Bay Area Council Blog: Press Releases Archive

7-19-2010

Press Release: Bay Area Council Economic Institute Releases America’s Cup Economic Impact Study

Today, the Bay Area Council Economic Institute (BACEI) and Beacon Economics released a study outlining the economic impacts if San Francisco is named host of the 34th America’s Cup race.  The report, entitled “The America’s Cup: Economic Impacts of a Match on San Francisco Bay,” specifically outlines the economic impact the America’s Cup would have on the Bay Area, the State of California and the entire country if San Francisco is chosen as the host city of the next competition.  The America’s Cup is the world’s third-largest sporting competition after the Olympics and soccer’s World Cup.

The report, which was commissioned by the City and County of San Francisco, found that the increase in overall economic activity in San Francisco hosting the 34th America’s Cup could be on the order of $1.4 billion, almost three times the estimated impact of hosting the Super Bowl ($300-$500 million).  The potential increase in employment surrounding the event could be on the order of 8,840 jobs.

“Bringing the 34th America’s Cup to San Francisco Bay would be a huge boon for the Bay Area economy,” said Bay Area Council Economic Institute President & CEO Sean Randolph. “The America’s Cup could easily help jumpstart the economy by generating over a billion dollars in revenue and thousands of jobs for the Bay Area. The spillover effect for the region could be substantial.”

Additional highlights from “The America’s Cup: Economic Impacts of a Match on San Francisco Bay” include:

  • The economic benefits of bringing the America’s Cup to San Francisco would come primarily through expenditures by racing syndicates, and through spending on hotels, restaurants, and retail and other services by the 2.6 million spectators estimated to attend the race.
  • The economic benefits of the race will extend to the greater Bay Area, particularly the neighboring counties of Napa, Sonoma, Marin, and Alameda through related visitor and maritime activity.
  • The increase in output and employment would likely yield a benefit to state and local government coffers of nearly $85 million.
  • Looking beyond the Bay Area, the U.S. economy as a whole would see increased economic activity of $1.9 billion and the creation of 11,978 jobs.
  • A local successful defense of the America’s Cup will likely lead to additional such events in the future.  San Diego, for example, was the host to three successive America’s Cups, in 1988, 1992, and 1995.

“Securing hosting rights to the America’s Cup is a prestigious and economically significant prize for any community,” said Mayor Newsom. “I am committed to the defense of the America’s Cup in San Francisco.”

“This is an incredible opportunity that will put San Francisco on the world stage while benefiting Bay Area companies and residents,” said Jim Wunderman, President & CEO of the Bay Area Council.  “Investment in development and infrastructure now will help to grow the region’s economy for many years to come.”

Please visit www.bayareacouncil.org to access the full report.

The report was funded by donations from Catholic Healthcare West, Clear Channel Outdoor, Hathaway Dinwiddie Construction, Port of San Francisco, Recology, San Francisco International Airport/San Francisco Convention & Visitors Bureau, San Francisco Chamber of Commerce, United Airlines, and URS Corporation.

Download the Report

PDF Press Release

1.2.10

Press Release: Bay Area Council Statement on the Federal Government’s New “Perfect Citizen” Cyber Security Program

Last week, the federal government announced that it is launching an expansive program dubbed “Perfect Citizen” to detect cyber assaults on private companies and government agencies running critical infrastructure such as the electricity grid and nuclear-power plants.  The program will deploy a set of sensors in the computer networks of America’s most critical infrastructure sites, which would be triggered by unusual activity suggesting an impending cyber attack. The program will be spearheaded by the National Security Agency (NSA), the government’s chief eavesdropping agency.

The Bay Area Council has worked over the past year to create policies to address the ever increasing risk and cost of cyber attacks.  In addition, the Council formed a Cyber Security Committee – consisting mainly of CIO and CISO-level professionals from our member companies – that takes policy priorities to elected-officials in Washington and Sacramento.

In a May 2009 speech, President Obama said that cyber attacks have cost Americans $8 billion in the last two years.

In response to last week’s announcement, Bay Area Council President & CEO Jim Wunderman made the following statement regarding the new federal program:

“Cyber attacks pose a very real and very expensive threat to our government, businesses and economy.  Last week’s announcement by the federal government is a step in the right direction to heighten awareness of this important topic.  As the United States relies more and more on the internet and broadband technology, we need to do everything in our power to prevent hackers and cyber-terrorists from gaining access to our critical infrastructure.  However, the Bay Area Council believes it is imperative that the business community is included in the creation of new policies.  With all of the expertise and resources that our tech community has to offer, this issue requires us to work together to collaboratively craft a solution that protects our nation and economy.”

PDF Press Release