The Buffalo Bills and other new stadiums: does it provide an economic boost?

In recent years, many sports teams from several leagues are considering building new stadiums to boost the local economy. The NFL’s Buffalo Bills are one such team in particular. Currently, the project is valued at $1.6 billion. The stadium itself could also provide an additional economic boost of €400 million, with the construction project generating more than 10,000 jobs in the construction sector.

Even so, economists question whether the new stadiums could boost the economy even if taxpayers foot the bill for several years. We will discuss how the construction of new stadiums could contribute to economic recovery in the years to come. Now let’s take a look at everything you need to know.

The new Buffalo Bills stadium – the argument from both sides

Economists and some politicians have mixed feelings about the stadium. As for how much taxpayer money will be used, Erie County residents are expected to pay $250 million, while the rest of New York is expected to pay $600 million. Terry and Kim Pegula, the owners of the Buffalo Bills, also plan to fund the stadium with millions of dollars of their own. Some economists think this comparison may be unfair to many in the state, especially when compared to other NFL stadiums that have used less public money, such as the Las Vegas Raiders.

One economist said that while a new stadium might be nice to have, the large number of spectators who come and go to those games may have to be more easily repaid in terms of ticket sales. The same economist also mentioned that New York State is experiencing a decline in population and reduced job growth, raising concerns that fewer people will be available to pay the hefty bill.

However, New York State Governor Kathy Hochul says the Buffalo Bills bring in $27 million in direct revenue to the state, Erie County and Buffalo each year. She also added this on a 30 year lease. This will be enough to generate revenue of $1.6 billion, which is more than enough to cover the cost of the stadium. The stadium should opened in 2026.

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

What economic opportunities could the new Buffalo stadium bring?

The original plan to build Buffalo Bill’s new stadium should have included several developments near the facility. These include restaurants, bars, retail stores and entertainment venues. Certain residential complexes near the stadium could also be developed to maximize the economic benefits of the new stadium.

Not only could this create a wealth of job opportunities in and around the stadium, it could also benefit real estate developers who rent such homes to people considering living near Buffalo’s Orchard Park neighborhood. Still, there’s no denying that rental prices could represent a premium over other prices in the city and suburbs.

One challenge that could stand in the way of economic growth is how to make money during the football offseason. Additionally, the Buffalo Bills play between 9 and 10 home games each season. Nonetheless, there are many examples where professional sports franchises can be a great source of community growth, especially for a city like Buffalo.

Final Thoughts

While opinions may be divided about the new stadiums and the economic boost they could provide, some opponents might argue that such benefits might not exist. But can the Buffalo Bills’ new stadium and others turn the tide? Only time will definitely tell. Nevertheless, these new stadiums have the opportunity to create many jobs not only for the stadium itself but also for nearby developments and businesses, thus boosting the generation of revenue from sales, rents from residential and commercial tenants , and other means.

This content is brought to you by the FingerLakes1.com team. Support our mission by visiting www.patreon.com/fl1 or learn how to submit your local content to us here.