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PHOENIX - The 2017 Phoenix Final Four generated $324.5 million in economic impact, capping a three-year run of major sporting events that poured $1.3 billion into the Valley's economy, according to a study completed by the Seidman Research Institute, W.P. Carey School of Business at Arizona State University.
But the benefits of mega sporting events go beyond the massive financial windfall. A separate Nielsen Sports survey shows:
"From day one, the vision for this stadium was to build a world-class, multi-purpose facility capable of hosting the most prestigious events in sports so that our community could reap the immense benefits," said Cardinals President Michael Bidwill. "Today's news is a testament not only to all those who believed in that vision but the countless individuals who tirelessly worked to both attract and successfully stage these events."
Mega sporting events also provide an international media platform-a major boost for Arizona's tourism- driven economy. The Final Four championship game between North Carolina and Gonzaga drew an average television audience of nearly 23 million viewers and was broadcast in 176 countries. And a record 2,201 media members were credentialed for the Final Four, held from April 1-3, 2017 at University of Phoenix Stadium.
"Mega sporting events are a huge benefit to Arizona's economy, generating millions in revenue and tax dollars and providing incredible national and international media exposure for our state," Gov. Doug Ducey said. "And they foster community pride as residents come together to celebrate the spirit of elite athletic competition. I congratulate the 2017 Phoenix Final Four organizers for finishing the state's remarkable three-year run with a resounding slam dunk."
"This was truly a community effort, and we are grateful to every stakeholder who supported the Valley's first Final Four," said Dawn Rogers, executive director/CEO of the Phoenix Local Organizing Committee, which collaborated with the NCAA to host the Final Four and its myriad ancillary events. "The economic impact of the Final Four is massive, but the lasting legacy of our many community projects is equally important. We are proud to uphold Arizona's unmatched standard of hosting mega sporting events."
The 2017 Final Four concluded a three-year run that began with the 2015 Pro Bowl and Super Bowl XLIX and continued with the 2016 College Football Playoff National Championship, all of which were played at University of Phoenix Stadium.
This Saturday, the Arizona Cardinals open their 12th season at University of Phoenix Stadium. Since the venue's inception, it has generated an overall economic impact of well over $5 billion based on the combined data of the various studies that have been conducted over that time.
Valley residents say the impact of these events goes far beyond financial benefits.
Asked to name major benefits of hosting mega events, 76 percent of residents say "bringing jobs and money to the Phoenix area" and 69 percent cite "making Phoenix a better place to live," the Nielsen survey found.
"The bottom line: Valley residents understand that mega sporting events enrich the community in many important ways," said Tom Sadler, President and CEO of the Arizona Sports and Tourism Authority, which owns University of Phoenix Stadium.
The methodology of the ASU study focused on estimating the gross economic impact, or gross output,of the 2017 NCAA Men's Final Four and related events. The total gross economic impact estimate includes the total amount of direct spending by out-of-town visitors and organizations in metro Phoenix, and the indirect and induced impacts of those expenditures (often described as "ripple effects"). This assessment included the impact of both direct and in direct visit or and organizational expenditures in the Valley of the Sun/Greater Phoenix Metropolitan area. No resident spending was included.
The 2017 NCAA Men's Final Four economic impact estimate was developed using three distinct factors: (1) out-of- town direct visitor spending, (2) organizational spending, and (3) indirect and induced effects. The research team extrapolates from a visitor survey to estimate out-of-town direct visitor spending. Estimates of organizational and media spending are self reported by the entities in response to requests from the research team.
The indirect and induced economic impacts of all sources of direct expenditure are calculated using an IMPLAN input-output model customized specifically for the State of Arizona. IMPLAN is a commercially licensed linear model widely used for economic assessment throughout the United States, including impact analyses commissioned by the Arizona Commerce Authority. Estimates of total economic impact are expressed in terms of contributions to gross output, Gross Domestic Product(GDP) and employment in the State of Arizona in 2017. The state, county and city fiscal (tax) impact of NCAA Final Four visitor expenditures is also estimated external to the IMPLANmodel.
ORGANIZING COMMITTEE BY THE NUMBERS
Key figures from WP Carey and Nielsen Sports studies
and total impact of University of Phoenix Stadium
Nielsen Sports Phoenix Final Four Community Impact Report
WP Carey School of Business Economic Impact Study of 2017 Final Four
Economic impact of University of Phoenix Stadium
PHOENIX - The 2017 Phoenix Final Four generated $324.5 million in economic impact, capping a three-year run of major sporting events that poured $1.3 billion into the Valley's economy, according to a study completed by the Seidman Research Institute, W.P. Carey School of Business at Arizona State University.
But the benefits of mega sporting events go beyond the massive financial windfall. A separate Nielsen Sports survey shows:
- 90 percent of Valley residents say three-year run had a positive impact on the community.
- 78 percent say hosting these events is important.
"From day one, the vision for this stadium was to build a world-class, multi-purpose facility capable of hosting the most prestigious events in sports so that our community could reap the immense benefits," said Cardinals President Michael Bidwill. "Today's news is a testament not only to all those who believed in that vision but the countless individuals who tirelessly worked to both attract and successfully stage these events."
Mega sporting events also provide an international media platform-a major boost for Arizona's tourism- driven economy. The Final Four championship game between North Carolina and Gonzaga drew an average television audience of nearly 23 million viewers and was broadcast in 176 countries. And a record 2,201 media members were credentialed for the Final Four, held from April 1-3, 2017 at University of Phoenix Stadium.
