Report: Hosting the 2034 Games will generate .6 billion in economic output for Utah over the next 10 years
Report: Hosting the 2034 Games will generate .6 billion in economic output for Utah over the next 10 years

Hosting the 2034 Winter Olympics and Paralympics will generate $2.6 billion (in 2023 dollars) in net direct spending for Utah between 2024 and 2034, according to a report released today by the Kem C. Gardner Policy Institute. This will generate an estimated total cumulative economic impact of $6.6 billion in manufacturing, nearly $3.9 billion in state gross domestic product (GDP), over 42,000 work years and $2.5 billion in personal income, the report said.

“In two weeks, the International Olympic Committee will announce the host city for the 2034 Olympic and Paralympic Winter Games,” said John Downen, senior research fellow at the Gardner Institute and lead author of the report. “If Utah is selected, we estimate the Games will have a significant economic and financial impact on the state, creating new jobs and income and generating $6.6 billion in economic output.”

The group presented some key findings from the report:

  • Significant net new spending — Total spending by the Salt Lake City-Utah Games Committee, the federal government and out-of-state visitors is an estimated $4.1 billion. Subtracting purchases by out-of-state companies, in-state revenue and displacement of regular skiers, Utah is left with $2.6 billion in new spending.
  • Economic impact – Between 2024 and 2035, the 2034 Utah Winter Olympics are expected to have a cumulative economic impact of $6.6 billion (in 2023 dollars), increase the state’s GDP to nearly $3.9 billion, create over 42,000 job years, and increase personal income by $2.5 billion.
  • Positive net effects on the budget — The cumulative estimated state budget impacts from 2024 to 2035 include new state revenues of $167.2 million (in 2023 dollars) and expenditures of $146.2 million for net budget revenues of $21.0 million. The estimated local budget impacts include $138.1 million in new revenues and $108.8 million in expenditures for net budget revenues of $29.3 million.
  • Modest capital investment — Utah has continued to use and maintain its Olympic venues since the 2002 Winter Olympics. As a result, the Salt Lake City-Utah Committee for the Games expects to spend only $31.2 million on permanent capital expenditures for the 2034 Winter Olympics, compared to $286.7 million on facilities for the 2002 Winter Olympics (in 2023 dollars). The committee has also budgeted $206.2 million for temporary infrastructure, signage and wayfinding at competition and non-competition venues.

The report also includes other observations, such as a reference to a displacement effect for skiers during the games. In 2002, the games deterred visitors who would otherwise have visited the state. The report says that this effect can be mitigated by planning for 2034.

“We estimate that Utah’s ski areas experienced a shift of 5 to 9 percent less skier visits in 2002,” the report says. “This shift could be mitigated in 2034 through planning, advanced marketing and combining skiing with Olympic visits.”

In addition, the report stated that in Utah, in the 15 years following the 2002 Games, the average number of skiing days per year increased by 45% compared to the 15 years prior.

“Our ability to leverage our past investments in host venues to welcome the world back here in 2034 is a tremendous economic opportunity for the state of Utah,” said Fraser Bullock, president and CEO of SLC-UT 2034. “The Games will provide Utah with a platform for economic growth with an output of $6.6 billion, while enriching sport through the funds left by the Games.”

The full report is available online via this link..

By Isla