SAN FRANCISCO (AP) — Draft figures from a San Francisco Bay Area research group show this year’s America’s Cup sailing races generated far less economic activity than projected.
The figures from the Bay Area Council Economic Institute show the races over three months starting in July generated at least $364 million in economic impact for the San Francisco Bay Area. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in.
The San Francisco Chronicle reported (http://bit.ly/J2c6UL) the numbers Monday.
The Chronicle reports the economic impact it is far below the $900 million projected just a few months before the races were set to begin, and the $1.4 billion originally estimated in 2010.
The newspaper also says the races have cost city taxpayers more than $5 million.
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Information from: San Francisco Chronicle, http://www.sfgate.com
