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Some thoughts on the Calgary arena deal #yyc #yyccc #yycarena. First, from empirical evidence we know:
1. New venues don't have significant regional econ impact mostly b/c household sports spending is substitutable (if not spent on sports, it's spend on other entertainment).
1. New venues don't have significant regional econ impact mostly b/c household sports spending is substitutable (if not spent on sports, it's spend on other entertainment).
2. While new sports venues don't typically help a city economically overall, they can have positive localized impact by slightly (+10-15%) increasing property values at the neighbourhood scale. So not economic boosters, but can help catalyze development in the immediate area.
3. That dev'mt may not be new but rather displaces dev'mt that might otherwise happen in adjacent areas (since absorption is tied to general economic conditions -- no reason to think the arena would generate more net office or housing demand in the city).
