Yesterday, both NBC 7 and FOX 5 reported on an economic impact study on the 10-year anniversary of PETCO Park that the National University System Institute for Policy Research (NUSIPR) released.
I figured we can take a look at and analyze the conclusions they came up with.
Now, I’m not an economist. I just want to make that clear from the start. Some of my thoughts and opinions will probably be wrong. Bear with me anyways. This is all just supposed to be informative, so let’s go.
Note: This “report” seems like it’s just a press summary to me. Gavin has sent a request to NUSIPR to find out if there is a more comprehensive version of this available to the public. He’s promised to share it with me.
UPDATE: Gavin received a response from Erik Bruvold of NUSIPR regarding the report and if we could see anything more comprehensive released some time soon.
No one funded. What you see is what you get. We pulled together and did a bit of analysis on readily available public data (as indicated in the sources and notes). Just one of our “news and notes” pieces.
So, there you go.
1) PETCO Park’s opening was instrumental in helping accelerate Downtown’s development as a residential community.
- Between 2000 and 2013 Downtown San Diego added 15,000+ residents (17,513 to 32,544).
- Between 2000 and 2012, Downtown San Diego added 14,700 housing units. (9,454 to 24,168).
- Approximately 4,000 of the housing units in 2013 were estimated to be vacant – suggesting both that downtown’s development has attracted buyers of second homes as well as the challenges experienced in downtown’s rental market.
The first thing I thought of was that 4 years after PETCO opened, the country went into an economic tailspin that it has yet to recover from. Every time it looks like the economy is starting to come back, some dumb thing happens. So that would partially explain the 4,000 units being vacant last year.
Still, an additional 15,000+ residents in those newer 14,700 units. That looks pretty good overall.
2) PETCO Park’s opening did not change the underlying dynamics of Downtown’s employment picture.
Employment remains essentially unchanged, with 64,689 workers employed at 92101 businesses in 2004 and 64,718 working in downtown in 2011. Few new major firms focused on the “export” of products and services outside of San Diego have emerged in Downtown or relocated to the 92101 area.
These numbers don’t really surprise me. Just look at the first point: Downtown is becoming more of a residential community. Most of the corporate offices were already downtown. But the employees were living somewhere else.
3) Like many new sports stadiums, PETCO Park saw an initial spike in attendance but then a rapid fall off.
I blame the combination of that “new ballpark smell” wearing off and underperforming teams.
Here’s the historical attendance for the Padres dating all the way back to the 1969 season:
|2013||76||86||3||PetCo Park||2,166,691||26,749||12th of 15|
|2012||76||86||4||PetCo Park||2,123,721||26,219||14th of 16|
|2011||71||91||5||PetCo Park||2,143,018||26,457||11th of 16|
|2010||90||72||2||PetCo Park||2,131,774||26,318||11th of 16|
|2009||75||87||4||PetCo Park||1,919,603||23,699||12th of 16|
|2008||63||99||5||PetCo Park||2,427,535||29,970||12th of 16|
|2007||89||74||3||PetCo Park||2,790,074||34,445||9th of 16|
|2006||88||74||1||PetCo Park||2,659,757||32,837||8th of 16|
|2005||82||80||1||PetCo Park||2,869,787||35,429||5th of 16|
|2004||87||75||3||PetCo Park||3,016,752||37,244||7th of 16|
|2003||64||98||5||Qualcomm Stadium||2,030,084||25,063||12th of 16|
|2002||66||96||5||Qualcomm Stadium||2,220,601||27,415||10th of 16|
|2001||79||83||4||Qualcomm Stadium||2,378,128||29,360||12th of 16|
|2000||76||86||5||Qualcomm Stadium||2,352,443||29,043||11th of 16|
