Saturday, May 14, 2011

Economic Growth

Since the preparations for the Winter Games were so costly, Vancouver had nine sponsors to help fund the construction and preparations. Each sponsor would pay $80-$100 million for a four year cycle (Cedrowski). The sponsors were very helpful to fund and pay for the projects. After the Games begun, Vancouver brought in over $770 million from spending related to the Games, such as from hotels, restaurants, and other businesses. The ticket costs also added to the total earned. There were about 1.8 million tickets available for the various events. The prices of the tickets ranged from $29 - $277 for some of the main events. This spending added .6% to the province’s economy, which grew 3.7% total. The Winter Games generated $6-$10 billion in economic activity. This will make British Columbia the fastest growing province this year (Fong). By 2015, an extra $8 billion will be added to the economy because of increased tourism due to the highway upgrade from Vancouver to Whistler Mountain (Cedrowski). “If not for the Olympics, British Columbia would not be No. 1 in the country,” Marie-Christine Bernard, from the conference board, said (Fong). The Winter Olympic Games provided a large financial boost to Vancouver’s economy. There were over 45,000 jobs created, and over $2.5 billion added to the economy so far (Cedrowski).

More information about ticket sales at http://www.evalu8.org/staticpage?page=review&siteid=7216

http://www.sfu.ca/geog/geog351fall07/Group03/impacts.html

http://www.greenertrends.com/live/wp-content/uploads/2010/01/Vancouver-winter-olympics-2010-Whistler-ice-sculpture-Tim-in-Sydney1.jpg

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