What city officials claimed at the time was that hosting the event would have a spin-off effect of close to $300 million over a several year period of which there has been little or no evidence to date. Well, in all the excitement, the facts get lost on the media and folks who should know better. Professor Matt Will proves once again that he is completely lacking in any credibility when it comes to predicting the economic impact of public spending on sporting events. Check out this fairy tale he shared with WTHR's Mary Milz:
"It's a fantastic move," said University of Indianapolis business professor Matt Will. "The economic impact was more than we'd ever dreamed it would be."
More than 100,000 people came to Indianapolis during the week of Super Bowl XLVI, bringing an economic impact of nearly $300 million. Half of that was spent on hotels and shopping and 20 percent on food and drink.
"We brought $295 million dollars from outside the city into Indianapolis. That is an incredible impact, definitely something we should try to do again," Will said.The $295 million figure Professor Will tosses out is total bunk. One can't help but ponder if he is getting some consulting money on the side which has totally warped any sense of academic credibility he might claim to possess. Fellow blogger Pat Andrews studied the tax revenues reported by the CIB over the past decade and figured out pretty quickly that all of the investment the City of Indianapolis has made in making the City a favorable place to host sporting events and conventions relied heavily on higher tax rates as opposed to growth fueled from additional spending by visitors to support its ever-growing budget. As she surmised, "[I]nflation accounts for nearly all, if not all, of the growth in several entertainment/tourism market segments in recent years." "The only thing growing beyond inflation is the amount of taxes being levied to feed the CIB," Andrews concluded.