SALT LAKE CITY, Utah, July 10, 2024 (Gephardt Daily) — A newly released report from University of Utah researchers says if Utah hosts the 2034 Winter Olympics and Paralympic Games, it would generate $6.6 billion for the state.
The report was released Wednesday by the Kem C. Gardner Institute at the U of U’s David Eccles School of Business.
“In two weeks, the International Olympic Committee will announce the host for the 2034 Olympic and Paralympic Winter Games,” said John Downen, Senior Research Fellow at the Gardner Institute and lead author of the report.
“If Utah is selected, we estimate the Games would have significant economic and fiscal impacts for the state, generating new jobs, income, and $6.6 billion in economic output.”
Key findings from the report include the following:
Significant net new spending – Total expenditures by the Salt Lake City-Utah Committee for the Games, the federal government, and out-of-state visitors reach an estimated $4.1 billion. Subtracting purchases from out-of-state companies, in-state revenue sources, and the displacement of regular skier visitation leaves $2.6 billion in new spending in Utah.
Economic impacts – Between 2024 and 2035, the 2034 Winter Games are expected to create cumulative total economic impacts in Utah of $6.6 billion in output (in 2023 dollars), almost $3.9 billion in state GDP, over 42,000 job-years of employment, and $2.5 billion in personal income.
Net positive fiscal impacts – Cumulative estimated state fiscal impacts from 2024 through 2035 include new state revenues of $167.2 million (in 2023 dollars) and expenditures of $146.2 million for net fiscal revenues of $21.0 million. Estimated local fiscal impacts comprise $138.1 million in new revenues and $108.8 million in expenditures for net local revenues of $29.3 million.
Modest capital investment – Utah has continued to use and maintain its Olympic venues from the 2002 Winter Games. Therefore, the Salt Lake City-Utah Committee for the Games expects to spend just $31.2 million on permanent capital investments for the 2034 Winter Games versus $286.7 million on facilities for the 2002 Winter Games (in 2023 dollars). The Committee has also budgeted $206.2 million for temporary infrastructure, signage, and wayfinding at competition and non-competition venues.
“Our ability to capitalize on our past investments in venues to welcome the world back here in 2034 is a great opportunity economically for the state of Utah,” said SLC-UT 2034 President and CEO Fraser Bullock.
“The Games will provide Utah with a platform for economic growth with $6.6 billion in output, while also enriching sport through the legacy funding the Games will leave behind.”
View the report below.
