On Sunday, May 2, 2004 the New York Times reported on a new study by Edward Coulson, professor of economics at Penn State University, and Gerald A. Carlino, economist at the Federal Reserve Bank in Philadelphia.
According to the New York Times, economists Coulson and Carlino studied 25 cities that host N.F.L. teams to determine the value of professional football stadiums to the local economies of those cities.
The study found that "property tax revenues were about $50 million a year higher, on average, in N.F.L. cities in 1999 because of the teams' presence."
In addition, "in 22 of the 24 N.F.L. cities on which they had data, Mr. Carlino and Professor Coulson found the potential increase in property tax revenue exceeded the subsidies."
In conclusion, Mr. Carlino stated that "stadiums do seem to be a good deal for most cities." "A bonus," according to the New York Times: "Citizens reap the benefit of higher property tax revenues and home values even if they never set foot inside a stadium or shell out $6 for a hot dog."
|
