Congratulations are in order not only for Michigan State, Virginia, Auburn and Texas Tech — the four Final Four teams competing in Minneapolis this weekend — but also for the team that competed to bring the event to Minnesota.
Yet even before the first game tips off Saturday at U.S. Bank Stadium, it's worth looking ahead to ensure that Minneapolis-St. Paul will be in the best possible position to compete with other cities for major events in the future.
The long-term impact of hosting the Final Four, Super Bowl LII and other major events is priceless. But if a value must be attached, the sum is significant.
The Final Four will generate an estimated net economic impact of $142 million, according to an analysis from Rockport Analytics that was prepared for the 2019 Final Four host committee. Rockport calculated the net economic impact of Super Bowl LII at $370 million.
Other metrics are equally impressive, like a doubling of the percentage of sports-related hotel nights in Minneapolis in 2017 and 2018 when compared with 2015, according to Meet Minneapolis, the convention and visitors association that's been an essential contributor to the region's recent success.
Another entity deeply committed to civic success is the Itasca Project, which did a deep dive into the potential of hosting even more events. Itasca recommends focusing on continuing to land "large rotating events," as well as developing what it calls "sweet-spot events," or "homegrown events that are well attended with significant economic impact and are nationally visible" (think South by Southwest in Austin, Texas).
The group touts what's apparent to Final Four visitors: the region's venues, infrastructure, arts and music communities, as well as its corporate sector. But it suggests adding a "Regional Events Catalyst" — an organization with the mission of attracting more high-impact events that deliver "economic, reputational and civic impact."
Creating a REC, according to the Itasca Project report, could strategically coordinate efforts to attract and develop events while strengthening partnerships between the public and private sectors.