Los Angeles County Economic Development Corporation Archives

Total economic impact of sports increased by $2.8 billion from the previous year, a jump of more than 31%

LOS ANGELES, Calif., Oct. 17, 2024 (SEND2PRESS NEWSWIRE) — The Los Angeles Sports Council, the region’s premier sports trade association, and the Los Angeles County Economic Development Corporation (LAEDC) released the fourth annual economic impact of sports report today, cementing the region’s stature as a hub of sports activity and commerce.

Image caption: The Los Angeles Sports Council and the Los Angeles County Economic Development Corporation (LAEDC) released the fourth annual economic impact of sports report, cementing the Greater Los Angeles region’s stature as a hub of sports activity and commerce with more growth on the horizon.

“Sports in the Los Angeles Basin: 2024 Economic Impact Study” was the centerpiece of a panel at the LA Sports Innovation Conference on Monday that detailed how the region’s sports industry generated $11.7 billion in economic output in 2023, about $2.8 billion higher than the previous year, or a jump of more than 31%.

“L.A. is home to the world’s best professional sports teams, unparalleled venues and committed fans so it’s promising to see this industry continue to create economic impact for our region,” said Los Angeles Mayor Karen Bass. “As we gear up for major sporting events like the FIFA World Cup in 2026 and the 2028 Olympic and Paralympic Games, which will generate billions of dollars in economic impact here in our region, my focus, alongside partners like LAEDC and the LA Sports Council, will be on ensuring that Angelenos and our local businesses benefit from these opportunities for decades to come.”

The report details how both professional and collegiate sports in the Los Angeles Basin, which includes Los Angeles and Orange counties, contributed to robust economic growth in 2023. Combined, professional and collegiate sports were associated with approximately: 83,880 total jobs, $8.9 billion in total labor income, and $704.8 million in state and local taxes.

KEY FINDINGS INCLUDE:

The increase in economic activity resulted from the sizable growth in the sports industry. Direct revenues grew by more than $816.2 million from 2022 to 2023, a 22% increase.
Professional sports added more than 1,700 jobs, accounting for 84.6% of the total jobs and direct revenues in the industry, up from 83% the previous year.
Attendance at professional sports events grew by an average of 4.3% across all major teams in the MLB, MLS, NBA, NFL, NHL, NWSL, and WNBA from 2022 to 2023, reflecting strong local support.
Soccer continues to gain traction in the region, with LAFC, Galaxy, and Angel City FC attracting average crowds ranging from 19,750 to 24,100.

“What’s clear about this report is that sports is one of the most important economic engines in Southern California,” said Stephen Cheung, President and CEO of LAEDC and World Trade Center Los Angeles. “The on-field success of so many local teams has clearly translated to jobs, local taxes and economic benefits for our region, an important reminder that Southern California’s bottom line is intertwined with sports. I’m thrilled that the LAEDC continues to partner with the Los Angeles Sports Council to showcase this important report during the always impactful Innovation Conference.”

As Los Angeles looks toward welcoming a global crowd for the 2026 FIFA World Cup and 2028 Summer Olympic and Paralympic Games, the sports industry remains on a steady path of growth, driven by investments in infrastructure. These events are expected to significantly boost tourism and economic activity.

“The LAEDC report shows in stark terms how vital our entire sports ecosystem is to the greater L.A. region, something the Los Angeles Sports Council showcases each day,” said Dave Klewan, Chairman of the Board of Directors for the LA Sports Council and General Manager of the Genesis Invitational for the TGR Foundation. “While I have no doubt these numbers will continue to grow with the Olympics and World Cup on the horizon, it’s also important to remember the hugely successful output each season of our professional and collegiate programs. Each of these teams contribute to a thriving Los Angeles and make our region one of the most important sports epicenters in the country.”

“Our world class teams, stadiums, arenas and fans – at all levels of competition – have fueled a resurgence we can all take pride in,” said Matt Cacciato, President and CEO of the LA Sports Council. “It’s no surprise that we are doing so well and expect the region to continue growing as we welcome even more championships, marquee events and global games.”

This report is the fourth in a series of economic studies commissioned by the LA Sports Council and released at its annual LA Sports Innovation Conference, a day-long forum for industry leaders from across Southern California’s sports ecosystem. It is the only study of its kind to quantify the economic activity and impact of the sports industry in the Los Angeles Basin, which includes Los Angeles and Orange counties.

View the full report, “Sports in the Los Angeles Basin: 2024 Economic Impact Study,” here: https://www.lasports.org/2024-economic-impact-report

Los Angeles Sports Council

Founded in 1988, the Los Angeles Sports Council is the premier sports trade association in the Los Angeles region. As champions of the Southern California sports community, the LA Sports Council serves as the connective thread of the industry through year-round programming and initiatives, including the LA Sports Awards, LA Sports Innovation Conference, and Ready, Set, Gold!, a non-profit program that unites Olympians and Paralympians with schools to promote healthy and active lifestyles. For more information, visit .

Los Angeles County Economic Development Corporation

The Los Angeles County Economic Development Corporation (LAEDC) is a nonprofit organization dedicated to advancing opportunity and prosperity for all the residents of Los Angeles County. Through collaborative partnerships, innovative programs, and strategic initiatives, LAEDC works to attract, retain, and grow businesses and quality jobs for the region.

