SALT LAKE CITY — The 2002 Winter Olympics in Salt Lake city are often called the most successful Games in history, and is a big reason many want the international event to return to Utah in 2034. But how exactly did the Olympics benefit the state's economy two decades ago, and will it do so a decade from now?
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A Utah professor believes that while hosting the Games doesn’t do do much for a local economy, it doesn’t mean we shouldn’t bring them back.
Estimates from from 2002 was the engine behind more than $5 billion in economic impact and created over 45,000 "job years" of employment.
Perhaps the biggest boost was what the Games did for local snow sports as Utah saw a 72 percent increase in skiing between 2002-2019.
While the 2002 event came in under budget, a lot of money was spent to build venues and be ready for the world's arrival.
"The value of the Olympics to the state is the 10 years in advance of the Games during which there is a huge amount of back pressure that will allow you to get a lot of things done that you could never get done in their absence," explained former Utah Governor Mike Leavitt at a panel discussion last week.
So is there a sole economic reason to bring one of the biggest events on the planet to the Beehive State?
"There is not really a big economic impact from hosting a sporting event," explained Southern Utah University professor David Berri. "The way to understand hosting the Olympics is what you're doing is you're throwing a big giant party and you're inviting the world to come to your city and have this party with you."
While the Olympics may not do much for the economic coffers, they do wonders for the moods of residents.
"Studies show that hosting major sporting events makes people happy. So that's why you do it," added Berri. "You don't do it because it creates jobs. There are far better ways to create jobs than hosting sporting events.
"That is not the way to do this."
Local organizers of a potential 2034 Winter Olympics say the final cost might come to around $2.45 billion.
"And realistically, this is not something that pays for itself, that's probably not gonna happen," Berri said.
However, with the majority of venues already in place from the first Games, is Utah better suited financially to host the Games?
"There's a reason why other countries let those venues go away, it costs money to keep a venue pristine. That's not free," said Berri.
The bottom line for Berri is that while the Olympics won't be a big boost in dollars, the big boost in morale is a reason the state should be excited to have them back.
"If you have the resources to put that on and you're willing to do that, well, then by all means, go ahead and do that," the professor added.
With over 80 percent of the local public on board with the 2034 Games, that is a huge indicator that Utah is ready for the Games to return and is a point of pride for the region, which is why Berri says a nation or city should make the heavy lift to host.
