FHC sent a letter to HRM’s Executive Director of Parks & Recreation Ms Maggie MacDonald to with information for her use in writing a staff report for the HRM Standing Committee on Community Planning and Economic Development about the Wanderers Grounds, particularly in the context of the proposal Mr. Derek Martin made for a long-term lease of a publicly funded stadium.
As the matter of the public funding stadiums is as yet untested in Halifax we recommend the Journal of Economic Surveys’ February 2022 article, The Impact of Professional Sports Franchises and Venues on Local Economies: A Comprehensive Survey. This recent analysis of 130 studies on the economic impact of publicly financed sports venue…
“…confirms the decades-old consensus of very limited economic impacts of professional sports teams and stadiums. Even with added non-pecuniary social benefits from quality-of-life externalities and civic pride, welfare improvements from hosting teams tend to fall well short of covering public outlays. Thus, the large subsidies commonly devoted to constructing professional sports venues are not justified as worthwhile public investments.”
(https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4022547)