LOS ANGELES (CBSLA.com) — The local economy would get a $11.2-billion boost if Los Angeles hosts the 2024 Summer Olympics, according to a study released Monday.
The study, conducted by Beacon Economics LLC and the University of California, Riverside School of Business Center for Economic Forecasting and Development, was commissioned by the LA 2024 Bid Committee.
“In 1984, Los Angeles showed the world that a responsibly managed Olympic Games could add billions of dollars to the local economy and bring progress that could be felt for decades to come — and we’re ready to do that again in 2024,” Los Angeles Mayor Eric Garceti said.
“This report shows that L.A. is an ideal, low-risk host for the 2024 Games, and that we have the right plan in place to make sure that a winning bid brings a lasting Olympic legacy back to our city,” he said.
The rosy economic prediction comes after the bid committee in December released a proposed budget for the Olympics that was balanced, with projected costs and revenue coming to $5.3 billion.
No new permanent venues would need to be built, according to the panel, which intends to make use of existing sports complexes, as well as some planned by private investors.