News Wire
LOS ANGELES— A new report issued by Micronomics Economic Research and Consulting outlines significant gains for Los Angeles when the region hosts the College Football Playoff (CFP) National Championship at SoFi Stadium on January 9, 2023, in the City of Inglewood. According to the projections, the region can anticipate as much as $225 million in total economic upside, more than a thousand new job opportunities in the event production and hospitality sector, and major contracts for local businesses.
Following the success of Super Bowl LVI, the influx of visitor spending around the numerous events leading up to college football’s biggest game will provide a continued boost to the region’s economy. Small businesses and industries like restaurants and hotels will experience the most noticeable lift.
The entire L.A. region can expect the CFP National Championship to generate economic benefits between $155 million and $225 million, including tax revenue ranging from $7 million to $10 million, according to the analysis. These potential economic impacts would encompass a gain of approximately 1,300 to 1,900 jobs in the LA region, with full-service and limited-service restaurants, hotels, and motels predicted to show the greatest increases in employment.
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“Similar to the massive impact of Super Bowl LVI across the entire Los Angeles region, we are pleased to see that the CFP National Championship will generate a wide-ranging positive impact for the region,” said James Rishwain, Chairman, Los Angeles Host Committee. “This economic impact report further reinforces our mission as an organization to channel the resources and opportunities of hosting major events back into our communities to provide economic and social benefits for years to come.”
The CFP National Championship will add to the City of Inglewood’s impressive schedule of high-profile sports and entertainment events slated to arrive at SoFi Stadium and Hollywood Park this decade.
“The College Football Playoff National Championship represents another step in reclaiming Inglewood’s title as the City of Champions,” said City of Inglewood Mayor James Butts. “We look forward to hosting the fans of the region and country for this spectacular event.”
With roughly 26 million television viewers and millions of social media interactions each year, the CFP National Championship regularly generates tremendous national exposure to host cities—which in turn positively impacts tourism and economic activity for years to come.
“Los Angeles is the ultimate stage: where fans fill our stadiums, players become icons, and teams from around the country become champions,” said Los Angeles Mayor Eric Garcetti. “The College Football Playoff National Championship will make our athletic tradition even richer and give sports fans from around America another reason to visit Los Angeles.”
L.A. County is among the nation’s leaders in hosting world-class sports and entertainment events. The region will continue to host many major events in the near future, including WrestleMania 39 (2023), the 123rd U.S. Open Championship (2023), the 2026 FIFA World Cup™, and the 2028 Olympic and Paralympic Games.
“Thank you to Stan Kroenke, SoFi Stadium and Hollywood Park, and our ChampionLA donors, who are committed to bringing major events like the College Football Playoff National Championship to our region, which leave a lasting legacy for our community,” said Kathryn Schloessman, President & CEO, Los Angeles Sports & Entertainment Commission. “These events drive significant economic and community impact to our region.”
In September, the Los Angeles Host Committee, alongside the CFP Foundation and the LA84 Foundation, launched the Champions Educate Here legacy program to recognize up to 46 educators who are harnessing the unique power of sport, play, and movement to support the mental health and social-emotional needs of students. Each selected educator will receive up to $20,000 to expand their work. Meanwhile, the LASEC Business Connect program is supporting 200 local minority, woman, LGBTQIA+, and veteran-owned businesses through professional development, networking, and contract opportunities. Various other grants, workforce opportunities, and community programs stemming from the CFP National Championship are strengthening ties in cities and neighborhoods throughout the region.
“The Champions Educate Here program has changed the culture of our cross-country team by providing equipment that gave our kids pride and confidence,” said Reginald Bellamy, Cross Country Coach & Girls Track Coach, Inglewood High School. “These are critical years for students, and sports can positively impact their lives. The Champions Educate Here program is the seed that will allow us to grow.”
For more information on Los Angeles hosting the College Football Playoff National Championship, please visit LosAngeles2023.com.
