NEWS RELEASE
For Immediate Release 2002MCAWS0063-000996 Nov. 22, 2002		Minister of State for 2010 Olympic Bid Ministry of Community, Aboriginal and Women's Services
STUDY CONFIRMS 2010 GAMES WILL BOOST B.C. ECONOMY

VANCOUVER – A new, independent consultant’s report confirms that hosting the 2010 Olympic and Paralympic Winter Games will provide major economic benefits to British Columbia.

 

The report by InterVISTAS Consulting Inc. verifies the model used in the January 2002 study prepared by the Ministry of Competition Science and Enterprise. The new study incorporates more recent data on the timing and amounts of Olympics spending.

 

           “This study revisits our original analysis, validates the general approach and adjusts some of the parameters so the predictions are as accurate as possible,” said Ted Nebbeling, Minister of State for 2010 Olympic Bid. “The numbers are virtually the same: Combined with an expanded convention centre, the Games will mean up to $10 billion in total economic activity, more than 200,000 total jobs and $2.5 billion in tax revenues."

 

 Both studies focus only on money that will come into British Columbia from out of province as a result of hosting the 2010 Games.

 

The new study shows that, when combined with independently measured impacts from an expanded Vancouver Convention and Exhibition Centre, hosting the 2010 Games could:

·        Generate $6.1 billion to $10.7 billion in economic activity.

·        Create the equivalent of 126,000 to 244,000 full-time jobs.

·        Result in tax revenues of $1.4 billion to $2.6 billion.

 

           “Our mandate was to verify the methods and approach used in the January 2002 report to determine the economic impact of hosting the 2010 Games,” said report author Michael Tretheway, an economist who specializes in conducting and critiquing impact studies. “The original report was thorough and generally conceptually valid. Like the first report, this is not a measure of gross economic benefits; rather, all it takes into consideration is out-of-province money that would arrive in B.C. as a result of an Olympic Games.”

 

            “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.”

 

“This study provides valuable insight into the potential benefits of the Games,” said Jock Finlayson, executive vice-president of the Business Council of B.C. “Hosting the Games will bring new money into the province that can help to jump-start our economy.”

“The report shows there are opportunities for businesses all over the province and in every sector of the economy to benefit from hosting the 2010 Games,” said John Winter, president of the B.C. Chamber of Commerce. “We owe it to the future economic success of the province to throw our support 100 per cent behind the Vancouver 2010 bid.”

 

“From a labour perspective, we are looking for opportunities for our members,” said Tony Tennessy, past president and director of the International Union of Operating Engineers, Local 115. “This study clearly indicates that the Olympic bid is all about jobs, jobs and more jobs, with 10 to 12 years of economic growth.”

 

The full report can be viewed on the Ministry of Community, Aboriginal and Women’s Services Web site at http://www.mcaws.gov.bc.ca/2010/Econ_Impact_2010_Games_Update.pdf

 

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