What is the real economic impact of national party conventions? For every Presidential election cycle cities woo the Republican National Committee and the Democratic National Committee to bring their quadrennial confabs (and dollars) to town. But do the promises hold true?
We will find out when the 2016 Democratic National Convention (DNC) rolls into Philadelphia next month. This convention promises to be an even larger revenue producer since the Republican National Convention in 2000, with an economic multiplier effect five times greater – and providing a much larger economic punch than last September’s historic visit by Pope Francis.
The City of Philadelphia and DNC officials estimate an influx of $350 million for the area, but that figure is exaggerated – it will be lowered after the fact, just as Charlotte’s and Denver’s estimates were wildly off target. City officials always try to sell the economic impact package to their taxpaying constituents and the local business community with larger estimated numbers than actual numbers.
This year, the DNC should boost the gross regional product in the Delaware Valley by at least $130 million from the lead-up to the convention to after it ends on July 28. Both retail and wholesale merchandise, hospitality, food and liquor, lodging, transportation will all benefit, but not at the projected levels given by the DNC committee or the City. What will be more difficult to measure is the positive long term economic impact years after the DNC has left the City, and the presumed enhancement of Philadelphia’s reputation and image. For the full article click here
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