LA 2028 Olympics could generate $40B and 224,000 California jobs

Los Angeles is set to score Olympic gold when it hosts the 2028 Games — injecting tens of billions of dollars into the local economy without dropping a dime on new permanent venues, a new report reveals.

The 2028 Olympic and Paralympic Games could generate more than $40 billion in economic output across the Greater Los Angeles area while supporting as many as 224,000 jobs, according to a new analysis prepared for the LA28 Organizing Committee.

The Los Angeles County Economic Development Corporation revealed the figures Tuesday, while noting that LA will be the first host city since 1948 to avoid having to build a new permanent venue for the Summer Games.

Instead, the Games will use existing stadiums and arenas while investment flows into transportation, airports, mobility, transit centers, fiber networks and convention facilities, according to the report.

The analysis estimates the Olympics will generate between $20.5 billion and $40.6 billion in economic output, along with $8.9 billion to $15.6 billion in labor income and $15.4 billion to $24 billion in added GDP.

The Games will also support between 126,000 and 224,000 jobs, according to the report.

The analysis uses two different models for its projections, but the biggest chunk of the economic activity could come from infrastructure.

About $8.35 billion in transportation, airport, mobility and venue projects has been accelerated or undertaken in connection with the Summer Games, according to the report.

Those projects include Metro’s “28 by 28” initiative, airport improvements led by Los Angeles World Airports, Long Beach’s Elevate28 program and upgrades involving transit centers, fiber networks and the Los Angeles Convention Center.

An estimated 2 million visitors from outside the region are expected to descend on the area, with their spending contributing anywhere from $1.6 billion and $4.3 billion directly to LA County.

Games-related activity is projected to support about 124,430 jobs, especially in construction, transportation, administrative support, hospitality and accommodation.

Nearly 80% of the jobs require a high school diploma or less, according to the report.

Small businesses also stand to benefit big.

LA28’s procurement goals call for 75% of addressable spending in the Greater LA Area and 25% with small businesses.

Construction, event operations, professional services, transportation, hospitality and administrative services frequently source more than 80% of their demand locally.

Download The California Post App, follow us on social, and subscribe to our newsletters