The Greater Memphis Chamber has released results of a study about the Grizzlies and the FedExForum. For years, people have wondered if the Forum is worth what the city paid for it… well, now we have evidence that it is. The study shows that the team and arena bring $223 million a year into the local economy, and that the equivalent of 1,374 full-time jobs exist because the FedExForum is here. Sounds like the $250 million to build the FedExForum was not such a bad investment after all.
The study also indicates that 35-40% of the Forum’s visitors come from outside Shelby County. On average, each of those visitors spends $23.40 in Memphis outside of the FedExForum. $5.3 million in local tax revenue is generated annually by the team, arena, and visitor spending. You can read more details in this CA article.
Glad to see the Grizzlies pulling their weight financially… now they just need to win some games!