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For The Record

2010 WINTER OLYMPICS TO BOOST B.C. ECONOMY

Jan. 16, 2009
Ministry of Finance
 

Recent media reports have suggested that the Olympic Games represent a economic risk for British Columbia. The Games actually represent a substantial economic advantage for B.C. communities and businesses. Craig Wright, RBC’s senior vice president and chief economist said recently, "Despite these challenges, B.C. remains above the national average and the economy should get a meaningful boost when the world gathers in Vancouver for the 2010 Olympic and Paralympic Winter Games."

OLYMPIC GAMES ARE ABOUT ECONOMIC OPPORTUNITY

  • The Vancouver Olympic Organizing Committee will spend $1.3 billion this year in the local economy and VANOC estimates its partners will be investing the same amount.
  • Overall, 2010 related spending represents $4 billion in economic benefits.
  • Of all the money VANOC has spent on goods and services so far, nearly 80 percent has gone to B.C. companies.
  • Leading economists indicate B.C. will get a boost from the 2010 Games – the RBC is predicting growth of 3.5% in 2010.

OLYMPIC GAMES BUDGET IS ON TRACK

  • The operating budget for the Games is about $1.7 billion and most of that comes from ticket sales, international broadcast rights and national and international sponsorships.
  • VANOC has commitments in place for most of that revenue and continues to sign up new sponsors.

OLYMPIC GAMES SPORTS VENUES ARE READY - ALL VENUES ARE ON TIME

  • We are more ready for these upcoming Games than any Olympic jurisdiction has ever been in the history of the Olympic movement.
  • All 2010 competition venues are complete – a first for a Winter Games Organizing Committee.
  • Those venues are now hosting world class athletes and world attention this winter – well in advance of the 2010 Games.
  • The Richmond Olympic Skating oval has been completed at a cost of $178 million ($60 million joint contribution from the federal and provincial governments) and has already hosted the Canadian Single Distance Championships (Dec. 2008)
  • The UBC Thunderbird Arena (hockey) was completed in July 2008, well ahead of the original completion date of November 2008 and is built to LEED silver environmental standards.
  • The Whistler Olympic Park (nordic) opened its doors to both recreational and competitive skiers in the 2007-08 winter season and is hosting World Cup events this season.
  • The Whistler Sliding Centre is being used for Olympic training and will host bobsleigh and skeleton World Cup events in February. 
  • The $87.8 million Hillcrest Curling Facility ($40.25 million joint contribution from federal and provincial governments) in Vancouver is complete and will host the 2009 Wheelchair Curling World Championships Feb. 21-28.

OLYMPIC GAMES WILL PROVIDE A UNIQUE SHOWCASE FOR ALL OF BRITISH COLUMBIA

  • Three billion people worldwide will watch our Games – a unique opportunity to market ourselves to the world.
  • The Province of BC is leveraging the 2010 Winter Games to engage and promote every region and riding in BC both nationally and internationally.
  • Each region will be showcased to international media and visitors through the BC Stories and BC Explorer programs.
  • The 2010 Games represent $4 billion in economic opportunities for BC companies and communities, and every region of the province has an equal opportunity to benefit.
  • The 2010 Torch Relay will provide an early showcase for B.C. in the fall of 2009.
  • It will pass through communities representing 90 percent of the BC population. Fifty communities will hold special celebrations and the Torch will visit over 200 communities. Every riding will host events and the Province will support these events through special funding and promotional materials.
  • The Province has provided $20 million in funding to set up 2010 Olympic live sites in communities in every region of BC.