The Kem C. Gardner Institute estimates hosting the 2034 Olympics will give Utah's economy a $6.6B economic jolt and add 42,000 job-years. An economist has his doubts.
When the book closes on the 2034 Winter Olympics — assuming the International Olympic Committee flings it open as expected on July 24 with a vote naming Utah the host — the event will have added $6.6 billion and 42,000 “job years” to the state’s economy.. The institute found that despite an anticipated drop in skier visitation during the five weeks of Olympic and Paralympic competition, hosting the Games would have “significant positive economic and fiscal impacts for the state.
Unusually for an Olympics, the 2002 Games finished with a $163 million surplus. Some $76 million of that went toward creating the Utah Olympic Legacy Foundation, which is charged with programming and upkeep at Utah’s Olympic venues. Matheson, a professor of sports economics at the College of the Holy Cross in Massachusetts, has written several published papers on the economics of the Olympics. He said he found some flaws with the Gardner report’s estimations, but he also found places where it cast the impact of the Games in a more realistic light than its 2002 counterpart.
“This displacement could be mitigated in 2034,” the report suggests, “with planning, advanced marketing, and packaging of skiing with Olympic visits.”He and two colleagues studied the actual effect the 2002 Games had on jobs and reported their findings in 2012 in a Journal of Economic Perspectives.
A more egregious data discrepancy, according to Matheson, is that the report credits the 2002 Olympics for leaps in tourism at the state’s ski areas and national parks and in its hotels and airports. Comparing the 15 years prior to Utah’s Olympics to the 15 years afterward, the report said ski tourism grew by 45% and park tourism grew by 30%.
Still, Matheson agrees that the Winter Games put Salt Lake City on the map in terms of potential tourist destinations. He said he feels the modern Olympics has only done that successfully for two hosts: Utah and Barcelona.Matheson said whether the state wants or needs that additional exposure is something organizers and state officials need to weigh before signing the host contract on July 24.
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