Boston hopes Better Economic Prospects for 2024 Olympics

Boston, the capital of Massachusetts and the largest city in the New England region of the United States, is the only American city contending for summer Olympics 2024, the bidding process is going to take place in 2017 and the Olympic committee has to choose either Boston along with other contending host cities of Rome, Italy, Hamburg, Germany and Paris, France. Massachusetts State is hoping for better economic gains if Boston is chosen as the host city for summer Olympics 2024.

Boston Skyline

Boston may displace its new food market if it is selected as host city for 2024 Summer Olympics. Source: bostonglobe

The study released on Wednesday by the University of Massachusetts and the nonprofit organization Boston Foundation, forecasted preliminary budget plans drawn by Boston, found out that Olympics can prove to be net economically viable, but success will be depend on smart budgeting with better planning avoiding cost overruns that has proven disastrous for some host cities in the past.

United States Olympic committee unanimously has chosen Boston as the sole American city to contest in the bidding process for 2024 Olympics. The report estimates about $2.1 Billion out of total $3.8 Billion in construction activity will directly benefit firms based out of Massachusetts by creating supportive jobs of over 24,000 for the next six years starting 2018 leading up to 2024. The total estimated amount is touted to be $5.3 Billion will be spent operations ranging from security, information technology and Sports venue management. The report projects that about $2.9 Billion will be benefitting the state companies and create an additional employment of over 50,000 during the year the games are held.

Tourism could generate an additional $300 million in spending for the state income during the summer as more visitor influx into the state than the normal. The report also questions with regards to bidding to be far from the fiscal realities of the budget forecast. The actual cost could exceed the initial budget estimates and it depends on how the organizers manage the cost overruns that could weigh the economic imbalance.

Boston 2024 chief executive Richard Dave, states that the organizers were conscious of cost overruns, preparing strategies to cover with an Insurance policy to protect them against anticipated delays in project delivery. Boston 2024 solely will concentrate on creativity than looking out for cost overruns.

The report warns, the Tax payers may criticize about the spending that could lead benefiting certain companies than money flowing in providing better health care system or education.

Read more about Sports Venue Technology: http://www.sportsvenue-technology.com/

Jacob Higgins
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Jacob Higgins

A blogger by passion follows the latest Industry trends and an explorer by choice.
Jacob Higgins
Follow Us

Jacob Higgins

A blogger by passion follows the latest Industry trends and an explorer by choice.

Jacob Higgins
Follow Us

Jacob Higgins

A blogger by passion follows the latest Industry trends and an explorer by choice.
Jacob Higgins
Follow Us

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