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ECONOMIC IMPACT ANALYSIS
For the 2022 Women’s Final Four
In Minneapolis, Minnesota
September 30, 2022
September 30, 2022
Ms. Wendy Williams Blackshaw
President, CEO
Minnesota Sports and Events
8009 34th Avenue South
Suite 1100
Minneapolis, Minnesota 55425
Dear Ms. Blackshaw:
We have completed an analysis of the estimated economic impact of the 2022 Women’s Final Four (WFF) held in
Minneapolis, Minnesota. We have developed a model that presents estimates of direct spending, total output,
earnings and employment associated with having hosted the WFF.
The analysis presented in this report is based on estimates, assumptions and other information developed from
industry research, data and certain assumptions provided by stakeholders, discussions with industry participants
and analysis of previously adopted economic impact analyses. All information provided to us by stakeholders was
not audited or verified and was assumed to be correct. Because procedures were limited, we express no opinion
or assurances of any kind on the projected information contained herein. Furthermore, there will be differences
between projected and actual results. This is because events and circumstances frequently do not occur as
expected, and those differences may be material.
We sincerely appreciate the assistance and cooperation we have been provided in the completion of this report
and would be pleased to be of further assistance in the interpretation and application of our findings.
Very truly yours,
CSL International
Conventions, Sports & Leisure International, LLC
520 Nicollet Mall, Suite 520, Minneapolis, Minnesota 55402 ● 612.294.2000 ● www.cslintl.com
TABLE OF
CONTENTS
1. Background & Situation
4
2. Concepts & Methodology
7
3. Direct Spending & Assumptions
10
4. Economic Impact Analysis
14
1
BACKGROUND & SITUATION
Introduction & Background
In 2022, Conventions, Sports & Leisure International
(CSL) was retained by Minnesota Sports and Events
(MSE) to conduct an Economic Impact Analysis of
the 2022 Women’s Final Four (WFF), held at Target
Center in Minneapolis, Minnesota. The focus of the
effort involves estimating the net new economic
impacts directly associated with the WFF. This
report outlines the findings associated with the
analysis and is intended to assist in advancing the
understanding of the economic return associated
with the WFF and related activities to local and
regional areas and their constituencies.
CSL was founded in 1988 specifically to provide
independent and unbiased research to the public
assembly facility industry.
The professional
resources at CSL include over 180 years of
combined industry experience spanning more than
2,000 strategic and economic planning studies.
The 2022 Women’s Final Four consisted of two national semi-final games held on Friday, April 1st and a national championship
held on Sunday, April 3rd. The participating teams included the Louisville Cardinals, South Carolina Gamecocks, Stanford Cardinal
and University of Connecticut (UConn) Huskies. However, the overall impact of the WFF extended well beyond the three games
held at Target Center in Minneapolis. The Local Organizing Committee (LOC), consisting of members from Minnesota Sports and
Events, Sports Minneapolis, Meet Minneapolis, the University of Minnesota and others raised funds to support hosting and
marketing the WFF through a variety of corporate sponsorships and contributions that supported a variety of events and
activities leading up to, and highlighting the Final Four games. A summary of these activities is presented on the following page.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 4
1
BACKGROUND & SITUATION
A variety of events and activities highlighting the Women’s Final Four, women’s basketball and the Minneapolis/St. Paul
metropolitan community were held over the course of and leading up to the three-day weekend. These are presented below.
Tourney Town presented by Capital One
Tourney Town was a free event held at the Minneapolis Convention Center from April 1 through April 3
(Friday through Sunday) that attracted more than 23,800 guests with a selection of immersive activities
tied to the WFF. These experiences included interactive games, appearances by the participating team
bands, cheer squads and mascots, merchandise sales, photo opportunities, basketball contests, food
and a variety of other activities.
Beyond the Baseline presented by AT&T
Sponsored by AT&T, Beyond the Baselines consisted of a series of women-centric panel discussions,
networking and social events and one-on-one interactions held with local figures including coaches,
athletes, broadcasters, CEOs and the Mayor of Minneapolis, all with a focus on providing professional
development opportunities. Four separate sessions were held from April 1 through April 3 (Friday
through Sunday).
