The city of Birmingham is set to gain a huge in-flow of investments and tourists in the coming years on the back of hosting the Commonwealth Games 2022. Millions of people worldwide are expected to witness the action LIVE on Television.
According to an official report, hosting the Games is expected to boost the local, regional and national GDP. Manchester 2002 received a boost of £1.1 billion, while Melbourne 2006 and Glasgow 2014 witnessed an influx of £1 billion and £0.8 billion in the economy. The report also added that there was an increase in tourism up to 25 per cent in the subsequent three years in these host cities.
£72 million has been spent on renovating the Alexander Stadium, which is now expected to accommodate 30,000 spectators. Around 1 million tickets are available for the spectators in the United Kingdom (UK) and around the world. According to Birmingham City Council (BCC), around 370 jobs have already been created. BPC added that around £778 million benefit can be witnessed due to hosting the event.
BPC said, “Birmingham and the West Midlands region will benefit from a £778 million investment to stage the 2022 Commonwealth Games. The public funding, which includes contingency, will be split approximately 75% / 25% between investment from central government (£594 million) and Birmingham City Council and a number of its key partners (£184 million).”
Also, a recent report states that Birmingham has been ranked third in the number of tourists across the country. The interest in film and TV production companies has gradually increased in the city.
“This additional revenue will help to reduce the public cost of the Games to both the government and Birmingham City Council.”
“We can expect the economic benefits to take the form of new employment and improved skills, investment and export opportunities and increased tourism.”