Economic Impact Study Determines the 2013 Tournament of Roses Brings $306 Million to Los Angeles Economy
LOS ANGELES, Oct. 10, 2013 /PRNewswire-USNewswire/ -- Micronomics, a SourceHOV company, and a leading economic research and consulting firm in Los Angeles, recently completed an economic impact report in which it determined that Los Angeles County reaped significant benefit from hosting the 2013 Rose Bowl Game and Rose Parade on January 1, 2013. The study concluded that these events added at least $306 million in direct and indirect spending benefits to Los Angeles.
The benefits quantified in this report include approximately:
- $140 million in incremental spending by visiting attendees
- $4 million in incremental spending by out-of-town event participants
- $15 million spent by the Tournament of Roses Association
- $142 million in multiplier effects, including $22 million in state and local tax revenue
These economic benefits are equivalent to the creation of an additional 3,150 full-time jobs in Los Angeles County.
The Los Angeles Sports & Entertainment Commission (LASEC) commissioned Micronomics to measure the economic impact of the Rose Bowl Game and Tournament of Roses parade.
"The Tournament of Roses Association has long known that its iconic events bring significant positive fiscal impact to the region," said Tournament of Roses Executive Director Bill Flinn. "This report provides informative detail about the most recent Rose Parade and Rose Bowl Game and the Tournament is proud to continue as an economic catalyst for Pasadena and all of Los Angeles County."
"We are honored and privileged to work with the Los Angeles Sports & Entertainment Commission and the Tournament of Roses Association on economic impact studies involving world class events, including the Rose Bowl Game and Tournament of Roses Parade," stated Roy Weinstein, president of Micronomics. "This research enables municipalities, businesses and government agencies to quantify benefits associated with major events and thereby validate investments important for sustaining and growing businesses, communities and local economies."
Micronomics is a leading Los Angeles economic research and consulting firm engaged in the collection, tabulation and interpretation of complex financial, economic, and statistical data. It provides litigation and business consulting services in a wide range of practice areas and industries, including antitrust analysis, valuation of intellectual property, calculation of economic damages, wage and hour litigation, and sports and entertainment economics. Its clients include law firms, publicly and privately held businesses, and government agencies.
SourceHOV is a global provider of transaction processing solutions, strategic consulting and data analytics services that are delivered through innovative technology platforms and offer streamlined workflows based on specific business rules. The company's services and solutions result in improved quality and increased efficiency and can be coupled with data analytics that are intended to provide critical quantitative insight to enhance business intelligence and support effective decision making. SourceHOV's workforce is made up of more than 12,500 employees operating in 80 delivery centers in six countries including the U.S., Mexico, Canada, India, China and the Philippines.