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The Buffalo Bills and other new stadiums: Is it bringing an economic boost?

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  • Digital Team 

In recent years, many sports teams across several leagues have been planning to build new stadiums to boost the local economy. One such team in particular is the NFL’s Buffalo Bills. Currently, the project is priced at $1.6 billion. The stadium itself may also bring in an additional economic boost of 400 million, with the construction project drawing in more than 10,000 construction jobs.

Despite this, economists are wondering whether new stadiums could boost the economy despite taxpayers footing the bill for several years. We’ll discuss how the construction of new stadiums could contribute to economic boosts for years to come. Let’s take a look now at everything you need to know.

The Buffalo Bills new stadium – the argument for both sides

Economists and some politicians have been mixed about the stadium. Regarding how much taxpayer money is being used, the residents of Erie County are slated to pay $250 million, while the rest of New York is due to pay $600 million. Terry and Kim Pegula, the owners of the Buffalo Bills, are also planning on funding the stadium with millions of their own. Some economists believe it may be an unfair comparison for many across the state, especially compared to other NFL stadiums that have used less public funding, such as the Las Vegas Raiders.

One economist said that while a new stadium might be nice to have, the large number of spectators coming and going to these games may need to be more easily repaid in terms of the sales of tickets. The same economist also mentioned that New York State is experiencing a population decrease and a reduction in job growth, leading to concerns that fewer people may be available to pay for the hefty bill.

However, New York Governor Kathy Hochul says that the Buffalo Bills draw in $27 million annually in direct income for the state, Erie County, and Buffalo. She also added that over a 30-year lease. It will be enough to generate a revenue of $1.6 billion dollars, which is more than enough to cover the stadium’s cost. The stadium is slated to open in 2026.

Even though the argument is between politicians and economists, what do people say about new stadiums and economic development? A survey launched by TrustnBet.com may have the answers.

What are the economic opportunities that Buffalo’s new stadium could bring?

The initial plan to construct Buffalo Bill’s new stadium should have included several developments near the facility. These include restaurants, bars, retail stores, and entertainment outlets. Some residential complexes near the stadium may also be developed to maximize the economic benefits of the new stadium.

This can not only create plenty of job opportunities in and around the stadium, but it could also benefit real estate developers who are renting out such residences to people who are planning on living near the Orchard Park area of Buffalo. Nonetheless, there is no denying that the rent prices may be a premium compared to others in the city and suburban communities.

A challenge that may stand in the way of economic growth is how money will be made during the football offseason. In addition, the Buffalo Bills play anywhere from 9 to 10 home games each season. Nonetheless, there are plenty of examples where professional sports franchises can be an excellent source of community growth, especially for a city like Buffalo.

Final thoughts

While there may be mixed opinions about New stadiums and the economic boost they could bring, some opponents may say that such benefits may not exist. But can the new Buffalo Bills stadium and others turn the tide? Only time will certainly tell. Nonetheless, these new stadiums have the opportunity to create numerous jobs not only for the stadium itself but also for the developments and businesses close by, spurring revenue generation from sales, rent from residential and commercial tenants, and other means.