The 2024 NCAA Men’s Final Four wasn't just a showcase of college basketball prowess; it also turned out to be an economic powerhouse for Arizona, bringing in a whopping $429 million to the state. Details from a study by Arizona State University’s Seidman Research Institute, suggest the economic ripples extended far beyond the hardwood. The state's Gross Domestic Product (GDP) enjoyed a significant $256.9 million boost from the event, according to the City of Phoenix official website.
Phoenix Mayor Kate Gallego was to hardly contain her excitement over hosting what turned out to be the third most-attended event in the city's history. "Hosting the Men’s Final Four was a tremendous slam dunk for Phoenix, as we proudly welcomed the third highest attended event in its history," she said. The city, she explained, saw a significant uptick in business for local merchants, museums, and the hospitality sector. She extended her gratitude to all those involved in ensuring the event’s success, from the Local Organizing Committee to the City staff, in a statement by the City of Phoenix Newsroom.
Researchers didn't just throw out a number; they conducted in-depth face-to-face surveys with 1,140 out-of-state visitors who descended upon Arizona. These basketball enthusiasts were not just there to cheer on the UConn Huskies to their second consecutive national championship. They were part of a larger crowd of 114,984 out-of-state visitors who came with the games as their main draw.
Breaking down the numbers, we're looking at 68,742 visitors who held tickets to the semifinal games averaging a stay of almost four nights, spending approximately $482.39 each day. This doesn't even count the 37,211 who came just for the national championship game, spending on average $566.69 daily during their two-day stays. Families and friends without tickets also contributed, with 5,662 of them spending a respectable $441.37 per person per day. Throw in the 3,369 out-of-state delegates for the National Association of Basketball Coaches Convention, and you've gotten a full court of economic activity.
As for the workforce, this wasn't just a temporary boost. The event was estimated to have created 3,374 job years of employment, with those new jobs contributing $153.2 million to workers' pockets in Arizona. Tax coffers were also full, with a combined $21.2 million going to the State ($12 million), Maricopa County ($2.2 million), and cities ($7 million). The festivities reached far beyond the stadium, with throngs of 67,451 music lovers gathering at the NCAA March Madness Music Festival and another 52,283 fans attending the NCAA Men’s Final Four Fan Fest, according to the numbers from the City's officials.