|1999||74||88||4||Qualcomm Stadium & Estadio de Beisbol Monterrey||2,523,538||31,155||9th of 16|
|1998||98||64||1||Qualcomm Stadium||2,555,874||31,554||7th of 16|
|1997||76||86||4||Qualcomm Stadium & Aloha Stadium||2,089,333||25,794||7th of 14|
|1996||91||71||1||Jack Murphy Stadium & Estadio de Beisbol Monterrey||2,187,886||27,011||6th of 14|
|1995||70||74||3||Jack Murphy Stadium||1,041,805||14,470||13th of 14|
|1994||47||70||4||Jack Murphy Stadium||953,857||16,734||14th of 14|
|1993||61||101||7||Jack Murphy Stadium||1,375,432||16,981||14th of 14|
|1992||82||80||3||Jack Murphy Stadium||1,721,406||21,252||9th of 12|
|1991||84||78||3||Jack Murphy Stadium||1,804,289||22,275||9th of 12|
|1990||75||87||4||Jack Murphy Stadium||1,856,396||22,918||9th of 12|
|1989||89||73||2||Jack Murphy Stadium||2,009,031||24,803||6th of 12|
|1988||83||78||3||Jack Murphy Stadium||1,506,896||18,604||10th of 12|
|1987||65||97||6||Jack Murphy Stadium||1,454,061||17,951||10th of 12|
|1986||74||88||4||Jack Murphy Stadium||1,805,716||22,293||6th of 12|
|1985||83||79||3||Jack Murphy Stadium||2,210,352||27,288||4th of 12|
|1984||92||70||1||Jack Murphy Stadium||1,983,904||24,493||5th of 12|
|1983||81||81||4||Jack Murphy Stadium||1,539,815||18,778||6th of 12|
|1982||81||81||4||Jack Murphy Stadium||1,607,516||19,846||6th of 12|
|1981||41||69||6||Jack Murphy Stadium||519,161||9,439||12th of 12|
|1980||73||89||6||San Diego Stadium||1,139,026||14,062||10th of 12|
|1979||68||93||5||San Diego Stadium||1,456,967||17,987||8th of 12|
|1978||84||78||4||San Diego Stadium||1,670,107||20,619||5th of 12|
|1977||69||93||5||San Diego Stadium||1,376,269||16,991||7th of 12|
|1976||73||89||5||San Diego Stadium||1,458,478||18,231||5th of 12|
|1975||71||91||4||San Diego Stadium||1,281,747||15,824||6th of 12|
|1974||60||102||6||San Diego Stadium||1,075,399||13,277||8th of 12|
|1973||60||102||6||San Diego Stadium||611,826||7,553||12th of 12|
|1972||58||95||6||San Diego Stadium||644,273||8,053||11th of 12|
|1971||61||100||6||San Diego Stadium||557,513||6,883||12th of 12|
|1970||63||99||6||San Diego Stadium||643,679||7,947||12th of 12|
|1969||52||110||6||San Diego Stadium||512,970||6,333||12th of 12|
I don’t put much stock in the fact that the Padres haven’t drawn 3 million fans to PETCO Park since 2004. As you can see in that chart, starting in 1996 the Padres had attendance totals above 2 million every year except one: 2009. And that year they were only about 81k shy of topping 2 million. Would it be nice to get 3 million? Sure. But it’s going to take a few years of consistent winning to do it, in my opinion.
4) Ballpark visitors spent $67.6 million in downtown San Diego in 2013.
Based on recent attendance figures, and estimates from Convention Sports & Leisure International, non-local attendees at PETCO Park ballgames generated $67.6 million in out-of-facility spending in 2013. This includes expenditures on dining, entertainment, transportation and overnight lodging.
Wait–So PETCO Park was the catalyst for almost $70 million in spending outside of the ballpark last year? That’s good, right? RIGHT?
5) Overall, PETCO Park visitors generated a $44.3 million regional economic impact in 2013.
Out-of-facility spending by non-local ballpark attendees in 2013 had a $44.3 million regional economic impact in San Diego County. This supported 791 year-round, full-time equivalent jobs.
Again, I’m no economist, but that sounds pretty good.
So, what have we learned from all this?
I don’t know. You tell me. Like I said…
I’m not an economist.
I write something for Padres Public just about every week on Wednesday morning. You get a bonus this week! Lucky you! Follow me on Twitter, where I prove I’m not an economist just about every day.