Party on the Plaza presented by Buick
Daily free party held on the Plaza outside of Target Center consisting of activities including welcoming
the teams to the arena, fan games, live music, merchandise sales and interactive games. Over the
course of the three days this free event brought in more than 12,800 attendees.
Super Saturday Open Practice & Super Saturday Concert presented by AT&T
This free Saturday event allowed a record breaking 5,500 spectators the opportunity to watch practices
for the two National Championship Finals teams. Additionally, AT&T hosted a free concert at the
Minneapolis Convention Center featuring live music from Rachel Platten and a celebration of women’s
basketball.
Women’s Final Four Bounce presented by Buick
Sponsored by Buick, Bounce brought 1,600 kids aged 18 and under and spectators together on Sunday,
April 3rd for a parade beginning in front of the Minneapolis Convention Center and ending in Tourney
Town. Participants received a free basketball and t-shirt.
Women’s Final Four Dream Court
The NCAA Women’s Final Four Legacy Program, Nancy Lieberman Charities, Sport Court and the LOC
partnered to dedicate a new multi-use sport court at the Hall STEM Academy, a Minneapolis Public
School in North Minneapolis. In addition to the playing surface, Hall STEM Academy received an
Outdoor Learning Center, including an outdoor classroom learning space and playground equipment for
pre-K students.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 5
1
BACKGROUND & SITUATION
In addition to these activities, additional events were undertaken over the course of and leading up to the three-day weekend to
leverage the platform of the Women’s Final Four by highlighting critical social and cultural initiatives. These are outlined in further
detail below.
Title IX 50th Anniversary
In 1972, Congress passed the Education Amendments of 1972, commonly
referred to as Title IX, prohibiting gender-based discrimination, including within
athletics, in any school receiving federal funding. With 2022 marking the 50th
anniversary of the passing of Title IX, Minnesota Sports and Events (MSE) had
been conducting 50th-anniversary events for months. The Land O’Lakes, Inc. Title
IX Championship Tour was a bus tour starting in July 2021 and featured a
custom-decorated coach bus with 11 women selected for their notable
achievements in athletics. They traveled to events throughout the Twin Cities
metropolitan area and throughout Greater Minnesota.
A series of events celebrating Title IX were held at the Mall of America in
Bloomington, Minnesota from March 27th through April 3rd. The daily event
schedule featured a variety of experiences for fans including keynote speakers,
basketball clinics with Minnesota Lynx (WNBA) players, dance, fitness and
Peloton classes, the Star Tribune Minnesota Sports Hall of Fame Induction
ceremony, concert performances, the Delta Dental of Minnesota’s game of
“FLOSS” (a friendly competition where local hoops legends and women executives
played a shooting game) and the 3M Court of Dreams, which featured
inspirational messages from those who have benefitted from Title IX legislation.
Native Initiative
With less than one half of one percent of all NCAA Division I, II &
III athletes being Native American, the Indigenous Athletics
Advancement Council (IAAC) worked with the LOC to raise
awareness for indigenous people and create opportunities for
social change. The IAAC worked with the NCAA and LOC to
secure over 400 tickets for Native youth and their families to
attend the WFF.
On April 2nd, 60 kids participated in a clinic for Native youths at
the Minneapolis American Indian Center. This event featured a
learning lab session with NCAA coaches to create awareness and
remove barriers for recruiting Native athletes and a speaker
series with Native basketball legends.
Together, the activities and initiatives discussed above generated important awareness for the WFF while also providing important
qualitative benefits. Furthermore, it is important to understand the economic benefits of hosting the WFF in Minneapolis, which
will be discussed in the following section.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 6
CONCEPTS & METHODOLOGY
2
Economic Impact Concepts & Methods
Hosting an event like the Women’s Final Four is expected to provide substantial
quantifiable benefits. These quantifiable benefits often serve as the “return on
investment” of public dollars that are contributed to attract and host the event.
