Yankees Title Run Generated $59.6 Million for NYC Businesses 05/11/2009 |
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The New York Yankees’ path to the World Series title has brought about $59.6 million in direct spending to city businesses, according to estimates by the Economic Development Corporation.
Each of the Major League Baseball playoff games in the new, $1.5 billion Bronx stadium was worth about $6.7 million in spending from visiting fans, players and media members, according to the corporation. The team’s three World Series home games generated about 30 percent more, because of increased fan and media interest, the corporation said last month.
That includes money spent by visitors, players and media on hotels, retail, transportation and dining, assuming that about 34,000 people attended each game who don’t live in the city, the corporation said.
The Yankees claimed their record-extending 27th World Series title last night with a 7-3 win over the defending champion Philadelphia Phillies.
The total economic impact of the team’s home games against the Minnesota Twins, Los Angeles Angels and Phillies was about $106 million once indirect spending is included in calculations, according to the corporation’s estimates. Each World Series game in New York was worth $15.5 million to the city’s economy.
Victor Matheson, who teaches sports economics at the College of Holy Cross in Worcester, Massachusetts, co-wrote a 2005 paper that found each World Series game has an economic impact of $6.8 million. Some of that spending includes money originally destined for elsewhere in the city’s economy, he said.
(Source: Bloomberg)
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