Stadium Adds $175 Million To Regional Economy
October 6 2004
Stadium Adds $175 Million To Regional Economy In First Five Years
The Westpac Stadium has brought a staggering $175 million to the regional economy in its first five years.
It has also brought an additional 569 FTE jobs to the region.
The figures were highlighted in an economic impact report prepared by Business and Economic Research Limited (BERL) into the regional impact of the Westpac Stadium over its first five years released today.
A BERL report in 1996 which estimated the impact of the yet to be built Stadium on the Wellington region, indicated that events at the Stadium were likely to generate direct spending of $15 million, employment of 270FTEs and total value added of $11.6 million per annum.
The new report, which estimates the actual benefits that have occurred in the Wellington region, shows that on average over the first five years the Stadium has generated $35 million of direct spending of direct spending from outside of the Region, employment of 569 FTEs and total value added of $27 million per annum.
This is more than double the expected impact in the 1996 report.
Stadium Trust Chairman Paul Collins says the report findings prove convincingly the decision to build the Stadium was the right one.
“It is not just in dollar and employment terms for the Wellington region that the Stadium is making an impact. The report highlights the number of community benefits that have come from events at the Stadium. For example it’s often forgotten the number of Wellington residents who have been able to enjoy events at the Stadium.”
It is estimated that Wellington region residents have attended events at the Stadium more than two million times over the first five years.
Other beneficiaries of the Stadium include fund raising opportunities for clubs and community organisations; acting as a base for a variety of businesses; shifting city development towards the port and benefiting grass roots rugby.
“The retail, food and beverage sector has been one of the largest beneficiaries from the increased spending in the region,’ Mr Collins says.
“We are delighted with these findings and are sure the people of the Wellington region will share our pleasure.”
The Economic Impact Report release coincides with the publication of the Trust’s annual report which recorded a surplus ahead of budget of $373,000.