Richmond Olympic Oval Generates Huge Economic Returns!
Thursday July 20, 2017
Richmond, BC – The Richmond Olympic Oval has provided a major boost to the local and regional economies, generating more than $300 million in gross domestic product (GDP) through its construction and ongoing operation.
A newly released economic impact study prepared for the City of Richmond by KPMG, shows the Oval has also been a catalyst for $3.8 billion in added property value within the surrounding neighbourhood. From 2006 to 2016, property values in the Oval area rose by 488%, while the rest of Richmond saw a 138 increase in values in the same time period.
“This report is a testament to the ongoing legacies of the 2010 Olympic Games and the Richmond Olympic Oval for our community.” said Richmond Mayor Malcolm Brodie. “The City’s investment in the Oval continues to generate huge social and economic benefits for Richmond.”
The KPMG study found that construction of the Oval generated $234 million in GDP and created 3,076 jobs. An additional $19 million in ongoing annual GDP is generated by the Oval and its operation supports 400 fulltime equivalent jobs, including direct, indirect and induced employment. A full copy of the economic impact study can be found at: www.businessinrichmond.ca
The report does not include all of the indirect tourism benefits accrued thanks to the presence of the Richmond Olympic Oval. The Richmond Sports Hosting program generates more than 20,000 hotel room stays nightly with estimated economic value of $9 million
The Oval also continues to generate significant other benefits for Richmond as a major centre for sport, recreation wellness, culture and tourism.
- The Oval has nearly one million site visits a year. The Oval was named as fourth largest tourist attraction in Metro Vancouver by attendance.
- More than 40 community groups were active in the Oval within the past year.
- Over 120 different sports, both winter and summer, have been played at Oval since opening.
- The Oval has over 6,000 members, more than 80 % are Richmond residents.
- The Olympic Experience at the Oval was named best new tourist attraction in Canada.
- The Oval has generated an operating profit every year since 2010.
Director, Corporate Communications and Marketing
Tel: 604-276-4399 Cell: 604-516-9585
Manager, Economic Development
Tel: 604-247-4934 Cell: 778-231-8474