FIFA projects that Canada's co-hosting of the 2026 World Cup will benefit

Started by bosmftha, Dec 10, 2024, 07:38 PM

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FIFA estimates  Canada could see $3.8 billion  in benefits from Canada's participation in the 2026 World  Cup
The estimate puts the cost  of the 13  games in  Vancouver and Toronto at $1.9  billion.
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BC Place in Vancouver, which will host  the 2026 World  Cup. 
The 2026 FIFA World Cup will contribute up to $3.8 billion in "positive economic  impact" for Canada as  the host nation, according to a FIFA economic impact  assessment.
This amount is  divided between  Canada's gross domestic product, labour income and government  revenue, with GDP ($2 billion) and labour income ($1.3 billion)  taking the  largest share. The  estimate also  projects the "creation and preservation" of 24,100 jobs  nationwide during the period from June 2023 to August  2026.
According to the assessment, economic impacts  are measured and reported in terms of economic output, GDP,  labor income,  employment, and government  revenue. Advertisement
The ratings were calculated  using data provided by FIFA World Cup 26 and the Canadian  Host City Committee. They were supplemented by  forecasted data or provided by  economists at Deloitte  Canada.
"You can think of economic output as  sales," said Jeff Harris, founder and  head of Deloitte  Canada's sports business consulting practice. "It's the total value of goods and services produced and purchased  during the  period."
Think of the GDP number as income,  Harris added.
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BMO Field  in Toronto will be one of two Canadian venues to host World Cup  matches in 2026. (Chris Young/The Canadian Press)
The  estimate shows that for every Canadian dollar spent  in preparation for the tournament or by visitors attending the competition, the event  is estimated to contribute $1.09 to GDP. That translates  to an average  of $155 million  in GDP — and  the creation or  maintenance of 1,850 jobs nationally — for each of the 13 matches  held in Canada.
The World Cup, expanded to  48 teams and 104 matches, is being  hosted by  Canada, the United States and Mexico. Vancouver and Toronto are  the host cities  in Canada, with 11 others in the  United States and three in  Mexico.

The estimate estimates  that tourism spending — in the form of capital,  operating and visitor spending — will  reach $1.9 billion from June 2023 to August  2026. The economic assessment  shows that preparing for and hosting the tournament could contribute  up to $1.7 billion in positive economic  impact to British Columbia, which is hosting seven matches.  This includes  increased GDP ($980 million),  employment income ($610 million) and government revenue ($120 million), as well as  "creating and  retaining" more than 13,700 jobs  in the province over the period  analyzed.
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In Ontario, where Toronto is hosting six  matches, the  estimate is for a positive economic impact of $1.3 billion  - GDP ($700 million),  labor income ($460 million) and government revenue ($100 million). The  employment figure is more than  8,700. The estimate cites  potential positive economic  impacts of $940 million for the Greater Toronto Area and $1.3 billion for  Metro Vancouver.
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"Off the  field, it's much more than a sporting  event," FIFA vice-president Victor Montagliani, a Vancouver native and former  president of Canada  Soccer, said in a statement.  "It's the biggest  sporting and entertainment event in history and a  unique opportunity to showcase our nation on the  world stage."
On the other side of the ledger,  the cost of organizing the tournament has increased.
In April, Vancouver organizers estimated the cost of staging their portion of the event at $483 million  to $581 million, including costs for city,  provincial and stadium  improvements. But the  British Columbia government said the event is expected to generate enough revenue to result in a net cost of $100 million  to $145  million. In February, the City of Toronto estimated  that local operating and capital costs in Toronto  would be  about $380 million. The federal government has  committed $104.34 million to the  city, while Ontario has agreed to  contribute up to $97 million.