Councilman William Cole argues that the Grand Prix will change how people view Baltimore and Tom Noonan, president and CEO of Visit Baltimore, hopes it will draw 100,000 visitors to the city, but Dennis Coates, professor of economics, suggests the economic benefits of the event are far from certain. “If you think the goal of government is to convince people that they live in a quote-unquote world-class city—whatever that means—then it will probably be a success,” he told the AP. “Will people have a good time? No doubt about it. But in terms of actually creating jobs, creating a better business environment? No.” In the past, similar events have under-delivered, he noted, calling into question organizers’ estimate that the Baltimore Grand Prix will have a $70 million impact on the region.
Tags: Economics
