For Immediate Release
April 01, 2004
For More Information Contact:
the press office
July's Democratic National Convention will be a sizeable benefit to the metropolitan area economy, Mayor Thomas M. Menino announced today. A study undertaken by the Boston Redevelopment Authority, Boston's Office of Budget Management, and with assistance from economists at the University of Massachusetts, Boston, and Boston College found that the 2004 Democratic National convention will pump $154.2 million into the metropolitan area economy, benefiting the entire Boston area, including Suffolk, Norfolk, Middlesex, Essex, and Plymouth counties.
"The Democratic National Convention is not just about Boston," Mayor Menino said. "It is an opportunity for our entire area to shine, and I'm proud that the metropolitan area will reap significant benefits from this historic event."
In addition to a projected $126.1 million in direct spending over the course of the convention, the Democrats' visit will produce lasting benefits to the large tourism and service economy of the Boston area. Spending on hotels, meals, retail, entertainment, and transportation will total a projected $61.6 million. Hotel revenues in the area are expected to increase by 76 percent over a normal July week.
The Boston 2004 Host Committee, local organizer of the convention, is expected to spend $64.5 million on security, facilities, and production costs for the convention. The convention will bring nearly $108 million of wages and salaries to the Boston area workforce.
The state of Massachusetts will be the major fiscal beneficiary of the Democratic National Convention, receiving additional revenue of at least $11.5 million in personal and corporate income, sales, excise and other taxes and fees. The City of Boston will reap $2 million in excise taxes and fees for licenses and permits.