While DNC coming to Chicago might provide good vibes, experts say economic boost might be overhyped
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.Delegates react after incumbent President Bill Clinton finished his nomination speech on Aug. 29, 1996, at the Democratic National Convention at the United Center in Chicago.
. In addition to the tree-planting spree, artisanal streetlamps ate up more than $1 million in public funds, while spending on bridge makeovers and renovations to Daley Plaza and State Street downtown climbed into the tens of millions. Mayor Richard M. Daley, right, autographs a delegate's floor pass at the Democratic National Convention in 1996 at Chicago's United Center.
The city’s take thanks to increased hotel room stays and other spending will be well below that, according to Lauren Heller, a professor of economics at Berry College who has studied political conventions. The last pre-pandemic Democratic convention was held in Philadelphia in 2016. The Philadelphia Convention and Visitors Bureau estimated afterward that it brought in $230.9 million in
“There were some people here who wanted to go for 2012, but it’s a two-year process, and in 2010, like everyone else, we were in the midst of the Great Recession,” he said. “And I realized the time and effort and money that go into that, raising money, certainly. And I needed to stay focused on our city budget.”
In 2016, the most recent full in-person year for conventions before the pandemic prompted the parties to hold mostly online events in 2020, Republicans headed to Cleveland. That included direct spending of $91 million, according to the report, and indirect and induced spending of $72.6 million. That generated $3.4 million in additional state tax revenues and $4.5 million in local tax revenues for the Charlotte area, the report said. Spending was driven in large part by a boost in hotel revenues: Demand for limited space drove up hotel rates from their normal $100 average rate per night rate to about $220.
Like other host cities, Charlotte was reimbursed with federal taxpayer dollars for security costs. It got to keep surveillance cameras, new uniforms, riot gear and helicopter equipment after the convention left town. “Demonstrating in any quantitative sense what the value of is is nearly impossible,” Heberlig said. “In that sense, it’s like, what’s the value of sports teams? You’re getting the city’s name in the news, particularly when the team is doing well, bringing attention to the city, cameras to the city to cover the games, so does that make people more likely to want to vacation in the city? That business leaders are going to want to open up an office in the city? It’s hard to say.
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