Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: November 12, 1996

Release #585-96

Contact: Colleen Roche (212) 788-2958, Deirdra L. Picou (212) 788-2971 or,
Bernadette O'Leary (212) 312-3523 (EDC)


WORLD SERIES AND NEW YORK CITY MARATHON GENERATE $161.2 MILLION
IN ECONOMIC ACTIVITY FOR CITY

Mayor Rudolph W. Giuliani announced today that the Yankees' participation in the six game World Series, the resulting ticker tape parade and the New York City Marathon, generated an estimated $161.2 million in economic activity for New York City.

The New York Yankees won the World Series Championship October 26,1996, after they beat the Atlanta Braves four games to two. It is estimated that each of the three games in New York City generated $7.4 million in direct spending. The six game series generated an estimated $32.6 million in total economic activity, with each home game generating $10.9 million. The total consists of ticket sales, concession sales, merchandise sales, parking fees, tourist spending and the "ripple effect" associated with these expenditures throughout the economy.

The ticker tape parade for the Yankees on October 29, 1996, generated an additional $30.8 million in total economic activity consisting of direct spending by visitors to the City on such items as food, retail, transportation, other amusement and recreation spending and the "ripple effect" from these expenditures. A total of 3.5 million people attended the parade. The total economic activity generated by the series and the parade is $63.4 million.

The 27th Annual New York City Marathon, which took place on Sunday, November 3, 1996, attracted nearly 30,000 runners from more than 100 different countries and all 50 states. More than 2 million people were on hand to watch the marathon, making it the world's largest spectator sporting event. It is estimated that the event generated $97.8 million in total economic activity. The total figure is based on spending by the New York Road Runners Club, runners, guests, the media, the City of New York and spectators spending on such items as food, retail, transportation, and other amusement and recreation, as well as the "ripple effect" of that spending.

"With the World Series Championship and the incredible ticker tape parade that followed, along with the 27th Annual New York City Marathon, New York City proves once again it is the sporting capital of the world," said Mayor Giuliani.

"It is safe to say that 1996 has been a banner year for New York City. Not only do we have a championship baseball team, the New York Yankees, and another successful New York City Marathon, we also have had a record number of visitors come here to see for themselves the revitalization of this great City," said Fran Reiter, Deputy Mayor for Economic Development and Planning.

"The success of the World Series and the Marathon are symbolic of the positive changes that are transforming the City of New York. The excitement and economic activity generated by these events not only increases New York City's prestige but also brings in tremendous revenue to the City." said Charles Millard, President of the New York City Economic Development Corporation.

Based on information from the New York Yankees, Major League Baseball and KPMG Peat Marwick, the direct and indirect revenues earned from the World Series and the ticker tape parade include the following:

Economic Impact of World Series
Direct Revenues$22.1 million
(Concessions, merchandise and parking, tourism spending, etc.)
Indirect and induced revenues $10.5 million
(The "ripple effect" or secondary spending, such as payments to suppliers)
Economic Impact of Parade
Direct Revenues$24.0 million
(Tourism spending associated with visitors to the City from the greater metropolitan area on such items as food, retail, transportation and other amusement and recreation spending.)
Indirect and induced revenues$6.8 million
(The "ripple effect" or secondary spending, such as payments to suppliers)
Total Impact of World Series and Parade$63.4 million*
Economic Impact of the New York City Marathon
Total Economic Impact of Spending by:
New York Road Runners Club$13.2 million
Runners and Guests$42.2 million
Sponsors$8.2 million
Media$6.2 million
Spectators$16.3 million
City of New York $0.9 million
Transportation Costs$10.7 million
Total Impact of Marathon$97.8 million*
TOTAL IMPACT WORLD SERIES, PARADE, AND MARATHON$161.2 MILLION*
*Total includes City tax revenues of $1.7 million for the World Series, $1.4 million for the ticker tape parade and $4.7 million for the marathon.

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.



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