America's Cup Economic Impact
America’s Cup lays off 28 people, race officials say
The business arm of the America’s Cup laid off a quarter of its staff Friday, the latest sign the premiere sailing competition has dramatically scaled back its presence — and budget — in San Francisco.
The America’s Cup Event Authority laid off 28 people, 14 of them in the San Francisco office and the other 14 in offices around the world, race officials said. They worked in the information technology, marketing and communications departments. Read more »
America's Cup 'brought Plymouth £9m'
America's Cup yacht racing brought in £9.1m for Plymouth's economy, according to a report.
The Devon city hosted the world series event for nine days in September 2011 at a cost to the council of £225,000.
An independent report said visitors spent £4.1m, the economic impact from increased business among hotels and local suppliers was £1.6m and media coverage was worth £4.2m.
The council described the event as a "huge success". Read more »
As final approvals near, real draw of America’s Cup questioned
The business formula of the America’s Cup seems simple: If you race them, they will come.
But as city officials consider a waterfront investment deal finalizing the terms of the yacht regatta, they are left guessing just how many will come. Read more »
America's Cup waterfront development rights still under debate
It has been mostly smooth sailing in recent weeks for plans surrounding the America’s Cup yacht race, but negotiations over The City’s most prized waterfront development properties could bring choppier waters.
At stake are the terms of shoreline development rights the America’s Cup Event Authority — the private company behind the race — would receive in exchange for financing pier improvements, including a world-class cruise ship terminal. That would allow America’s Cup officials, including billionaire Larry Ellison, control over the construction of condominiums and retail along the coveted Bay-front. Read more »
America’s Cup To Create Estimated 8,000 Jobs
The 34th America’s Cup (AC34), featuring the best sailors in the fastest boats in the world, is set to provide a variety of community benefits for residents of San Francisco while promoting economic development and create jobs and small business participation opportunities for San Franciscans.
A new workforce plan, prepared by city and race officials, reveals the America’s Cups potential to inject an estimated $1 billion into the local economy and create upwards of 8,000 jobs.
The AC34 consists of three main stages: the America’s Cup World Series, the Louis Vuitton Cup, and the America’s Cup Finals. San Francisco is scheduled to host two America’s Cup World Series events in the summer of 2012, taking place August 11-19 and August 27-September 2, 2012. The Louis Vuitton Cup will be held in the summer of 2013 from July 4, 2013 to September 1, 2013.
Piers 27 and 29 are proposed by the AC34 project sponsors as the site of one of the primary AC34 venues in 2013. Pier 27 also is the site proposed by the Port for the development of a new Cruise Terminal project.
The Plan sets forth the employment, contracting and small local business inclusionary goals for AC34, including promoting the employment of San Francisco residents and disadvantaged residents, and generating business contracting opportunities for small local firms.
Local Level Hiring Goals:
Event Authority Commitments
- The Event Authority, in consultation with OEWD, has set a goal wherein 50% of all new entry-level hires will be San Francisco residents referred by the OEWD workforce system for all Event Authority contracts of $150,000 an more.
Construction Work
- The Event Authority has set a goal of 20% of all construction hours going to San Francisco residents, with 10% of the hours going to economically disadvantaged residents; 50% of all apprentice hours going to SF apprentices, with 25% of these to economically disadvantaged apprentices on these projects, on a trade-by-trade basis.
Installation Firms
- 20% of all permanent non-managerial, non-supervisorial jobs to be filled by San Francisco residents, with 10% of these jobs to be filled by economically disadvantaged San Francisco residents; and 50% of all new hires to be San Francisco residents.
This Workforce Development and Local Small Business Inclusion Plan outlines the Event Authorities approach and strategies presented thus far to connect local workforce and local businesses to opportunities with AC34 in San Francisco. The plan will evolve over time in consultation with delivery organizations and consideration of stakeholder feedback.
