Bid for 2024 DNC continues. Will it provide economic boost for Chicago?
CHICAGO (CBS) – Local leaders are putting in their bid to host the 2024 Democratic National Convention in Chicago.
But will it provide an economic boost to the city as promised? CBS 2 Investigator Megan Hickey reports from the United Center with what she's uncovered.
We looked to the two big political conventions in 2016 — the DNC in Philly and the RNC in Cleveland, which both brought in less money than originally projected.
But experts say that's only part of the impact.
It's been 26 years since the United Center hosted the Democratic National Convention.
This time around, the city says an event this size will do much more than just revitalize the neighborhood.
"The DNC convention generates $150 to $200 million into the local economy of the city its hosted in, and we expect that to be no different in 2024," said Mayor Lori Lightfoot.
The 2016 Democratic National Convention in Philadelphia and the Republican National Convention in Cleveland did bring in big bucks for the region, but according to economic impact studies, Philly's convention brought in about $120 million less than the $350 million that was projected, and Cleveland's convention brought in an impact of about $142 million — shy of the $200 million originally calculated.
"The devil is always in details," said Iryna Lendel, Director of the Center for Economic Development at Cleveland State University.
Lendel, one of the authors of that study, said their calculations were pretty conservative, and the large amount of security for the 2016 RNC — in part, because of a very notable convention attendee in then Republican nominee Donald Trump — had an impact on the bottom line.
And a large amount of security for that event — in part, because of a very notable convention attendee had an impact on the bottom line.
"I think many regular visitors who would come to go to the city at that time, for dining or for just business, they just avoided Cleveland in those days, so that was sort of a negative effect," Lendel said.
But ultimately, she says Chicago is, in some ways, even better suited for a national convention, and thinks the $150 to $200 million figure could be realistic.
"Chicago is a larger city with even more attractions than Cleveland. So it's realistic to expect that visitors who would come, would additionally explore the city, would dine in a city, would you know go to some additional events," Lendel said.
Of the $230 million -- the 2016 DNC in Philly brought in more than $132 million in direct convention-related spending and more than $11 million in state and local taxes.