BLACKSBURG (WSLS 10) - Virginia Tech home football games draw an influx of out-of-town fans – a boom to many businesses in the region. The visiting maroon-and-orange contingent now has a dollar value: $69 million.
Virginia Tech officials say the annual economic impact figure comes from a university study that shows restaurants, hotels, and shops benefiting most from football-generated dollars spent in the region.
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Football's economic impact tripled in the 15 years since the last economic impact study was done, according to the analysis.
They say the five biggest categories where visitors dropped their dimes were hotels, restaurants, shops, grocery stores, and gas stations. Visitors' direct spending in those areas amounted to $5.9 million (hotels), $5 million (dining), $2.9 million (gasoline), $2.6 million (retail), and $2.5 million (groceries).
University officials say Virginia Tech's total football revenue amounts to $41 million. Almost three quarters of that portion, some $30 million, comes into Virginia Tech Athletics from outside the region. Most of that money – $25 million – is spent in the region., they say.
Taxes of $1 million on all the transactions are an added benefit as well, covering sales, meals, and lodging.
"Each dollar spent has a multiplier effect as money changes hands within the region," said Sarah Lyon-Hill, economic development specialist, in a written statement released on Thursday.
"It's important to note that our approach was conservative. Even though we excluded workers such as the dozens of security staff and police officers hired for every game-day weekend, we found that Virginia Tech football supports almost 300 jobs that wouldn't be here otherwise," said Lyon-Hill.
It's also important to note the reason for the study, said Larry Hincker, associate vice president for university relations, who explained that news reporters and government leaders often seek economic development data defining the university's impact.
"We have not had hard data to share, particularly about Virginia Tech sports," Hincker said Thursday in a written release. "Thus we commissioned this study, knowing that football, being the largest sport, would be the easiest to measure and would be high in public interest."
For further information on this study, click here.