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City of Richmond: Oval biz 'huge return' for economy

The City of Richmond sent a news release out Thursday to describe some of the “huge economic returns” the Richmond Olympic Oval has provided to the local and regional economy.
Richmond News
Richmond Olympic Oval
The Richmond Olympic Oval hosts various sports events and provides amenity activities for residents such as ice hockey, basketball, volleyball, soccer, and weight training

The City of Richmond sent a news release out Thursday to describe some of the “huge economic returns” the Richmond Olympic Oval has provided to the local and regional economy.

“A newly released economic impact study prepared for the City of Richmond by KPMG found that construction of the Oval generated $234 million in GDP and created 3,076 jobs. An additional $19 million in ongoing annual GDP is generated by the Oval and its operation supports 400 fulltime equivalent jobs, including direct, indirect and induced employment,” notes the release.

The city stated that the KPMG study shows the Oval has also been “a catalyst for $3.8 billion in added property value within the surrounding neighbourhood. From 2006 to 2016, property values in the Oval area rose by 488 per cent, while the rest of Richmond saw a 138 per cent increase in values in the same time period.”