First let's look at the costs. The bid process itself will cost about $35 million and the capital costs for event venues will be about $620 million. This price tag of $655 million seems pretty steep, but bear in mind that this cost will be shared with the rest of Canada. Also remember what we get for that. The global promotional exposure alone is enough to pay for that cost nearly 10 times over. It is estimated that as host of the 2000 Olympics, Sydney received $6 billion in free publicity - essentially a $6 billion global advertising campaign for Australia tourism at no cost.

     And if you think Sydney is a poor comparison then look at Salt Lake City. The short term impacts there included over 250 million visitors, spending more than $350 million (US). The total short term economic impact there is estimated at $4.8 billion, and 35,000 job years of employment. And that is the short term benefit.

     And with all due respect to Salt Lake City, Utah … it isn't Vancouver, BC. We think we can do better than that, and so do the economists. A government study estimated that the games could generate more than 220,000 jobs over 20 years. That same study estimates over $10 billion in economic growth. That is across all sectors from retail sales to tourism to construction. Hand in hand with this economic growth is increased tax revenue of nearly $2.5 billion.

     Finally there is the cost of staging the games estimated at $1.2 billion. That money will all come from the private sector, not one nickel of taxpayer dollars. Network TV, sponsorships, merchandise and ticket sales will more than offset this cost and provide us with a tidy profit.

     The economic benefits to our province both in the short term and the long term are undeniable. Not only that but an event like that can't help but instil pride in our province and in Canada. It is clear to us that these are rings we must strive for.

     You may contact Brenda Ploman at The British Columbia Chamber of Commerce by calling 604-683-0700.