Cities love hosting mega-events — the Olympics, World Cup, NFL Draft. But decades of research suggest they rarely deliver the long-term economic boost leaders promise.
Are we learning? This was the focus of the plenary discussion I moderate this week in Washington DC at the annual leadership summit hosted by the International Economic Development Council (IEDC).
I also wrote about it for Technical.ly here.
In front of an audience of close to 300, I was joined by these four smart leaders:
- Stephen Cheung — President and CEO, Los Angeles County Economic Development Corporation
- Vaughn Taylor — VP Economic Development, Seattle Metro Chamber of Commerce
- Raheem Manning— Night Mayor, City of Philadelphia Office of Nighttime Economy
- Caroline Valvardi — Vice President, Public Affairs & Communication, Seregh
I invited Raheem, and only later learned that Caroline grew up in the Philadelphia suburbs and Vaughn was raised in West Philadelphia. Suddenly there was a Philadelphia bias so I brought an Eagles hat as a joke — alongside a Pittsburgh NFL Draft hat, for the record.
The difference often comes down to economic impact vs. economic benefit — a distinction economists care a lot about, but that public conversation often misses. One point from Stephen Cheung really stuck with me: “Ultimately, our responsibility is for the people who already live here.”
Mega-events can absolutely be catalysts — but the places that benefit most treat them as deadlines to improve life for residents, not just moments to host visitors.
(Other photos from the conference here)