Chris Holman welcomes back Tyler Theile, Vice President and Director of Economic Analysis and Public Policy at Anderson Economic Group, East Lansing, MI.Watch Tyler and Chris discuss Anderson Economic Group, the work they do and the interesting study they got to conduct leading up to this month's NFL Draft in Detroit, MI, in the YouTube video shared below:
In their conversation there were several things Chris wanted to find out from Tyler:
Welcome back Tyler, remind the Michigan business community about AEG?
Your latest analysis says Economic impact of 2024 Detroit NFL draft to exceed $160 million, tell us more?
What were the methodologies?
A Free three-day event doesn't generate ticket revenue, but leaves more money to still be spent around Detroit?
Remind the business community of the recent economic impact of a pair of home games in the NFL playoffs for the Lions?
Anything else we should know short or long term for Detroit?
Anderson Economic Group recently shared a release with more details about this topic:
AEG | Economic Impact Of 2024 Detroit NFL Draft To Exceed $160 Million
EAST LANSING, Mich. – The net economic impact of the 2024 NFL draft in downtown Detroit is expected to exceed $160 million, according to new analysis from economic consulting firm Anderson Economic Group, LLC.
AEG found that the draft will have a direct economic impact of $97,513,500 on Detroit, with an estimated $35,113,500 in total expenditures of attendees, after accounting for substitution.
To complete this analysis, AEG followed a methodology that considers both direct investment and spending that will generate economic impact, and indirect economic activity. They also consider the substitution effects that occur, such as spending that leaves the area, and potential lost spending from individuals who would normally spend time downtown but might avoid the events.
The total includes both expenditures inside and outside of the event in Detroit, including hotel stays, spending at restaurants and bars, and merchandise purchases. The NFL draft is a three-day, free event in downtown Detroit, making it more accessible to fans, however the free nature of the even removes the impact of ticket revenue.
“When we approach economic impact analysis, we carefully consider each dollar that is going to be invested or spent due to the event. We also carefully consider the power of that dollar in the region and industry of study as it is re-spent,” said Tyler Theile, vice president and director of economic analysis and public policy at AEG. “Hosting the NFL draft is an exciting win for Detroit and presents invaluable opportunities for the city to showcase its culture on a national stage, fostering long-term tourism and investment prospects.”
Additional commentary and data from AEG is available upon request.
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About Anderson Economic Group
Founded in 1996, Anderson Economic Group works with public, private, and non-profit organizations, specializing in economic impact, business valuation, expert testimony, and public policy. Anderson Economic Group has assisted governments, universities, corporations, and businesses across the U.S. and abroad. All of the firm’s work is grounded in the core values of professionalism, integrity, and expertise. Anderson Economic Group has offices in East Lansing, Michigan and Chicago, Illinois. For more information or to speak with one of our experts, visit andersoneconomicgroup.com.
