Impact Of Olympic

The Economic Legacy Of Atlanta's Olympic Games

Bringing the 1996 Summer Olympic Games to Atlanta was a long shot. Athens, Greece, was the sentimental favorite to host the centennial games, and tension was palpable as IOC President Juan Antonio Samaranch made the announcement back on Sept. 18, 1990.

"The International Olympic Committee has awarded the 1996 Olympic Games to the city of ... Atlanta," Samaranch revealed.

That announcement launched more than $1 billion of construction projects, from Olympic venues to housing for the athletes. Now, on the 15th anniversary of the games, Atlanta sees both gains and losses from the international event.

One of the most prominent legacies of the games is Centennial Olympic Park in the heart of Atlanta. The 21-acre plaza glistens in what was an area of urban decay, and children run and linger in the fountain.

Harvey Newman, a professor of public policy at Georgia State University, says the park brought economic development downtown.

"The area surrounding the park has added major hotels, condominiums, new office structures and, of course, people continue to flock to enjoy the Olympic rings fountain," Newman says.

The park is part of the Olympics' $5 billion economic impact on the city. The games also planted the seeds for new tourist attractions, including the Georgia Aquarium.

A couple of miles north is what once was the Olympic Village, where 10,000 athletes ate and slept. The buildings have been turned into dorms for two universities. Newman says the games brought housing and infrastructure projects that would not have happened as quickly — or perhaps at all.

"It certainly put Atlanta on the map as a place to be taken seriously among cities throughout the world," he says.

Economic Transformation

The Olympics is at least partly responsible for a huge population increase, from 3.5 million people in 1996 to nearly 5.5 million in the metro area today. But that spectacular growth also has had a downside: increased traffic and a declining housing market.

Property values are way down, and hundreds of condos, apartments and lofts that were built are for sale or vacant. But experts say that's because of the larger recession, not a post-Olympic crash.

"People had very unrealistic expectations of what the Olympics could do," says Ken Bernhardt, a marketing professor at Georgia State University. He says it was not practical to count on a long-term economic boost.

National sailors hope to make an impact at 'olympic test event ...

LANGKAWI, Aug 5 (Bernama) -- The National sailing squad hope to put up asterling performance in the ''Olympic Test Event'' in Weymouth, London, that setssail today.Malaysian Yachting Association (MYA) general manager Mohd Afendy Abdullahsaid the team that arrived in London on Wednesday was preparing to face about400 sailors from 68 countries. He added that the National sailing squad comprise ...

The economics of staging the Olympics, a comparison of the Games 1972-2008

Olympic dreams, the impact of mega-events on local politics

International journal of advertising

The Business of Sports

The economic impact of Olympic Games, evidence from stock markets