NEWS SOURCE: LA Sports Council

This press release was issued on behalf of the news source (LA Sports Council), who is solely responsible for its accuracy, by Send2Press Newswire. Image, if any, was provided by the news source and not this website or the wire service. Information is believed accurate, as provided by the news source, but is not guaranteed.

To view the original story, visit: https://www.send2press.com/wire/landmark-study-reveals-11-7-billion-economic-impact-of-sports-in-the-los-angeles-region-revealing-significant-growth-post-pandemic/

LOS ANGELES, Calif. /ScoopCloud/ -- LA Sports Council, the region's premier sports trade association, and the Los Angeles County Economic Development Corporation (LAEDC) released "Sports in the Los Angeles Basin: The 2023 Economic Impact Analysis" at the Metro LA Sports Innovation Conference on Tuesday, detailing a region charging back with more growth on the horizon.

Analysis shows significant growth and resurgence in the region's sports industry, surpassing both 2021 and pre-pandemic levels of economic activity and benchmarks in employment, labor income and total output.

"Los Angeles has always been a resilient city, and the resurgence and growth of our sports industry is testament to that. We didn't just recover to pre-pandemic levels, we surged past them," said Los Angeles Deputy Mayor of Business and Economic Development Rachel Freeman. "This is a testament to our sports ecosystem, the professional and collegiate teams, business, venues, fans, and the enduring spirit of our community. It's not just about numbers, it's a roadmap to leveraging a vital sector for the city's economic, social, and cultural prosperity."

The economic impact of sports in 2022 totaled $8.9 billion, increasing by $1.9 billion since 2021. Direct revenues surged by more than $717 million from 2021 to 2022, up $340 million for collegiate sports and $377 million for professional sports - resulting in significantly larger economic impacts. Total jobs also increased to 83,000, more than doubling both 2021 and 2018 figures. Total labor income was $6.9 billion, compared to $4 billion in 2021 and $3.6 billion in 2018.

"COVID-related disruptions are thankfully in the rear-view mirror for both professional and collegiate sports, and we've experienced tremendous growth and economic activity since last year's analysis. We can expect an even more robust sports economy in the years ahead," said Stephen Cheung, President and CEO of LAEDC. "Understanding our region's continued economic growth in sports helps us to see the ongoing need to invest in infrastructure, especially community-centered infrastructure. These investments will be critical as the Los Angeles Region continues to be home to national champion sports teams and hosting upcoming global events such as the 2028 Olympic and Paralympic Games."

Attendance grew an average of 4% across teams in the NFL, NBA, MLB, NHL, and MLS, underscoring the enthusiasm for the return of in-person sporting events. Angel City Football Club played their debut season in the National Women's Soccer League in 2022 with average attendance at home games exceeding 19,000, leading Sportico to name them the most valuable national women's soccer league franchise.

"Sports is back and thriving and with it a high level of economic impact across the region," said David Siegel, President of LA Sports Council. "We are thrilled that the region has experienced tremendous growth and expect an even larger impact as Los Angeles prepares to welcome high profile global events and athletes from around the world in the coming years."

This report is the third in a series of economic studies commissioned by the LA Sports Council and released at its annual LA Sports Innovation Conference, a day-long forum for industry leaders from across Southern California's sports ecosystem. It is the only study of its kind to quantify the economic activity and impact of the sports industry in the Los Angeles Basin, which includes Los Angeles and Orange counties.

To download "Sports in the Los Angeles Basin: The 2023 Economic Impact Analysis," visit: https://www.lasports.org/economic-impact-report.

The two previous studies commissioned by LA Sports Council and prepared by LAEDC include: "Sports in the Los Angeles Basin: An Economic Impact Study," released November 2022, and "Sports in Los Angeles and Orange Counties: An Economic Impact Analysis," released June 2019.

About LA Sports Council:

Founded in 1988, the LA Sports Council is the premier sports trade association in the Los Angeles region. As champions of the Southern California sports community, the LA Sports Council serves as the connective thread of the industry through year-round programming and initiatives, including the LA Sports Awards, LA Sports Innovation Conference, and Ready, Set, Gold!, a non-profit program that unites Olympians and Paralympians with schools to promote healthy and active lifestyles.

For more information, visit: https://www.lasports.org/.

About Los Angeles County Economic Development Corporation (LAEDC):

LAEDC drives action in support of a reimagined Los Angeles regional economy that is growing, equitable, sustainable and resilient, and provides a healthy and high standard of living for all. A public-benefit nonprofit celebrating its 42nd year of working collaboratively to improve the lives of people through economic inclusion, LAEDC is a trusted leader working on behalf of the Los Angeles County region.

LA Sports Council, the region's premier sports trade association, and the Los Angeles County Economic Development Corporation (LAEDC) released "Sports in the Los Angeles Basin: The 2023 Economic Impact Analysis" at the Metro LA Sports Innovation Conference on Tuesday, detailing a region charging back with more growth on the horizon.

Related link: https://www.lasports.org/

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