While many imagine the future economic impact a Las Vegas NFL team will have, there have been measurable changes taking place Downtown over the past five years. Founded in 2012 as a revitalization plan, Downtown Project recently released a report by Applied Analysis that digs into the estimated outcome of Zappos CEO Tony Hsieh’s $350 million investment in the 45-acre urban area.
The funds were allocated to real estate ($200 million), small business ($50 million), technology ($50 million) and arts and culture ($50 million) including a portion to back the Life Is Beautiful festival. The report also shows how the investment has affected our city in a way that isn’t as evident as the new storefronts on evolving streets.
Investments in the community have generated 328 jobs within small businesses, 51 jobs in technology startups, 38 jobs in managing Downtown Project enterprises, and 571 jobs as a result of the visitors brought annually by the Downtown Project. In total, 1,571 permanent jobs have been created or supported as a result of the Downtown Project.
DOWNTOWN PROJECT’S IMPACTS INCLUDE:
–407 ongoing or completed construction projects
–61 small business investments in Las Vegas
–An estimated 130,000 annual visitors from the Life Is Beautiful Festival and visitors to DTP/DTP-related entities
TOTAL ONE-TIME CONSTRUCTION IMPACTS:
–1,743 full- time employment jobs for one year
–$91.9 million in salaries
–$272 million in economic output
TOTAL RECURRING IMPACTS (ANNUALLY):
–$70 million in salaries
–$209.2 million in economic output