San Francisco News
Mayor says America's Cup would boost regional economy
SAN FRANCISCO -- San Francisco's mayor and Bay Area business leaders said today the selection of San Francisco as the site of the next America's Cup sailing race would bring a major economic boost to the region.
"Securing hosting rights to the America's Cup is a prestigious and economically significant prize for any community," Mayor Gavin Newsom said in a prepared statement. "I am committed to the defense of the America's Cup in San Francisco."
A study by the Bay Area Council Economic Institute and Beacon Economics, commissioned by the city and released today, estimated the regatta could bring in an estimated $1.4 billion through spending by racing syndicates, and by residents and visitors on hotels, restaurants and retail services.
It said the benefits would likely extend to neighboring counties as well through visitor and maritime activity.
The event could create about 8,800 jobs, the study said.
Bay Area Council Economic Institute CEO Sean Randolph said hosting the regatta "would be a huge boon for the Bay Area economy."
The 34th America's Cup will take place in either 2013 or 2014.
Oracle CEO Larry Ellison's BMW Oracle Racing team won the previous race in February in Valencia, Spain, on behalf of San Francisco's Golden Gate Yacht Club. The club and the team get to choose the site of the next race.
economy, america's cup, san francisco news
- One dead, another critical in San Francisco fire
- Police arrest suspect accused of setting fire to station
- Police search for men over attempted bank robbery
- Teen girl found in Berkeley says she was kidnapped 42 min ago
- BART unveils new train car design in SF 33 min ago
- 2 people shot at Richmond strip mall
- Martinez parents struggle to stay at baby son's side
- Florida school board member wants parent dress code 35 min ago
- SF leaders to announce plan to deal with "420" events
- Woman attempting run from San Francisco to New York
- Congresswomen support Cal sexual assault victims
- VIRAL VIDEO: "World's toughest job" interview
- weather: Bay Area weather forecast for Wednesday
- roundup: Youth coach sentenced; SF two-alarm fire
- BART unveils new train car design in SF
33 min ago
Most Viewed StoriesMost Viewed Photos