SAN FRANCISCO — The America's Cup sailing races this year generated far less economic activity in the San Francisco Bay Area than projected and have cost taxpayers more than $5 million, according to draft figures released Tuesday.
Figures from the Bay Area Council Economic Institute show the races generated at least $364 million in economic impact. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in.
That is far below the $900 million projected just a few months before the races were set to begin and the $1.4 billion originally estimated in 2010.
Based on figures from Mayor Ed Lee's office, the races have cost city taxpayers more than $5 million so far, despite private fundraising and a boost in city tax revenue, the San Francisco Chronicle reported.
The numbers come as Lee prepares to submit a proposal by Dec. 22 to host the next Cup. In a statement, he said the races "showcased our beautiful city to the world and brought thousands of new jobs, long-overdue legacy waterfront improvements, international visitor spending, and a boost to our regional economy."