Wednesday, February 14, 2024

The Economic Impact of a Perennial Winner

On Sunday, February 11th, all of Kansas City celebrated as the Kansas City Chiefs found victory in Super Bowl 58.

As a lifelong Chiefs fan, the last few years have been beyond anything I ever could have imagined. When I was growing up, the Chiefs did not compete for championships. The team had a seemingly never-ending conveyor belt of quarterbacks, none of whom could lead the Chiefs far into the playoffs.

Everything changed on that fateful night in 2017 when the Chiefs chose Patrick Mahomes with the tenth pick of the 2017 NFL draft. Since that time, the Chiefs have seen nothing but success, accumulating three AFC Championships (out of six consecutive AFC Championship appearances) and three Super Bowls in the last five years. All that success has led many pundits to describe this run as a football dynasty and, with no hometown bias whatsoever, I would have to agree.

While Patrick Mahomes and the Chiefs have brought great pride to Kansas City with their play on the field and the resulting championships, they’ve had just as much of an impact off the field. Their success has established Kansas City as a true football town. Last April, the NFL held the 2023 draft at Union Station in downtown Kansas City, resulting in an estimated economic impact of $164.3 million for Kansas City.

This year, the Chiefs have received even more national and global awareness, as Taylor Swift began publicly dating Travis Kelce, the team’s tight end. Since Swift’s first appearance at Arrowhead Stadium in September, publicity surrounding the couple has spurred additional sales for local boutique Kansas City businesses where she purchases some of her Chiefs gear.

If the NFL draft and Taylor Swift’s mere presence have provided a strong economic benefits to Kansas City, the Chiefs themselves have also become an economic powerhouse in the region.

Earlier this month, the Chiefs released a report showing that the team’s economic impact to the Kansas City Region in 2023 was nearly $1 billion, resulting in an estimated 5,860 jobs and $28.8 million in tax revenue to the taxing jurisdictions during the year.

Having Patrick Mahomes as my favorite team’s quarterback has been a boon for my happiness, but the numbers demonstrate that the team’s success has been a boon for the economy of our entire region. Let’s hope that we can bring home a few more Lombardi trophies – for the economic impact of course!

No comments :

Post a Comment