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The PAC_CV sporting events have boosted tourist spending in the Valencian Community by €21.4 million
For every euro spent on organizing the PAC_CV sporting events 11 euros were generated in tourist spending.
The third edition of the Program to Support Sports Competitions in the Valencian Community (PAC_CV), promoted by the Trinidad Alfonso Foundation and the Spanish Olympic Committee, has generated a tourist spending (by participants and their guests) of 21.4 million euros, 36% more than in the previous edition. Given that the cost of organizing the sports competitions amounts to 2 million euros, there is a return of 11 euros in tourist spending for every euro invested by the organizers. These are some of the main results from the economic impact study directed by Joaquín Maudos and developed by the Ivie on the 23 PAC_CV events held between July 2018 and June 2019.
The report also shows that the PAC_CV has resulted in a total impact of 43.7 million euros, 12.2 million in terms of GDP (salary and wages and benefits) and the equivalent of 458 new jobs/per year in the Valencian Community. For every euro spent on the organization, 6.1 euros of GDP has been generated in the Valencian Community, pointing out the role of PAC_CV as a powerful driver of wealth and tourism in the Valencian region. Overall it was the service sector that benefitted the most, mainly hotels and restaurants, transportation, real estate activities and business services.
The Program aims to promote and support official sports competitions (national and international) through financial grants provided to Spanish federations that organize such events in the Valencian region. In the 23 sports events included in the third edition of the PAC_CV, a total of 15,608 athletes participated, of which 77% were from outside the Valencian Community, namely, 9,537 came from the other parts of Spain (61.1%) and 2,534 were from abroad (16.2%), almost 500 more than in the previous edition. Of the participants from the Valencian Community, 1,295 were from the province of Alicante (8.3%), 691 from Castellón (4.4%), and 1,551 from Valencia (9.9%).
