Football stadiums attract thousands of people to come together and watch a game live. However, when these stadiums are constructed, it not only takes time but also a lot of resources and money. Some of the world’s most expensive football stadiums cost over $1 billion, but how do they affect the economy? Let’s look at the financial ripple that these structures have.
How the Construction of a Stadium Affects the Economy
When a company decides to build a new football stadium, there are a lot of things they have to keep in mind. Choosing the ideal location is an incredibly important step, and this is also where the project starts to affect the local economy.
It begins with construction jobs. Positions not only for building experts but also for maintenance, engineering, architecture, and customer service open up when the construction of the new stadium begins. This creates opportunities for people in the local area.
By the time construction is completed, it’s time to shift toward the grand opening of the stadium. This creates further opportunities for the economy to grow as the stadium becomes a tourist attraction, potentially increasing local spending and can even have a positive effect on the local infrastructure.
Photography and the Stadium
Before the grand opening, the project founders need to work on their marketing techniques. This helps ensure they can get worldwide recognition for the new stadium, which is also where photography comes into the picture.
In terms of how this affects the community, it helps create job opportunities for local photographers. The average person staying in the surrounding neighborhoods may also take photos and post these to their social media profiles.
All of this builds excitement that eventually leads to more tourists arriving when the stadium opens up and when there are official championships hosted at the stadium.
The Impact on the Hospitality Industry and Local Retail
Local retailers can generally look forward to more sales when the stadium opens up. When you consider some of the biggest stadiums in the world, you’ll notice that they attract a lot of visitors, especially during official championships.
The tourists who travel all the way to the local area to see the stadium need a place to stay. This is where the hospitality industry comes into play. Local hotels, motels, and bed and breakfast operators will begin to see an increase in rooms that are being booked.
Just as these people need accommodation, they’ll also require food. This means retail shops, such as local supermarkets, will also see an increase in the number of sales they make while there are ongoing games at the stadium.
It also creates an opportunity for artists, farmer’s markets, and other local businesses to experience economic growth.
Transforming Urban Areas Through the Construction of Stadiums
The building of a stadium isn’t just about the fact that it becomes a tourist attraction and potentially boosts the local economy. Research has already confirmed the fact that tourism plays an essential role in the development of communities.
Urban areas are transformed when stadiums are built in these areas, and with this in mind, the local infrastructure is often improved.
New roads can make it easier for people in the surrounding neighborhoods to commute on a daily basis.
As these transformations come into play, there’s another thing that many people in the local areas will notice. The value of their properties will usually increase, sometimes considerably, thanks to the addition of a stadium.
The specific amount by which property values increase isn’t set. It all depends on the size of the stadium, the name behind it, and how much of an impact it has on the local community.
Stadiums Creating Job Opportunities
As we’ve mentioned before, big stadiums are also creating job opportunities within the local community. Construction jobs for builders, maintenance workers, and other staff members open up as soon as the project starts. On the opening day, the stadium requires staff members to handle the reception area, sell tickets, and operate food stalls, among other activities.
This can be an excellent way to reduce the unemployment rate in local communities, which will have a positive impact on the economy.
Conclusion
There’s a financial ripple effect that comes into play when a new football stadium is constructed. It starts from the point where the construction begins, and once it’s up, it helps change the landscape for urban areas, while also creating more job opportunities for people who live in the surrounding neighborhoods.