News Source: LA Sports Council
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.
This press release was issued on behalf of the news source (LA Sports Council), who is solely responsible for its accuracy, by Send2Press Newswire.
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