If you have been paying attention to the Bronx Economic Development Corporation and its sister company, the Bronx Tourism Council, online, you may have noticed the promotion of the small businesses surrounding Yankee Stadium leading up to the start of baseball season.
This is because our companies work to drive foot traffic toward small businesses, such as Yankee Tavern, Stan’s and the other bars and restaurants on 161st Street.
That is why it was exciting to see how much revenue the two major league baseball teams of New York — The Yankees and the Mets — are expected to generate for the city’s local economy during this season: over $900 million.
You may not associate sports with the economy, but as New York City Economic Development Corporation President and CEO Andrew Kimball notes, increased foot traffic due to Yankee home games leads to a huge economic boost.
“With baseball returning to the Bronx and Queens, New York City will receive a significant economic boost of over $900 million,” Kimball said. “Baseball is a key driver of our local economy — creating jobs, supporting small businesses and encouraging both New Yorkers and
visitors to spend money in our city.”
According to the press release from the Office of the New York City Mayor, this analysis includes tickets, concessions, merchandise, transportation and lodging for overnight visitors. It estimates that the Yankees alone will generate $594 million, while the Mets will generate $315 million.
In addition to money and jobs from inside the stadium, the BXEDC witnesses what exists right outside of it: the small business restaurants and bars that certainly get a lot of foot traffic as well. Though this was not measured in the overall analysis, businesses such as these are contributing to the local economy through job creation and revenue, which certainly spikes on the days the Yankees have a home game.
It’s not often that you hear some good news about the economy – but thanks to the Yankees, this news is pretty much a home run.
Follow the BXEDC on Instagram @bx_edc and The Bronx Tourism Council @bronx.tourism. Visit ilovethebronx.com for recommendations on things to do in The Bronx.
