HOUSTON, Dec. 6, 2016 /PRNewswire/ -- Super Bowl LI will have a net economic impact on Houston of $69 million, which is a small fraction of the city's economic output but still a welcome boost to its bottom line and, most importantly, its image, BBVA Compass economists say in a new report.
BBVA Compass Chief Economist Nathaniel Karp and his team examine a number of factors they say will have a big influence on the game's ultimate economic impact, including local residents' spending and the "crowding out" effect, where some residents may opt to leave town to avoid crowds and congestion. Karp and team say Houston's lower relative prices, lower population density and lack of zoning restrictions will help increase the positive economic impact on the city, but the biggest benefits may be the intangible ones that bear out over the long term.
"In terms of the intangibles, the biggest short-term upside is the opportunity to showcase a modern, vibrant and cosmopolitan city, which would dramatically alter the perception for many visitors that think of Houston as a hot, humid and heavily congested concrete jungle," the economists write. "The growing diversity of its population and businesses, Southern hospitality, and abundant choices for entertainment, restaurants and shopping will leave fans wanting overtime."
To read the full report, including which teams have the highest probably of winning on Feb. 5, go here: bbva.info/2gwqcCg
Led by Karp, the bank's research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The Economic Research team also follows a variety of issues that affect the Sunbelt states where BBVA Compass operates. Follow their work on Twitter @BBVAResearchUSA and @BBVACompassNews.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The BBVA Group is the largest financial institution in Spain and Mexico, has leading franchises in South America and the Sunbelt region of the United States and is also the leading shareholder in Garanti, Turkey's largest bank based on market capitalization. Its diversified business is focused on high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. The Group is present in the main sustainability indexes. More information about the BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 674 branches, including 345 in Texas, 89 in Alabama, 75 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (4th). BBVA Compass was recently named Best Digital Bank in North America by global finance magazine Euromoney and the best regional bank in the South & West and best mobile app in Money magazine's 2015-2016 list of the Best Banks in America. Additional information about BBVA Compass can be found at bbvacompass.com, by following @BBVACompassNews on Twitter or visiting newsroom.bbvacompass.com.
Any statement or opinion of a BBVA Compass economist is that economist's own statement or opinion and does not represent a statement or prediction by BBVA Compass, its parent companies or management.
BBVA Compass is a trade name of Compass Bank.
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SOURCE BBVA Compass