Quantifiable measurements of the effects that facility projects could have on the
local economy are characterized in terms of economic and fiscal impacts. Direct
spending represents the primary spending that would occur as a result of hosting
the event. The direct spending measured within this analysis consists primarily
of out-of-facility spending as outlined to the right.
Net new impacts will be generated throughout the Minneapolis area, primarily
relating to Out-of-Facility Spending (i.e., spending occurring outside of the Target
Center by visitors to Minneapolis on items such as hotels, restaurants, retail,
transportation, etc.).
OUT-OF-FACILITY SPENDING
Outside the event itself, direct spending is
generated in city, county and regional
areas by visitors, attendees, participants,
event staff, and visiting facility users on
lodging, food and beverage, retail,
entertainment, transportation, and other
such items in connection with their visit
to the area.
From a broad perspective, gross direct spending would flow to various economic entities, including the City of Minneapolis,
Hennepin County and local restaurants, hotel operators, retail businesses and other such entities. However, some of the
spending that occurs in connection with the ongoing operations of the WFF would not fully impact the local area. As such,
reductions must be made to gross direct spending to reflect the amount of direct spending associated with the WFF considered
net new to Minneapolis. These adjustments include:
LEAKAGE represents the portion of gross spending estimated to occur outside the larger geographic area
considered for this analysis (Minneapolis). Immediate leakage occurs when initial direct expenditures occur
outside the area, such as an out-of-town WFF visitor that patronizes a hotel or restaurant located outside of
Minneapolis. Leakage also occurs when initial local spending is used immediately to pay for goods, services, etc.
outside of Minneapolis. Examples of this type of secondary leakage include food and beverage profits retained by
companies based outside of Minneapolis.
DISPLACEMENT refers to spending that would have likely occurred anyway in Minneapolis without the presence of
the WFF. Examples of displaced spending would include spending by Minneapolis and other greater
Minneapolis/St. Paul metropolitan area residents in connection with their visit to the WFF (tickets, food and
beverage, retail items, etc.) that would have been spent Minneapolis anyway on other items (e.g., movies,
restaurants, shopping, etc.) if they did not attend the WFF. The concept of displacement is oftentimes referred to
as the substitution effect.
The flow of gross direct spending is adjusted to reflect only the spending that is considered net new to the local economy (i.e.,
Minneapolis). The resulting spending after all adjustments is referred to throughout the remainder of this analysis as net new
direct spending.
Economic impacts are further increased through re-spending of the direct spending. The total impact is estimated by applying an
economic multiplier to initial direct spending to account for the total economic impact. The total output multiplier is used to
estimate the aggregate total spending that takes place beginning with direct spending and continuing through each successive
round of re-spending. Successive rounds of re-spending are generally discussed in terms of their indirect and induced effects on
the area economy. Each is discussed in more detail below.
INDIRECT EFFECTS consist of the re-spending of the initial or direct expenditures. These indirect impacts extend further as the
dollars constituting the direct expenditures continue to change hands. This process, in principle, could continue indefinitely.
However, recipients of these expenditures may spend all or part of it on goods and services outside the market area, put part of
these earnings into savings, or pay taxes. This spending halts the process of subsequent expenditure flows and does not
generate additional spending or impact within the community after a period of time. This progression is termed leakage and
reduces the overall economic impact.
Indirect impacts occur in a number of areas including the following:
•
•
•
•
•
Wholesale industry as purchases of food and merchandise products are made.
Transportation industry as the products are shipped from purchaser to buyer.
Manufacturing industry as products used to service the event, vendors and others are produced.
Utility industry as the power to produce goods and services is consumed.
Other such industries.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 7
2
CONCEPTS & METHODOLOGY
INDUCED EFFECTS consist of the positive changes in spending, employment, earnings and tax collections generated by personal
income associated with hosting the WFF and its associated events and activities. Specifically, as the economic impact process
continues, wages and salaries are earned, increased employment and population are generated, and spending occurs in virtually
all business, household and governmental sectors. This represents the induced spending impacts generated by direct
expenditures.
