LOS ANGELES, Calif., Oct 19, 2023 (SEND2PRESS NEWSWIRE) — 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.
News Source: LA Sports Council
Related link: https://www.lasports.org/
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/landmark-study-reveals-nearly-2-billion-increase-in-economic-impact-of-sports-in-southern-california-revealing-significant-recovery-and-growth-post-pandemic/