More than $6.3 billion was generated by the region’s sports industry in 2018, according to a study released today by the Los Angeles Sports Council.
“Los Angeles has long been looked to as a leader in the sporting industry,” said David Siegel, president and CEO of the LASC and Southern California Committee for the Olympic Games. “Having current, accurate data that quantifies the contribution sports make to our local economy is extremely valuable in our partners, teams and the city itself.”
The results were part of the sports council’s Economic Impact Analysis of the Sports Industry in the greater Los Angeles Region, which was released on opening day of the inaugural LA Sports Summit, taking place Monday and Tuesday at the Omni Hotel.
The LASC commissioned the Los Angeles Economic Development Corporation’s Applied Institute of Economics to analyze the contribution of sports to the region, which included jobs supported, taxes generated and more in Los Angeles and Orange counties.
The report said about 34,100 full-time jobs were filled in the sports industry, with an estimated more than $327 million in tax revenues for state and local governments.
“Here in Los Angeles, we know sports are more than just good entertainment,” Los Angeles Mayor Eric Garcetti said. “They drive our economic dynamism and expand opportunities for Angelenos and families across our region. Our city is one of the world’s truly great sports towns, and this report reaffirms that what happens in our arenas, ballparks, and fields helps us create jobs, attract investment, and stimulate economic growth.”
The Los Angeles region hosts many well-known annual sporting events, such as the Rose Bowl game, Genesis Open golf tournament and LA Marathon that attract thousands of fans from around the world. The city is planning to host Super Bowl LVI in 2022, the FIFA World Cup in 2026, and the 2028 Summer Olympics.