Philly’s Sports Teams Boosting Its Economy

Philly’s Sports Teams Boosting Its Economy

Are winning sports teams boosting Philly’s economy?

Philly’s Sports Teams are on a winning streak. In February, the Philadelphia Eagles beat the New England Patriots, winning their first Super Bowl title and sparking massive celebrations in the city. Another parade through the streets took place recently when Villanova basketball team celebrated their second national championship win.  Now, the 76er’s just eliminated the Miami Heat.

Last year the NFL Draft took place in Philadelphia, and the numbers show that 250,000 people participated over three days. Temple University’s Sport Industry Research Center revealed that spending totaled $56.1 million. This translates into an almost $95 million economic boost for the city.

Philly’s sports teams were not always winners

The Eagles have never won a Super Bowl title before. They made the big game twice – in 1980 against the Raiders and in 2004 against the Patriots, but they lost both times. Their title drought was the third longest in NFL history.

The Flyers have recently earned a spot in the 2018 Stanley Cup.  They believe the high caliber play of Claude Giroux will continue and bring them a win. If they do win, which some people doubt, it will be the first one since 1975.

The Philadelphia 76ers experienced the most consecutive losses in NBA history. They lost 28 games in succession over two seasons. This year they are talking about an NBA championship, but they won less than 20 games for three seasons and only 28 last year.

Looking back at history

In the 1950s Philadelphia was thriving, but by 1980 it was going through a decline. The population had fallen by 20%, and the crime rate was one of the highest in the big cities in the U.S.

When the Flyers won the Stanley Cup in 1974 and 1975, this gave Philadelphians something to be proud of.  When the Phillies won the World Series in 1980, and the Eagles reached the Super Bowl for the first time, it raised the mood of the city. The 76ers winning an NBA Championship 1983 and Villanova winning its first NCAA Basketball Championship in 1985 cemented the positive feelings.  Young people began moving back into the city and bringing vitality back into old neighborhoods.

 Are current sports wins influencing the economy?

Philadelphia is home to some of the most passionate sports fans in the country. When their teams are winning, they are happy, and this translates into an economic uptick. Many business owners have noticed this during periods of celebration, and real estate agents have seen property values soaring.

Old towns are being transformed and becoming thriving centers of business. Is this economic growth really due to the sporting wins? Some economists would disagree, but to Philly sport lovers, it’s obvious that when their teams are winning, the economy wins too.

 

 

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