America’s Cup World Series Event Forecasted to add $72 Million to Rhode Island Economy and Create 400 Jobs in the State in 2012
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September 15, 2011 | Print this page | Share This |
An economic impact analysis report conducted by the Rhode Island Department of Revenue estimates that the America’s Cup World Series event scheduled to take place in Newport on June 23 – July 1, 2012 is expected to generate $72 million in spending (including direct and indirect expenditures) towards the Rhode Island economy and create 400 jobs in the state in 2012.
“By showcasing our state on an international stage and making permanent public infrastructure improvements at Fort Adams State Park, we are positioning Rhode Island to expand tourism and boost visitor spending,” Governor Lincoln D. Chafee said. “Our efforts in anticipation of the AC World Series will ensure that the Ocean State remains a top-tier venue for future world-class sailing competitions that will stimulate long-term economic activity well beyond next year’s races.”
“With $72 million in new spending and the creation of 400 new jobs, this single event is an exciting economic growth opportunity that will support many local businesses and key industries across the state. This is just the beginning. An improved Fort Adams State Park gives Rhode Island the ability to attract additional sailing and boating events that will create a positive economic ripple effect Rhode Island will benefit for years to come,” said RIEDC Executive Director Keith Stokes.
“The economic impact of Newport’s hosting of the America’s Cup World Series event comes at the right time for the state’s economy,” said Department of Revenue Director Rosemary Booth Gallogly. “As the state’s economic growth moderates and the national economy’s trajectory becomes more uncertain, the America’s Cup World Series event will provide an impetus to economic growth in the State, particularly in Newport County. We welcome the America’s Cup World Series Regatta to Rhode Island and look forward to the hosting of other America’s Cup events in the future.”
According to the Department of Revenue’s forecasting model, nearly $51 million in economic benefits will result from direct spending on construction, marine trades, hotel rooms, restaurants, transportation and retail. Another projected $21 million in indirect and induced spending will come from additional related purchases by companies and local consumers because of the America’s Cup World Series.
The 400 new jobs will benefit Rhode Island workers in a wide range of trades and service industries across the state, including professional and technical services, event management companies and other support services.