Long-term Economic Impacts

A queue of people outside a ticket office

Beyond the indicators used for direct, indirect and induced economic impact assessments, there are other ways of assessing long-term effects that events can have on the economy of a host city, region or country. For example, the skills gained by volunteers are difficult to incorporate within an economic assessment model as described above, but can have a significant impact on employment rates, especially for target groups. Global events can also prompt innovation and research projects, which can benefit the economy in ways which are difficult to capture and may not be realised for many years after the event. Similarly, for some events, such as trade fairs, the impact of networking and new business contacts made during the event may not result in a business deal directly, but could lead to further connections and increased trading in the future, alongside more generally enhancing the knowledge economy.

For large events, there may also be a long-term economic impact resulting from expenditure on new, or brought- forward, infrastructure such as new or improved venues, transport improvements or housing. Monitoring the investment made in permanent infrastructure by hosts or organisers can contribute to measurement of long-term impacts of events.

Indicators relevant for these impacts recommended by OECD and ASOIF are:

  • Event-related spending on new/upgraded venues (ASOIF reference EC-IN2.1)
  • Event-related spending on new/upgraded equipment
  • Event-related spending on new/upgraded transport systems (ASOIF reference EC-IN2.2)
  • Event-related spending on regeneration of regions/areas
  • Event-related spending on accessibility
  • Number of unused spaces repurposed for event - m²
  • Number of research projects directly associated with the event
  • Investment value of research projects directly associated with the event

The OECD has identified that these impacts contribute towards UN SDGs relating to Decent Work and Economic Growth (Targets 8.2 and 8.3), Industry, Innovation and Infrastructure (Target 9.1) and Sustainable Cities and Communities (Target 11.2).