Indirect and induced effects are calculated by applying the appropriate multipliers to the net new direct spending estimates. The
appropriate multipliers to be used are dependent upon certain regional characteristics and also the nature of the expenditure.
Generally, an area which is capable of producing a wide range of goods and services within its borders will have high multipliers,
a positive correlation existing between the self-sufficiency of an area’s economy and the higher probability of re-spending
occurring within the region. If a high proportion of the expenditures must be imported from another geographical region, lower
multipliers will result.
The multiplier estimates used in this analysis are based on the Regional Input-Output Modeling System (RIMS II), a regional
economic model used by investors, planners and elected officials to objectively assess the potential economic impacts of various
projects. The Bureau of Economic Analysis (BEA) originally provided regional input-output multipliers in the early 1970s as a tool
to help economists analyze the potential impact of economic activities.
RIMS II is based on a set of national input-output (I-O) accounts that show the goods and services produced by each industry and
the use of these goods and services by industries and final users. RIMS II adjusts these national relationships to account for
regional supply conditions. The I-O accounts provide the basis for the model’s multipliers and impose assumptions that need to
be recognized when conducting an economic impact study.
The multiplier effects estimated in this analysis include:
• TOTAL OUTPUT represents the total direct, indirect, and induced spending effects generated by hosting the WFF.
Total output is calculated by multiplying the appropriate total output multiplier by the estimated direct spending
within each industry.
• PERSONAL INCOME (EARNINGS) represent the wages and salaries earned by employees of businesses
impacted by hosting the WFF. Personal earnings are calculated by multiplying the appropriate personal
earnings multiplier by the estimated direct spending within each industry.
• EMPLOYMENT is expressed in terms of total jobs and includes both full and part-time jobs. Employment is
calculated by dividing the appropriate employment multiplier by one million, and then multiplying by the
estimated direct spending within each industry.
The multipliers used in this analysis are specific to the Minneapolis/St. Paul metropolitan area economy and are summarized
below.
Eco n o m i c Im p act Mu l ti p l i ers
Ou tp u t
Earn i n g s
Em p l o y m en t
Hotel
1.962
0.579
16.641
Restaurant
2.181
0.821
28.934
Entertainment
2.105
0.654
22.941
Retail
2.094
0.732
21.897
Auto Rental
2.310
0.696
26.874
Other Local Transit
2.310
0.696
26.874
Other Industries
2.117
0.852
28.641
Source: Bureau of Economic Analysis, 2022
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 8
2
CONCEPTS & METHODOLOGY
In addition to the economic impacts that could be generated by hosting the WFF, fiscal revenues could be generated to
Minneapolis and various other municipal/governmental entities from a variety of sources. In preparing estimates of fiscal
impacts, revenues generated to the City of Minneapolis and Hennepin County from direct, indirect and induced spending were
examined. As a focus of this analysis relates to the economic and tax impact within the Minneapolis area, the primary fiscal
revenues estimated herein are sales and lodging taxes that are estimated to be generated within Minneapolis. The net new tax
impacts consider reductions for assumed displaced spending within Minneapolis, as well as spending that is assumed to occur
outside of Minneapolis.
Although there may be other tax revenues and public sector fees/charges generated as a result of hosting the WFF, net new
sales and hotel-related taxes represent the most directly-attributable and relevant sources relating to this analysis.
The graphic below illustrates key measurements of economic and tax impacts utilized in this analysis. Commencing with the
estimation of net new direct spending associated with visitors attending the WFF, successive rounds of re-spending generate
indirect and induced effects. The sum of all this net new spending in Minneapolis’ economy represents total Economic Output.
This new economic output, in turn, generates added earnings (personal income), jobs (employment), and tax revenues.
