The upcoming NFL Draft is poised to inject a significant economic boost into the Green Bay area, amidst challenging financial conditions marked by new tariffs. Economists, like chair of the Council of Economic Advisors Austan Goolsbee, regard the draft as an important economic bellwether. As explored below, its economic benefits can be profound.
With the 2024 NFL Draft in Detroit already setting a new high watermark in attendance with 775,000 fans in attendance. We proudly welcomed this event with a direct local economic impact of $213 million. Out-of-town visitors injected $161 million into Detroit’s economy over the weekend of the event. This huge influx of visitors calls focus to the considerable financial boom that follows these major sporting events.
Goolsbee emphasizes the importance of the NFL Draft for small towns like Green Bay, which has a population of only 107,000 people according to the 2020 census. With the draft expecting to draw more than 240,000 people, he knows that’s a chance they can’t risk. That’s three times the typical audience at Lambeau Field during a normal game day!
“Now we’re going to be in Green Bay. They’re still going to have close to a quarter-million people. And for a small town like Green Bay, this is a real shot in the arm.” – Austan Goolsbee
Most important to our argument, Goolsbee claims that these events—like the new NFL Draft—is a vital tourism driver for local economies across the Midwest and across the country. He remarked on the growth of sports-related economic activity, stating:
“Compared to before COVID started, sports have been growing three to four times faster than the overall economy.” – Austan Goolsbee
Commissioner Goolsbee roundstable with business leaders in Detroit. For these reasons, he conveyed, the NFL Draft will contribute greatly to economic recovery. He wants to examine all of the markers associated with the event such as attendance figures, viewership on television, and interest created.
“As I look at the draft, the first economic indicator I’m looking at is who are the [Bears] getting at No. 10. Then second, we want to see what’s the attendance, what are the TV ratings and what kind of interest does it generate?” – Austan Goolsbee
Add the anticipated turnout in Green Bay, and you’ve confirmed the widely accepted idea that major sporting events are excellent vehicles to drive economic revitalization. More than a fan Goolsbee makes the case that these spectators represent a lot more than simply fandom. They’re strong advocates and good partners for local businesses and economic development.
“Because these spectators — sports and entertainment — they’re not just important for your fantasy league team. They’re actually quite important for the regional economy in the Midwest and around the nation.” – Austan Goolsbee
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