking over creating a vibrant and productive economic ecosystem.

Hosting an NFL franchise is a once-in-a-generation placemaking opportunity that would annually produce an estimated $1.26 billion in economic revenue, 2,095 jobs, $289.8 million in labor income, and $26 million in tax revenue.

The report was released in the wake of a recent poll finding that 76% of D.C. residents want the Washington Commanders to return to the city if a new stadium for the team is built.

The full study can be found on DMPED’s website (dmped.dc.gov).

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