Would the Olympics help Chicago?

Marketplace Staff Apr 3, 2009
HTML EMBED:
COPY

Would the Olympics help Chicago?

Marketplace Staff Apr 3, 2009
HTML EMBED:
COPY

TEXT OF STORY

Steve Chiotakis: An Olympic commission is touring Chicago this weekend. The city’s one of the finalists bidding to host the Summer Olympics in 2016. Here’s Marketplace’s Jennifer Collins.


Jennifer Collins: If the Windy City has its way, you’ll someday hear this echoing in its streets:

[Sound of the Olympics theme]

Mica Matsoff represents a private group leading the charge to bring the Olympics to the city.

Mica Matsoff: We see that businesses would prosper as a result of the games and so would residents would enjoy new employment opportunities.

Chicago would need several new sports facilities and an Olympic village. The city has 9 percent unemployment, and some say the games could generate more than 300,000 new jobs and bring in $22 billion over a decade.

Allan Sanderson: They’re off by a decimal place.

Allan Sanderson is a sports economist at the University of Chicago. He says the city could wind up with more like $2 billion, because everyone gets a cut of the cash — from the Olympic committee to the participating nations.

Sanderson: If we’re lucky, it’s a wash, we’ll break even.

Still, he says a big party isn’t a bad way to raise Chicago’s profile.

I’m Jennifer Collins for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.