BARCELONA, March 5 (Xinhua) -- The celebration of the Louis Vuitton America's Cup competition in Barcelona in the summer of 2024 generated over a billion euros in economic benefit for the city.
A study published by the University of Barcelona and the Barcelona Capital Nautica Foundation (FBCN) showed that the total benefit of the 37th edition of the most famous sailing tournament in the world, created 1,034 million euros (1,107 million U.S. dollars) in positive economic impact.
This was mainly due to 1.8 million visitors who came to the city in the north-east of Spain during the 59 days of racing, of whom 460,819 came specifically to watch the competition.
These visitors helped create 12,872 jobs in Barcelona, along with 208.5 million euros in tax revenue for the period between August 22 until October 19, 2024.
"It is hugely satisfying to see that the America's Cup has made such a significantly positive economic contribution to the GDP of Barcelona and Catalonia," commented America's Cup Event CEO Grant Dalton on the event website.
Dalton added that the 37th edition of the America's Cup which was won by the Emirates Team New Zealand yacht would "always be remembered as one of the best yet and one that continued to build the commercial strength and audience of the widely recognized pinnacle event in sailing."
Although the competition has generated income for the city, some local residents complain that events such as this in a city which already suffers problems with high levels of tourism, is a factor in reducing the availability of housing for local residents and pushing up the price of rents, forcing locals to move far from the city center to find affordable accommodation. ■