In addition to the quantifiable benefits associated with hosting the WFF, there are a number of existing and potential benefits
that cannot be quantified. In fact, these qualitative benefits tend to be a critical factor in the consideration of public and private
investment in facilities of this nature. These include issues pertaining to quality of life, ancillary economic development
facilitation, employment opportunities, community pride, complementing the greater Minneapolis/St. Paul metropolitan area and
other items.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 9
DIRECT SPENDING & ASSUMPTIONS
3
Attendance and Non-Local Visitation Assumptions
Calculations of net new direct spending in Minneapolis as a result of hosting the 2022 Women’s Final
Four begin with an estimation of the total number of visitors to Minneapolis over the course of the
event. Conversations with Target Center staff indicated that total paid attendance reached 36,572
attendees, with 18,268 attendees at the two National Semi-Final games on Friday, April 1st and 18,304
attendees at the National Championship game on Sunday. However, it is assumed that approximately
95 percent of ticket purchasers attended both sessions. As such, the estimated unique visitor count
for WFF game attendees is estimated at 20,115.
36,600
Combined
Two-day
Attendance
Data was obtained from Target Center on the originating zip codes for purchases of tickets to the
WFF. Among the more than 26,300 tickets purchased, the following data was noted:
• 90.1 percent of tickets were purchased from outside of the city of Minneapolis.
• 87.7 percent of tickets were purchased from outside of Hennepin County.
• 79.4 percent of tickets were purchased from outside of the seven-county metropolitan area
(consisting of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington counties).
• 70.3 percent of tickets were purchased from outside of the state of Minnesota.
Based on conversations with members of the Local Organizing Committee, various stakeholders and activity organizers for WFFaffiliated events and previous reports and economic impact analyses, we have made the following additional assumptions on
total attendees at the WFF and associated events as well as the non-local visitors to the greater Minneapolis/St. Paul
Metropolitan area and the state of Minnesota in connection with the 2022 Women’s Final Four:
•
•
Among the estimated 43,450 attendees at non-game events and activities, approximately 25 percent originated from
outside of the Minneapolis/St. Paul metropolitan area, while 20 percent originated from outside of the state of
Minnesota.
Among the 2,267 and 2,366 game personnel and media, sponsors and hosting staff, respectively, 79.4 percent originated
from outside of the Metro Area, while 70.3 percent came from outside of the State.
Based on the estimated game, event and activity attendance and assumptions above, we have summarized the estimated
number of unique visitors to the Minneapolis/St. Paul metropolitan area and the state of Minnesota on the following page.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 10
3
DIRECT SPENDING & ASSUMPTIONS
As shown in the summary below, there were a total of 36,572 attendees combined
between the two days of WFF games at Target Center, of which an estimated 20,115 were
unique visitors. Further, there were an estimated 43,450 attendees at non-WFF game
events and activities, 2,267 game personnel and 2,366 media, sponsors and other staff
resulting in a total of 68,198 recorded attendees at WFF events and activities.
Importantly, only a limited number of these attendees were unique visitors. For example, it
is assumed that a significant percentage of attendees among non-game WFF events and
activities either originated from the metro area or state, respectively, or attended the
games at Target Center. As such, adjustments were made to prevent double counting
estimated spending and economic impact. As presented below, there were an estimated
23,123 non-local visitors from outside of the Metro area and nearly 19,564 visitors from
outside of the state.
To tal
Esti m ated
A tten d ees
23,100
Estimated
Non-Local
Visitors to the
Metro Area
19,600
Estimated
Non-Local
Visitors to
Minnesota
National Semi-Final Attendance
18,268
National Championship Attendance
18,304
Total Combined Game Attendance
36,572
Unique Game Attendee Percentage
55.0%
68,200
Estimated
Total Visitors to
Downtown
Minneapolis
To tal
Esti m ated
Metro A rea
Vi si to rs
To tal
Esti m ated
State
Vi si to rs
Unique Attendees
20,115
15,968
14,136
Non-Game WFF Events & Activities
Attendees-Visitors
43,450
3,476
2,173
Game Personnel (teams, coaches,
officials & other credentialed)
Attendees-Visitors
2,267
1,799
1,593
Media, Sponsors & Hosting Staff
Visitors
2,366
1,879
1,663
23,123
19,564
Total Non-Local Visitors
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 11
DIRECT SPENDING & ASSUMPTIONS
3
Hotel Performance
Spending on overnight hotel stays at events such as the 2022 Women’s Final Four tends to be the largest driver of per capita
non-local spending among visitors. An analysis was conducted on hotel performance in downtown Minneapolis, downtown St.
