President Obama took a break from politics Tuesday evening to participate in America’s favorite pastime. All eyes were on Mr. Obama as he became only the fifth president to throw the first-pitch at the 2009 MLB All-Star game in St Louis.
Joining the President in baseball festivities were over 200,000 baseball fans as well as stars like Nelly, Billy Bob Thornton, Ashanti and Sheryl Crow, who performed a benefit concert on Saturday.
The timing of the event couldn’t have been better, in light of Missouri’s, and by association, St. Louis City’s, recent financial woes. St. Louis Business Journal reported that Missouri’s net general revenue collections were down 7 percent in fiscal 2009.
State Budget Director Linda Luebbering reported that Missouri collected $7.46 billion in general revenue for the period, which is down significantly from the $8 billion collected at the same time last year. Luebbering described the revenue decline as “The worst in over a generation.”
Recent Missouri
financial figures released from June 2009 don’t give much reason for hope. According to the Budget office, net general revenues from June were $629.3 million, down 24 percent from $826.6 million in June 2008.
However, St. Louis Cardinal Baseball, in addition to special events like the MLB All-Star game, generates much-needed financial promise for an otherwise gloomy city and state outlook.
A recently completed
economic impact analysis conducted by the RCGA's Chief Economist Ruth Sergenian provides a specific breakdown of the financial benefit. Sergenian reports that the 2009 baseball season in St. Louis will boost the regional economy by more than $280 million, $150 million of which is by direct impact and the remainder of which will benefit via indirect activity.
The study primarily measures the spending tied to Cardinal Baseball events and its wide impact on the region. Generally, 40 percent of game-day attendance is comprised of out of town visitors whose spending directly boosts the region’s economy. This is especially true for special events, such as this past week’s All-Star game.
Visitors at the week-long event were estimated to number between 200,000 and 250,000, and the local economy benefited greatly from their spending.
More than $32 million was
generated directly by spending on local hotels, restaurants and retail, while another $27 million in indirect spending added an additional economic boost.
In addition to the generous financial benefit of events like the All-Star game, name recognition for the City of St. Louis is equally important and even more priceless. Scores of national corporation executives attended the event, gaining the chance to experience the city and its vast amenities first-hand.
Local leaders used the opportunity to help convince national directors that St. Louis should be at the top of their lists for company expansion sites.
All in all, the MLB All-Star game this past week proved not only an economic success for the City of St. Louis, but also a rare chance to showcase the benefits of the city to a captive national audience.
