LA can reap benefits from Olympic boom if it learns from 1984 success

Los Angeles will reap massive economic rewards from the 2028 Summer Olympics — if its leaders can come together to seize the opportunity and work together long before the torch arrives.The LA County Economic Development Corporation (LAEDC) recently issued its analysis of the potential economic benefits of the 2028 Olympic and Paralympic Games.The study — commissioned by LA28, the private organizing committee charged with conducting the Games — estimates the Games could generate between $20-$40 billion in economic output, and create more than 200,000 jobs across the Southern California region.Critics may say the projections are “overly rosy;” it’s true that not every host city has done what it takes to make the Olympics live up to their potential.

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However, there is no doubt that the 2028 Games could provide substantial economic benefits — if LA does the right thing.The city need only look to its own history to understand the way forward.The 1984 Olympics generated a net profit of $230 million.This surplus funded diverse benefits in youth sports, new sports venues and the arts — which continue today.

That is the gold standard for the current Games.With a $7.15 billion budget, the 2028 Games could boost a variety of local businesses, and benefit employees in construction, transportation, hospitality, security, event production and other sectors.An additional $8 billion is available to update sports venues, transportation modes and LAX.

This spending will spin off benefits long after the Games, including juicing federal, state and local tax revenue. The Games are expected to draw around more than 1 million out-of-town visitors who will generate more than $1 billion in spending.The resulting economic activity is pr...