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Mayor Daley's Olympian stretch

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ChicagoBusiness Insider

Crain's Chicago Business has been the leading source of news and insight on the city's economic scene for over 30 years.

Mayor Daley's Olympic-bid team at Chicago 2016 says the games would give the city's economy a $22.5 billion boost. But that figure appears vastly overstated, according to an analysis by Crain's.

With the 2016 committee touting its numbers, Crain's Senior Reporter John Pletz checked the math, spoke to experts and looked at the economic benefits past host cities had reaped. His conclusion: the committee may be overstating the games' impact by double. One Olympic economist calls the projection "crazy."

As the City Council heads toward a September vote on a taxpayer-backed guarantee for Olympic costs, this story should be a must-read for every alderman. Read it.

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3 Comments

ubiestmea said:

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Even an $11B economic boost would be great for Chicago...esp. if it improves public transit....

Craig Kanalley said:

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I agree. In the Crain's article, it says Atlanta previously estimated a boost of "just $7 billion" for their Olympics and I had to snicker at that. Yeah, that's all..

BrandonCopple said:

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But remember: the 'economic impact' dollars don't go to the city. They're spread around to hotels, restaurants, contractors, etc. A fraction would come back, via taxes, for public transit and other improvements.

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