The Commonwealth Games Value Framework Report has evaluated the benefits and costs of hosting the Commonwealth Games, revealing staging the competition has consistently provided an economic boost of over $1.86 billion for host cities.
The report was conducted for the Commonwealth Games Federation (CGF) by leading professional services firm PricewaterhouseCoopers (PwC), based on extensive research and data from every Games, since the Manchester 2002 Commonwealth Games, excluding the 2010 Delhi Commonwealth Games.
The main take-away from the report is that hosting the event has boosted GDP in the host city/region by $1.48 billion – $2.23 billion, with the Gold Coast 2018 Commonwealth Games recording the biggest uplift of $2.23 billion.
Behind the 2018 edition hosted by the Gold Coast, Manchester 2002 recorded a boost of $2.04 billion, Melbourne 2006 recorded $1.86 billion, and Glasgow 2014 recorded the lowest increase at $1.48 billion.
CGF chief executive, David Grevemberg, said the Commonwealth Games Value Framework Report can provide key information to potential future Commonwealth Games host cities, to help determine the value of hosting the event in what is now a difficult economic climate.
“The CGF recognise, particularly in the difficult global climate we are in, that the costs of staging a major sporting event such as the Commonwealth Games is a huge commitment to those cities that have competing priorities for funding,” Grevemberg said.
“Prospecting candidate cities, who correctly are under increasing scrutiny from taxpayers, need to be able to justify the commitment of increasingly scarce government resources as good value for money for their city, region and country.
“That is why the Games Value Framework is so important because it clearly defines, in more detail than has ever been done before, the benefits and costs of hosting the Commonwealth Games, while articulating how these should be assessed.
“The report collates the existing evidence from recent Commonwealth Games, draws out critical success factors and guides prospective host cities on how to assess the anticipated costs and benefits of hosting the Games aligned with the Commonwealth Sport Movement’s vision to create peaceful, sustainable and prosperous communities.
“Aligned to our new Games deliver model to drive down operating costs by delivering the Games more efficiently, we feel there is now a clear blueprint outlining how our event can be used as a real catalyst for regeneration following the difficult situation we are collectively facing,” he said.
Among other significant benefits of hosting the Games, the report said the host cities see an increase in tourism of up to 25 percent in the three years after hosting, as well as Commonwealth trade deals and investments of up to $744 million.
With the next edition scheduled for 2022 in Birmingham, the Commonwealth Games has been reported to cost British taxpayers $1.44 billion, according to government figures from June 2019.
(This story has not been edited by the Supperrb staff and is auto-generated from TheDragflick.com)