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Landmark study shows $11.7 billion economic impact of sports in Los Angeles region, pointing to significant growth post-pandemic

Landmark study shows .7 billion economic impact of sports in Los Angeles region, pointing to significant growth post-pandemic

LA Sports Council

– The total economic impact of sports increased by $2.8 billion compared to the previous year, an increase of more than 31%. –

LOS ANGELES, Calif., Oct. 17, 2024 (SEND2PRESS NEWSWIRE) — The Los Angeles Sports Council, the region’s leading sports trade association, and the Los Angeles County Economic Development Corporation (LAEDC) today released the fourth annual Sports Economic Impact Report , cementing the region’s status as a center for sporting activities and commerce.

“ Sports in the Los Angeles Basin: 2024 Economic Impact Study” was the centerpiece of a panel discussion at the LA Sports Innovation Conference on Monday, detailing how the region’s sports industry generated $11.7 billion in economic output in 2023, about $2.8 billion more than in the previous year or an increase of more than 31%.

“LA is home to the world’s best professional sports teams, unparalleled venues and dedicated fans. Therefore, it is promising that this industry will continue to have an economic impact on our region,” said Los Angeles Mayor Karen Bass. “As we prepare for major sporting events like the 2026 World Cup and the 2028 Olympic and Paralympic Games, which will have billions of dollars in economic impact here in our region, my focus, alongside partners like LAEDC and the LA Sports Council, will ensure that “We hope that Angelenos and our local businesses will continue to benefit from these opportunities for decades to come.”

The report details how both professional and collegiate sports contributed to robust economic growth in 2023 in the Los Angeles Basin, which includes Los Angeles and Orange counties. Combined, professional and collegiate sports were associated with approximately 83,880 total jobs, $8.9 billion in total labor income and $704.8 million in state and local taxes.

Key findings include:

  • The increase in economic activity resulted from the significant growth of the sports industry. Direct revenue increased by more than $816.2 million from 2022 to 2023, an increase of 22%.
  • Professional sports created more than 1,700 jobs, representing 84.6% of the industry’s total jobs and direct revenue, up from 83% last year.
  • Attendance at professional sporting events increased an average of 4.3% from 2022 to 2023 for all major teams in the MLB, MLS, NBA, NFL, NHL, NWSL and WNBA, driven by strong local support.
  • Football is becoming increasingly popular in the region: LAFC, Galaxy and Angel City FC attract an average of 19,750 to 24,100 spectators.

“It’s clear from this report that sports is one of Southern California’s most important economic drivers,” said Stephen Cheung, president and CEO of LAEDC and World Trade Center Los Angeles. “The success of so many local teams on the field has clearly translated into jobs, local taxes and economic benefits for our region – an important reminder that Southern California’s bottom line is tied to sports. I am pleased that the LAEDC continues to work with the Los Angeles Sports Council to present this important report during the always influential Innovation Conference.”

As Los Angeles hopes to welcome global audiences for the 2026 FIFA World Cup and the 2028 Summer Olympics and Paralympics, the sports industry remains on a steady growth path due to investments in infrastructure. These events are expected to significantly boost tourism and economic activity.

“The LAEDC report clearly demonstrates how important our entire sports ecosystem is to the greater LA region, something the Los Angeles Sports Council demonstrates every day,” said Dave Klewan, chairman of the board of the LA Sports Council and general manager of the Genesis Invitational for the TGR Foundation. “While I have no doubt that these numbers will continue to increase with the Olympics and World Cup approaching, it is also important to remember the extremely successful performance of our professional and collegiate programs each season. Each of these teams contributes to a thriving Los Angeles and makes our region one of the country’s premier sports epicenters.”

“Our world-class teams, stadiums, arenas and fans – at every level of competition – have led to a resurgence we can all be proud of,” said Matt Cacciato, President and CEO of the LA Sports Council. “It’s no surprise that we are doing so well and we expect the region to continue to grow as we host more championships, major events and global games.”

This report is the fourth in a series of economic studies commissioned by the LA Sports Council and released at its annual LA Sports Innovation Conference, a one-day forum for industry leaders from across the Southern California sports ecosystem. It is the only study of its kind to quantify the economic activity and impact of the sports industry in the Los Angeles Basin, which includes Los Angeles and Orange counties.

Check out the full report: “ Sports in the Los Angeles Basin: 2024 Economic Impact Study“,” here: https://www.lasports.org/2024-economic-impact-report

Los Angeles Sports Council

Founded in 1988, the Los Angeles Sports Council is the leading sports trade association in the Los Angeles region. As a champion of the Southern California sports community, the LA Sports Council serves as a liaison to the industry through year-round programs and initiatives, including the LA Sports Awards, the LA Sports Innovation Conference and Ready, Set, Gold!, a non-profit program, which connects Olympians and Paralympians with schools to promote healthy and active lifestyles. For more information, see .

Los Angeles County Economic Development Corporation

The Los Angeles County Economic Development Corporation (LAEDC) is a nonprofit organization dedicated to promoting opportunity and prosperity for all residents of Los Angeles County. Through collaborative partnerships, innovative programs and strategic initiatives, LAEDC works to attract, retain and grow businesses and quality jobs for the region.

NEWS SOURCE: LA Sports Council

Keywords: Sports and Activities, LA Sports Council, Sports Economic Impact Report, Los Angeles County Economic Development Corporation, LOS ANGELES, CA.

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