Olympics

Utah anticipates $6.6 billion economic boost from hosting 2034 Winter Olympics

The 2034 Olympic and Paralympic Winter Games would make a significant economic impact to Utah, generating new jobs, income, and $6.6 billion in economic output, the Gardner Institute says

SALT LAKE CITY, Utah—Between now and 2035, the 2034 Winter Games are expected to bring the state of Utah $6.6 billion in cumulative total economic impacts. The estimates, which are in 2023 dollars, include almost $3.9 billion in state GDP, over 42,000 job years of employment, and $2.5 billion in personal income.

The study, conducted by the Kem C. Gardner Institute of Economic Policy, was released Wednesday. In less than two weeks, on July 24, Salt Lake City is expecting to be officially awarded the 2034 Winter Games bid after an International Olympic Committee vote in Paris.

Since Utah has continued to use and maintain its Olympic venues from the 2002 Winter Games, one of the major selling points in the 2034 bid, the Salt Lake City-Utah Committee for the Games expects to spend $31.2 million on permanent capital investments for the 2034 Winter Games. This is in contrast to spending $286.7 million on facilities for the 2002 Winter Games, extrapolated in 2023 dollars.

The Committee has also budgeted $206.2 million for temporary infrastructure, signage, and wayfinding at both competition and non-competition venues.

After adjusting for purchases from out-of-state companies, in-state revenue sources, and the displacement of regular skier visitation, net new direct expenditures in Utah from 2024 through 2034 total an estimated $2.6 billion. The report estimates $167.2 million in new state revenues and $138.1 million in local revenues, resulting in net fiscal benefits of $21.0 million and $29.3 million, respectively.

Overall, the 2034 Winter Games are set to provide lasting economic and social benefits to Utah, reinforcing its reputation as a hub for winter sports and tourism.

For more information, please refer to the full report.

 

 

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