close
close
Sun. Jul 21st, 2024

Visit Detroit and Detroit Sports Commission Announce Record-Breaking 2024 NFL Draft Generates $213.6 Million in Economic Impact

By meerna Jul11,2024
Visit Detroit and Detroit Sports Commission Announce Record-Breaking 2024 NFL Draft Generates 3.6 Million in Economic Impact

$161 MILLION IN SPENDING PROJECT REPRESENTS NEW, LONG-TERM LOCAL REVENUE

COMPREHENSIVE THIRD-PARTY REPORTING PROVIDES SIGNIFICANT BENEFITS FOR MINORITY-OWNED COMPANIES

DETROIT, July 11, 2024 (GLOBE NEWSWIRE) — Visit Detroit and the Detroit Sports Commission today announced that the 2024 NFL Draft generated $213.6 million in economic impact for the city of Detroit and the region, including $161.3 million from visitors to southeast Michigan. Visitor spending has a long-term economic impact that results in new revenue for local households, businesses and taxes.

The comprehensive study, developed by Dr. Patrick Rishe, director of the Sports Business Program at Washington University in St. Louis, analyzed spending levels by both visiting and home fans, as well as the NFL. The study highlighted significant benefits for local minority businesses and defined the local regional economy as the Detroit region in Wayne, Oakland and Macomb counties.

“Visit Detroit and the Detroit Sports Commission are excited to announce that a record 775,000 people attended the 2024 NFL Draft, generating more than $213 million in total spending for Detroit and southeast Michigan,” said Claude Molinari, president and CEO of Visit Detroit and co-chair of the Detroit Local Organizing Committee (DLOC) for the NFL Draft. “This spending went to Detroit businesses and will help strengthen our community for years to come. I am also proud that more than 50 million people watched Detroit shine on national television, which will be critical to Michigan’s long-term population and economic growth.”

In addition to its strong economic impact and record-breaking attendance, the 2024 NFL Draft provided a unique opportunity to highlight Detroit’s diverse community through inclusive activations and partnerships that represent local cultures. From generating numerous contracts for local minority businesses to introducing the first-ever Prayer Halls at the Draft, the three-day event was a true celebration of entrepreneurs, music, entertainment, dance and cuisine in the region.

“The Detroit Local Organizing Committee (DLOC) for the 2024 NFL Draft has been committed to prioritizing business opportunities for minority-owned businesses in Detroit and the surrounding areas since we began our strategic planning in 2022,” said Alexis Wiley, founder of Moment Strategies and co-chair of the DLOC. “Our valued partnerships with the City of Detroit, local minority business organizations, and entities like the Michigan Black Business Alliance, Detroit Economic Growth Corporation, the Detroit Lions, and local ethnic chambers of commerce have significantly benefited local minority businesses. These partnerships have also helped many of these businesses become certified and prepared to secure contracts for future major local events.”

Y032_NFL_DRAFT_IMPACT_InfoGraphic_F1 (1)Y032_NFL_DRAFT_IMPACT_InfoGraphic_F1 (1)

Y032_NFL_DRAFT_IMPACT_InfoGraphic_F1 (1)

Economic Impact Report Highlights

  • $161.3 million of the $213.6 million total gross economic impact is new spending in the Detroit region driven by the 2024 NFL draft.

  • $106.4 million of the $161.3 million gross economic impact will be retained in the Detroit region over the long term in the form of new income for households, business owners and tax revenues.

  • The $106.4 million is the gross impact on local income, taking into account any leakage of money shortly after the new money enters the local economy. The total fiscal/tax impact from visitor spending is $12.3 million.

  • 30.2% of all participants traveled more than 100 miles to attend the 2024 NFL Draft in Detroit.

  • The NFL’s total spending on local minority-owned businesses was $12.1 million. The Michigan Black Business Alliance (MBBA), Detroit Economic Growth Corporation (DEGC), Visit Detroit and the Detroit Sports Commission helped Black-owned businesses secure 34 contracts to work directly with the NFL, representing nearly 40 percent of local contracts.

  • The MBBA, DEGC, Detroit Sports Commission and Visit Detroit members selected to fulfill contracts included 15 Black-owned concession stands, three black-owned businesses, three caterers, two bartenders and one food truck at the “Taste of Detroit” NFL Draft Experience at Hart Plaza and other areas within the NFL Draft area.

  • Other contracts awarded by MBBA have been awarded to local entrepreneurs working in industries such as photography, transportation, interior design, laundry and art.

  • MBBA members hired more than 500 workers to meet the demand for work, which resulted in revenue of $1.2 million during draft week.

  • Detroit Sports Commission Living Heritage Initiative helped distribute $1.5 million in grants to local nonprofit organizations.

  • Fans from all 50 U.S. states and more than 20 countries participated in the 2024 NFL Draft.

  • An Australian fan traveled more than 11,000 miles to attend the 2024 NFL Draft in Detroit.

  • Detroit hotel occupancy during the draft: Wednesday, April 24, 84%; Thursday, April 25, 92%; Friday, April 26, 85%; Saturday, April 27, 74%

Other findings in the economic impact study included total spending by companies that participated in or were involved in the NFL Draft. The gross economic impact includes only spending by fans outside the region and companies (with some exceptions) that inject new money into the local regional economy as a result of the NFL Draft.

“Today’s report detailing the economic benefits of the 2024 NFL Draft to our local community validates the decision by Visit Detroit, the Detroit Sports Commission, the Detroit Lions and the City of Detroit to bid on and host this prestigious NFL event,” said Dave Beachnau, executive director of the Detroit Sports Commission. “This accomplishment fulfills our mission to generate economic impact for the region and promote the area as a premier destination for recreational travel and sporting events.”

About the Detroit Sports Commission
The mission of the Detroit Sports Commission (DSC) is to market and sell Detroit as a premier destination for regional, national and international amateur sports events. DSC is a non-profit, IRS 501(c)(3) charitable organization and a subsidiary of the Detroit Metro Convention & Visitors Bureau (DMCVB). For more information, visit detroitsports.org.

About Visit Detroit
Visit Detroit is the official destination marketing organization for the City of Detroit, dedicated to promoting Detroit as a world-class destination for leisure and business travelers. Focused on showcasing the city’s vibrant culture, rich history and diverse attractions, Visit Detroit aims to drive tourism, economic growth and community pride. More than 700 businesses are represented in the Visit Detroit membership. Visit Detroit was founded in 1896 as the world’s first convention and tourism bureau, and more than 700 businesses are represented in the membership. For more information, visit visitdetroit.com.

MEDIA CONTACTS:
Chris Moyer/Visit Detroit
248-840-7332 / [email protected]

Kurt Kosmowski/The Kosmowski Group, on behalf of the Detroit Sports Commission and Visit Detroit
248-345-4360 / [email protected]

Lauren Pulte/Lambert by LLYC for the Detroit Sports Commission and Visit Detroit
248-885-2607 / [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c5a416b-dd95-41b8-bf71-116d93538eac

By meerna

Related Post