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July 24, 2012
The little economic engine that could? Once Atlantic Yards was called an "economic engine." Now it's the arena.
Atlantic Yards Report
The Summer 2012 issue of Brooklyn!!, Borough President Marty Markowitz's promotional publication, offers an enthusiastic coverage of the new arena, with a curious claim:
Along with pumping up Brooklyn’s reputation as the place for sporting and entertainment events, Barclays Center is its own economic engine, providing 2,000 full and part-time jobs, plus a shot in the arm to the ancillary businesses around the arena.
Forest City Ratner says those 2,000 jobs add up to 1,240 FTE (full-time equivalent), but I think that's very doubtful.
Either way, it's hard to call the arena "its own economic engine," given the significant subsidies and tax breaks, and the fact that the New York City Independent Budget Office calls it a net loss to the city.
After all, sports economist Andrew Zimbalist, at least before he delivered a report for his client, Forest City Ratner, told the 2/16/04, Courier-Life, "One would not say, 'Let's move the Nets to Brooklyn to help the local economy.'"
Now one would, at least if the one is Markowitz.
Posted by eric at July 24, 2012 10:25 AM