Volvo Ocean Race Generates Nearly 100M Euros in Spain, How Much in Newport?

Volvo Ocean Race Generates Nearly 100M Euros in Spain, How Much in Newport?

The 2017-18 Volvo Ocean Race has added 96.2 million euros to the Spanish Gross Domestic Product, an increase of 7.6% over the 2014-15 edition. The result in Spain raises questions about how big an economic impact the race will have on Rhode Island's economy as Newport is the only American stop over.

“In addition to the numbers that reinforce the success of the event for another year, in this edition, we have grown exponentially in many areas:

The first is the business, due to the remarkable growth of corporate guests;

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

The second is social due to the success of the Comunitat Valenciana pavilion, which hosted innumerable local representatives, as well as the open, integrated approach of the Race Village itself;

The third is in the area of sustainability, and here I’m not only talking about the message that has been transmitted and amplified to the public about Ocean health, but also the concrete commitments secured from businesses and government to adopt sustainable practices,” said Antonio Bolanos,  Managing Director of the Volvo Ocean Race.

The race also generated the equivalent of 1,700 full-time jobs in Spain, according to an economic impact study delivered by PriceWaterhouseCoopers (PwC) measuring the impact of the Volvo Ocean Race on the Region of Valencia and Spain.

Overall Impact

The impact in the Region of Valencia grew to 68.6 million euros of GDP, a 3.3% increase on the 2014-15 edition.

The sectors of activity that benefited the most were local businesses and restaurants, each by more than 10 million euros.

In terms of employment, the equivalent of 1,270 full-time jobs were generated, a figure similar to the last edition.