Paul and Bloomington properties, based on data provided by STR (formerly Smith Travel Research), comparing occupancy,
average daily rate (ADR) and revenue per available room (RevPAR) data from March 31 through April 3, 2022 against the same
weekend in 2021. A summary of this comparison is presented below:
Downtown Minneapolis Hotels
Occupancy
2021
Average Daily Rate (ADR)
2022
2021
72%
2021
$201
$190
70%
60%
RevPAR
2022
$199
$144
53%
27%
20%
Thu
Fri
$97
$96
$91
26%
$90
Thu
Fri
Sat
Sun
$105
$26
$18
Sun
$139
$113
16%
Sat
2022
$197
Thu
$25
Fri
$15
Sat
Sun
Downtown St. Paul Hotels
Occupancy
2021
Average Daily Rate (ADR)
2022
2021
64%
$89
26%
23%
20%
Thu
Fri
2021
$141
55%
54%
47%
RevPAR
2022
$88
$86
$90
$81
22%
Sat
$155
$138
$134
$38
$32
Sun
Thu
Fri
Sat
2022
Sun
Thu
$29
Fri
$85
$74
$63
$20
Sat
Sun
Bloomington Hotels
Occupancy
2021
51%
60%
Average Daily Rate (ADR)
2022
2021
59%
RevPAR
2022
2021
71%
68%
54%
35%
43%
$130
$99
$143
$141
$107
$106
Fri
Sat
Sun
Thu
Fri
Sat
$143
$141
$130
$118
$118
$90
$18
Thu
2022
Sun
Thu
$26
Fri
$25
Sat
$15
Sun
As shown, occupancy increased significantly year-over-year from 2021 to 2022, in both downtown Minneapolis and downtown
St. Paul hotel properties, while Bloomington experienced somewhat more moderate increases. Further, ADR increased year-overyear, approximating $200 for the weekend in downtown Minneapolis, $140 in downtown St. Paul and $140 in Bloomington, while
RevPAR approximated $140 in both downtown Minneapolis and Bloomington, and nearly $80 in downtown St. Paul. These data
are important when considering per capita visitor spending estimates as presented later in this analysis.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 12
DIRECT SPENDING & ASSUMPTIONS
3
Importantly, some of this year-over-year increase can be attributed to economic recovery from the COVID-19 pandemic. As such,
we analyzed the year-over-year increase on similar days of the week surrounding the WFF. For the two Thursdays, Fridays,
Saturdays and Sundays prior to the WFF and the same days the week following the WFF.
The overall increase in occupancy and ADR in downtown Minneapolis hotels were markedly higher for the four-day period during
the WFF than similar days during the rest of the month. Additionally, RevPAR was significantly higher on each of the four days of
the WFF weekend (195 percent higher on Thursday, 208 percent higher on Friday, 247 percent higher on Saturday and 484
percent higher on Sunday).
Other Direct Spending Assumptions
In 2019, Rockport Analytics completed a detailed economic impact analysis of the 2019 NCAA Men’s Final Four in Minneapolis,
which included interviews of over 700 visitor intercept surveys. These data, along with analysis of attendance data for the 2022
Women’s Final Four and conversations with stakeholders were combined to develop the following assumptions regarding visitor
spending at the WFF:
•
An estimated 71 percent of WFF visitors stayed in a hotel, with an average daily rate of $200.
•
Average length of stay for non-local overnight visitors was 2.8 days and 1.8 days for non-local day-trippers (visitors not
requiring an overnight stay).
•
Overnight visitor spending is largely driven by hotel spending, with approximately 64 percent of spending on lodging.
Other notable spending industries among overnight visitors include car rental/transportation (13 percent), food and
beverage (restaurant) spending (11 percent), entertainment (seven percent) and retail/shopping (four percent).
•
Spending by day-trippers is primarily driven by food and beverage (restaurant) spending (45 percent), entertainment
spending (30 percent) retail/shopping (15 percent) and transportation (7 percent).
