$1.25 Billion Economic Impact Anticipated from New Downtown MLS Stadium
New Economic Analysis Predicts MLS Stadium will help downtown Sacramento reach “Critical Mass”
Photo courtesy of Sacramento Republic FC
SACRAMENTO, Calif. – Today, Capitol Public Finance Group released “THE CRITICAL MASS REPORT,” a new analysis of the estimated economic impact of the development of a new MLS stadium in downtown Sacramento.
“The Critical Mass Report makes clear that the significant private sector investment led by the Sac Soccer and Entertainment Holdings will accelerate the revitalization of downtown Sacramento by generating over $1 billion economic development over a 30 year period,” said Cathy Dominico, Managing Partner at the Capitol Public Finance Group. “This is precisely the kind of significant, sustained investment that will ensure downtown Sacramento preserves and expands on its current economic momentum.”
The report was unveiled at an event hosted by Region Builders and Downtown Sacramento Partnership before an audience of leading business and civic leaders from across the region.
“Downtown Sacramento is at the start of something really special,” said Sacramento Mayor Kevin Johnson. “Construction of the Golden1 Center and Downtown Commons represents a huge win that has jumpstarted activity in our downtown core. But now is not the time to rest on our laurels. As this report makes clear, continued investment in the form of a new MLS stadium will ensure downtown Sacramento reaches the ‘critical mass’ we need to maximize the full economic potential of downtown and full vision of ‘Sacramento 3.0.’”
The report articulates the specific job creation and economic benefits anticipated by the project:
- 1,755 jobs created during stadium construction and an additional 130 – 220 jobs during ongoing operations
- $200 million of gross economic activity during the construction phase of the project
- $30.5 million of annual economic activity in the City of Sacramento and $1.24 billion over 30 years across the entire Sacramento region
- $2.2 million in annual fiscal benefits within Sacramento County, with approximately $800,000 – $900,000 in annual direct fiscal benefits to the City of Sacramento
- Provide entertainment for an anticipated 500,000 annual visitors.
Today’s announcement represents another milestone in ‘Operation Turnkey,’ an initiative launched by Sacramento Mayor Kevin Johnson, SSEH Managing Partner Kevin Nagle, and Sacramento Republic FC President Warren Smith in spring 2015 to strengthen Sacramento’s bid for a Major League Soccer (MLS) expansion team. Plans for a new, privately financed stadium are on track, pending an MLS expansion award to Sacramento, with the facility ready to open as soon as the 2018 MLS season.
For more information, please visit www.SacRepublicFC.com.