Salt Lake City, Utah, may soon be home to a Major League Baseball (MLB) team, and the prospect has generated excitement among sports fans and city officials alike. But beyond the excitement of having a new team to cheer for, there are many tangible economic benefits that come with hosting a permanent MLB team.
First and foremost, a permanent MLB team would bring in significant revenue to the city. According to a study conducted by the National Bureau of Economic Research, cities with MLB teams see an average increase of $145 million in annual revenue. This revenue comes from a variety of sources, including ticket sales, merchandise sales, and increased tourism.
In fact, hosting a MLB team can bring in a significant amount of tourism revenue. A study by the Greater Houston Partnership found that the Houston Astros generated $127 million in economic impact for the city in 2017 alone. This impact comes from visitors who come to see the team play, as well as from other events that are held at the stadium.
In addition to tourism revenue, hosting a MLB team can also lead to job creation. A new team would require staff to manage the stadium, sell tickets and merchandise, and provide security and other services. In 2019, the MLB supported over 176,000 jobs across the United States. These jobs not only provide a source of income for workers, but they also contribute to the local economy through increased spending on goods and services.
Furthermore, hosting a MLB team can lead to increased property values and new development in the surrounding areas. A study by the University of California, Berkeley found that homes near a new MLB stadium in San Francisco saw an average increase of $37,000 in value. This increase in property value can also lead to increased tax revenue for the city.
Finally, having a permanent MLB team can have intangible benefits for the city as well. It can boost civic pride and provide a sense of community for residents. It can also enhance the city's reputation and make it more attractive to businesses and residents looking to relocate.
Hosting a permanent MLB team can have numerous economic benefits for Salt Lake City. The revenue generated from ticket sales, merchandise sales, and tourism can provide a significant boost to the local economy. Job creation, increased property values, and intangible benefits such as civic pride and enhanced reputation are also important factors to consider. As the city continues to explore the possibility of hosting a MLB team, it is clear that the benefits are not just limited to the sports world.