ECONOMIC DEVELOPMENT

EDC: America’s Cup economic impact tops $38M for R.I. businesses

COURTESY R.I. DEPARTMENT OF TOURISM
THE RETURN OF THE AMERICA'S CUP races to Rhode Island resulted in a total economic impact of more than $50 million for the state of Rhode Island, according to a report released Friday by the EDC.
Posted 2/1/13

(Corrected, 2:45 p.m.)

PROVIDENCE – The Ocean State is perfectly-positioned and well-prepared to host high-profile marine events based on the success of the America’s Cup races in Newport last summer, according to a report from the R.I. Economic Development Corporation.

The return of the America’s Cup races to Rhode Island after nearly 30 years resulted in an economic impact of $38 million for businesses in the state, $12 million for 345 jobs and $2.5 million in general state tax revenue, according to the Large Marine Benefits Assessment Modeling Report released by the EDC on Friday.

“Hosting the America’s Cup races last summer was a great source of pride for Rhode Islanders,” Gov. Lincoln D. Chafee said in prepared remarks. “The Large Marine Events report shows that our beautiful state is the perfect setting for these type of events, and we look forward to using the feedback outlined in the study to make future events even better and more frequent.”

The report was done by Planning Decisions Inc. and Charles Colgan, professor of public policy and management at the University of Southern Maine.

The America’s Cup World Series in Newport attracted 65,000 spectators during the four-day compressed racing period. In addition to the spectators, revenue came from organizers, sponsors, media and racing teams.

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