In a report released by InterVISTAS Consulting Inc. which analyzes an economic report by the Ministry of Competition Science and Enterprise published in January 2002, author Michael Tretheway confirms that a 2010 Olympic Games in Vancouver would generate between $6.1 billion to $10.7 billion in total economic activity in British Columbia.
The report prepared for Ted Nebbeling, Minister of State for the 2010 Olympic Bid, also reveals that between 126,000 and 244,000 full-time jobs could be created and $1.4 billion to $2.6 billion in tax revenues could be generated if Vancouver hosts the 2010 Olympic and Paralympic Winter Games. The study concentrates on money coming into British Columbia from outside of the Province.
“This is a once-in-lifetime opportunity that will have a tremendous impact on our industry,” said Rod Harris, CEO of Tourism BC. “We need to make the most of the benefits that hosting an Olympics Games presents.”
The bid committee claimed that operating costs are projected to be $1.3 billion and the report states that this amount will be entirely covered by Games revenues from out-of-province sources. The report also examines the capital costs of infrastructure improvements including upgrades to the Sea-to-Sky highway, and factors in permanent benefits from these. However, the report doesn’t account for the costs of some of these improvements.
The Vancouver 2010 Bid Committee will submit a complete bid book with detailed financial information to the IOC by Janaury 10, 2003. The 105 page economic impact report is available for downloading ( 1.3MB PDF file) at www.gov.bc.ca/mcaws.