"Mega sporting events are a huge benefit to Arizona's economy, generating millions in revenue and tax dollars and providing incredible national and international media exposure for our state," Gov. Doug Ducey said. "And they foster community pride as residents come together to celebrate the spirit of elite athletic competition. I congratulate the 2017 Phoenix Final Four organizers for finishing the state's remarkable three-year run with a resounding slam dunk."
"This was truly a community effort, and we are grateful to every stakeholder who supported the Valley's first Final Four," said Dawn Rogers, executive director/CEO of the Phoenix Local Organizing Committee, which collaborated with the NCAA to host the Final Four and its myriad ancillary events. "The economic impact of the Final Four is massive, but the lasting legacy of our many community projects is equally important. We are proud to uphold Arizona's unmatched standard of hosting mega sporting events."
The 2017 Final Four concluded a three-year run that began with the 2015 Pro Bowl and Super Bowl XLIX and continued with the 2016 College Football Playoff National Championship, all of which were played at University of Phoenix Stadium.
- The 2015 Pro Bowl and Super Bowl XLIX generated $720 million in economic impact.
- The 2016 CFP title game generated $274 million.
This Saturday, the Arizona Cardinals open their 12th season at University of Phoenix Stadium. Since the venue's inception, it has generated an overall economic impact of well over $5 billion based on the combined data of the various studies that have been conducted over that time.
Valley residents say the impact of these events goes far beyond financial benefits.
Asked to name major benefits of hosting mega events, 76 percent of residents say "bringing jobs and money to the Phoenix area" and 69 percent cite "making Phoenix a better place to live," the Nielsen survey found.
"The bottom line: Valley residents understand that mega sporting events enrich the community in many important ways," said Tom Sadler, President and CEO of the Arizona Sports and Tourism Authority, which owns University of Phoenix Stadium.
The methodology of the ASU study focused on estimating the gross economic impact, or gross output,of the 2017 NCAA Men's Final Four and related events. The total gross economic impact estimate includes the total amount of direct spending by out-of-town visitors and organizations in metro Phoenix, and the indirect and induced impacts of those expenditures (often described as "ripple effects"). This assessment included the impact of both direct and in direct visit or and organizational expenditures in the Valley of the Sun/Greater Phoenix Metropolitan area. No resident spending was included.
The 2017 NCAA Men's Final Four economic impact estimate was developed using three distinct factors: (1) out-of- town direct visitor spending, (2) organizational spending, and (3) indirect and induced effects. The research team extrapolates from a visitor survey to estimate out-of-town direct visitor spending. Estimates of organizational and media spending are self reported by the entities in response to requests from the research team.
The indirect and induced economic impacts of all sources of direct expenditure are calculated using an IMPLAN input-output model customized specifically for the State of Arizona. IMPLAN is a commercially licensed linear model widely used for economic assessment throughout the United States, including impact analyses commissioned by the Arizona Commerce Authority. Estimates of total economic impact are expressed in terms of contributions to gross output, Gross Domestic Product(GDP) and employment in the State of Arizona in 2017. The state, county and city fiscal (tax) impact of NCAA Final Four visitor expenditures is also estimated external to the IMPLANmodel.
ORGANIZING COMMITTEE BY THE NUMBERS
Key figures from WP Carey and Nielsen Sports studies
and total impact of University of Phoenix Stadium
Nielsen Sports Phoenix Final Four Community Impact Report
- 90 percent of Valley residents say three-year run had a positive impact on the community.
- 78 percent say hosting these events is important.
- 78 percent of residents said the 2017 Final Four provided opportunities for local businesses and increased tourism
- 75 percent said the 2017 Final Four put Phoenix on the national stage.
- After experiencing the event, 58 percent said the 2017 Final Four would leave a positive lasting impact, up from 50 percent before the event.
- Asked to name the most important events to host, Valley residents ranked them as follows:
- Sporting
- Cultural
- Technology
- Arts
- Asked to name major benefits of hosting mega events, residents said:
- Bringing jobs and money to Phoenix area: 76 percent
- Making Phoenix a better place to live: 69 percent
- Ensuring Phoenix-area communities benefit: 68 percent
- Helping to attract future events/tourism/businesses: 68 percent
- Promoting what Phoenix has to offer: 63 percent
- Creating national exposure for the Valley: 60 percent
- Branded media exposure of the 2017 Final Four was valued at $17.9 million, with most of that coming during CBS broadcasts of the national semifinal and final at University of Phoenix Stadium. That's $10 million more than the total advertising budget of the Arizona Office of Tourism.
WP Carey School of Business Economic Impact Study of 2017 Final Four
- Total impact of the 2017 Final Four was $324.5 million, the largest single non-Super Bowl event impact in Arizona history.
- An estimated 59,761 visitors came to Arizona for the Final Four and stayed an average of 4.16 nights and spent an average of $487.19 per day.
- Final Four visitors generated an estimated $11.7 million in state and local taxes, including sales tax and the hotel bed tax. The distribution of direct tax impacts are estimated as follows:
- City taxes: $4.0 million (34.2% of direct tax impact)
- Maricopa County: $0.9 million (7.7% of direct tax impact)
- State of Arizona: $6.8 million (58.1% of direct tax impact)
Economic impact of University of Phoenix Stadium
- Numerous studies have measured the economic impact of University of Phoenix Stadium and the events it has hosted in its first 11 years. While some surveys measure different data, when considered as a group they provide an estimate that the stadium has generated well over $5 billion in economic impact.
