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Study Finds Economic Impact of $82 Million for Fiscal Year 2019

06/04/2021

STUDY REPORTS ECONOMIC IMPACT

OF OVER $82 MILLION IN FISCAL YEAR 2019

FOR VAN ANDEL ARENA, DE VOS PLACE

AND DE VOS PERFORMANCE HALL

Grand Rapids – An economic impact study released today found that Van Andel Arena, DeVos Place and DeVos Performance Hall generated over $82 million in local economic impact and 1,265 full and part-time jobs throughout the 2018-2019 fiscal year, the most recent full fiscal year before the COVID-19 pandemic. The analysis was conducted by the Michigan Sport Consulting Group (MSCG) at the request of the Grand Rapids-Kent County Convention/Arena Authority (CAA), the seven-member board that oversees the three venues. The report provides a substantial update from the most recent economic impact study that was conducted based on the 2010-2011 fiscal year, which calculated the economic impact of the venues to be over $58 million.

MSCG used a variety of ticketing, employment, and operations data provided by the venues in conjunction with multipliers generated and approved by the Bureau of Economic Activity (BEA) to calculate direct and indirect impacts generated by the venues’ operations. Additionally, the study included a spatial impact analysis using property values of residential and commercial properties within roughly a 0.35-mile radius of each venue as a way to address the social impact the facilities have on the surrounding community. The analysis concluded that the venues have a significantly positive impact on the property values downtown, contributing to the success of local businesses and enhancing the quality of life in Grand Rapids and throughout Kent County.

“The CAA serves as an economic development tool for Kent County and Grand Rapids and takes its role seriously. The venues play an important role in bringing visitors to West Michigan which, in turn, encourages economic growth,” said Steve Heacock, CAA Chairman. “It’s crucial to use measurable data to quantify their impact on our community and I’m pleased that the results of the study demonstrate that our facilities continue to be a driving force in the local economy. We know that getting back to business as we reactivate our venues will be key to the post-pandemic recovery of Grand Rapids and Kent County.”

MSCG is a 40-member, student-run consulting organization sponsored by the School of Kinesiology at the University of Michigan. As the first undergraduate student-run sport consulting group in the nation, MSCG provides a unique opportunity for students to engage in real-world consulting work with a wide variety of sports-related businesses. The team conducting the venues’ economic impact analysis was led by Project Managers Maddy Jacobs and Niran Chattha.

"It was an extremely insightful and gratifying experience to have worked on this project,” commented Jacobs and Chattha. “Each of us on the team was able to delve into the world of economic analysis and impact, and as a result, we collectively left with stronger analytical skills and an enhanced understanding of value generation within a local economy."

About the CAA

The Grand Rapids-Kent County Convention/Arena Authority (CAA) is the seven-member board that administers DeVos Place, DeVos Performance Hall and Van Andel Arena. The CAA was established on March 29, 2000 by the City of Grand Rapids and County of Kent under the Convention Facility Authority Act, Act 203 of the Public Acts of Michigan of 1999. The CAA’s mission is to encourage economic development within the West Michigan region, create jobs, and provide facilities for the entertainment, enjoyment, and/or benefit of the citizens in an economical manner by developing and operating convention, entertainment, and sports facilities within Kent County.

About ASM Global

Van Andel Arena, DeVos Place and DeVos Performance Hall are managed by ASM Global. ASM Global is the world’s leading venue management and services company. The company was formed by the combination of AEG Facilities and SMG, global leaders in venue and event strategy and management. The company’s elite venue network spans five continents, with a portfolio of more than 300 of the world’s most prestigious arenas, stadiums, convention and exhibition centers, and performing arts venues. From Aberdeen to Anchorage, and Sydney to Stockholm, its venues connect people through the unique power of live experiences. 

ASM Global’s diverse portfolio of clients benefit from the company’s depth of resources and unparalleled experience, expertise and creative problem-solving. Each day, the company’s passionate employees around the world deliver locally tailored solutions and cutting-edge technologies to deliver maximum results for venue owners, and operations, and amazing experiences for guests. By consistently looking for new ways to envision, innovate and empower the spaces and places that bring people together, ASM Global elevates the human spirit while delivering the highest value for all stakeholders. For more information, please visit asmglobal.com. 

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Study Finds Economic Impact of $82 Million for Fiscal Year 2019
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