Response to an economic analysis
This is a response of an economic report analysis for Travel Lane County. It was conducted by several researches such as David Cole, John Hurley undergraduates of the economic field. They were accompanied by their professor Timothy A. Duy who is an economist of Oregon University. This study was aiming at estimating the impact of sports on the county’s economy during the year of 2013 (Duy, Hurley, & Naber, 2014).
The research team used several methods to come up with the compiled report amount the impact. The economic impact was studied with reference to the approximation of the people attended, money spend and the money gained by the county. First, they observed by monitoring the population of the spectators that had attended, some few questionnaires were given out to business people in the locality, specific people such as investors were also interviewed and also the review of the previous study was done. The collected information was fed into the system where it was analyzed and conclusion made (Duy, Hurley, & Naber, 2014).
The research team found that there were over 200, 0000 people who had attended the sporting events in that year. This number excludes the spectators who had visited Eugene for the Ducks win. This big attendance brought significant impact to the county. This was analyzed as follows:
The economy output was raised by $31.6 to $43.1 million. The employees and other workers in the county were given additional income that ranged from $9.6 to $13.1 million and the climax of it all was marked by the establishment of new jobs between 386 and 512 that were necessary in supporting the expenditure of the event (Duy, Hurley, & Naber, 2014).
The team was able to conclude that most people value sports such that people can choose to spend all their time and money to get entertained (Duy, Hurley, & Naber, 2014). Sports can boost the economy of an area and so the more often sports are held, the more economy of the area grows.
The methodology of this team was not able to capture every detail about the impact of the economy. Furthermore the study done was only for two areas where these sports have been hosted. Considering that there have been other hosts within the county who have organized for such functions, it can be concluded that sporting events have made more impact on the economy of the county (Duy, Hurley, & Naber, 2014).
References
Duy T.A., Hurley J. & Naber J. (2014), The Economic Impact of Sporting Events in Lane County