•
Per capita spending was estimated at $321 per day for non-local overnight visitors and $101 per day for non-local daytrippers.
In addition to out-of-facility spending estimates, Target Center retained food and beverage revenues, including liquor sales that
occurred in-facility. Based on conversations with Target Center representatives, it is estimated that the average attendee at the
WFF games spent approximately $16.98 per person on general concession food and beverage, while the average attendee spent
approximately $7.00 per person on liquor.
The following page summarizes the total net new direct spending, economic impact and fiscal (tax) impacts generated by
hosting the 2022 Women’s Final Four at Target Center in downtown Minneapolis.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 13
4
ECONOMIC IMPACT ANALYSIS
2022 Women’s Final Four Economic Impact
Based on analysis results, a summary of key economic benefits associated with hosting the WFF in Minneapolis is presented
below.
SUMMARY OF ESTIMATED NET NEW ECONOMIC IMPACTS ASSOCIATED WITH
HOSTING THE 2022 WOMEN’S FINAL FOUR IN MINNEAPOLIS, MINNESOTA
(April 1 through April 3, 2022)
NET NEW
ATTENDEE DAYS
UNIQUE VISITORS
TO METRO AREA
HOTEL RM NIGHTS
GENERATED
68,200
23,100
10,300
NET NEW
DIRECT
SPENDING
NET NEW
INDIRECT/INDUCED
SPENDING
$16.7M + $17.7M
NET NEW
ECONOMIC
OUTPUT
= $34.4M
NET NEW
PERSONAL
INCOME
(FULL & PART-TIME JOBS)
$10.7M
702
$0.75M
TOTAL COUNTY
TAX REVENUE
TOTAL STATE
TAX REVENUE
TOTAL COUNTY
TRANSIT TAX
$0.03M
$1.4M
$0.1M
NET NEW
EMPLOYMENT
TOTAL
CITY TAX
REVENUE
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 14
4
ECONOMIC IMPACT ANALYSIS
Media Impact Analysis
The purpose of this section is to value the level of media exposure generated from the Women’s Final Four. Valuing intangible
media assets is a key driver in measuring the overall impact of the WFF. In order to properly determine a quantifiable value of
media exposure from the WFF, CSL utilized an impression-based methodology and advertising equivalency rates comprised of
the following elements:
• National television broadcast and reach – an estimated 4.85 million average
viewers watched the Championship game, up approximately 18 percent from 2021
and 30 percent from 2019. Additionally, the National Semi-Final games attracted
2.7 million average viewers, representing a 21 percent year-over-year increase.
• Online and print media impressions – between August 6, 2021 and April 5, 2022,
the Women’s Final Four in Minneapolis was viewed an estimated 2.9 billion times
in media outlets throughout the country. These impressions consisted of a variety
of newspaper articles (online and print), broadcast news reports, blogs and other
mentions, the estimated value of which could be as much as $26.5 million in
earned media.
Non-Quantifiable Benefits
In addition to the quantifiable projections of economic impacts shown above, there were/are a number of benefits associated
with hosting the WFF in Minneapolis that cannot be quantified. In fact, these qualitative benefits tend to be of critical importance
to the overall benefit to the community. These qualitative impacts/benefits included:
• Revitalization of downtown Minneapolis – the 2022 Women’s Final Four
brought an estimated 68,200 attendee days to downtown Minneapolis,
resurrecting a sense of vibrancy in an area that had been significantly
impacted by the pandemic.
• Potential opportunity for follow-up visitation – the more than 23,100
estimated unique visitors present an opportunity to attract future visits
and convey the message that Minneapolis and the greater Twin Cities
market is a desirable destination.
• Promotion and awareness of gender equity and Native American issues –
the spotlight of the WFF provided an opportunity to amplify messaging
on the continued importance of Title IX in promoting gender equality as
well as an opportunity to highlight the ongoing challenges facing Native
Americans.
Economic Impact Analysis of the 2022 Women’s Final Four in Minneapolis, Minnesota ● Page 15
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