84 Lumber Classic officials detail event’s economic impact
Officials from the PGA Tour’s 84 Lumber Classic golf tournament said Thursday that an economic impact study shows the event generated more money than any event on the PGA Tour, including the PGA Championship. Officials said the study showed the tournament had an estimated $77.8 million in direct impact on the area. They said the PGA Championship was next at $76 million.
Tournament officials said the study included spending generated by visitors, vendors, volunteers, media, entertainers, corporate sponsors and the golfers and caddies themselves. The officials said that more than 200,000 spectators attended the tournament.
The officials said the purpose of the study, conducted by Tripp Umbach was to analyze a number of economic factors spurred by the 84 Lumber Classic and to gauge the value of the event to the commonwealth and to the region.
Among the factors considered were government revenue which officials said Tripp Umbach estimates to be $9.8 million, and the social and financial impacts of charitable contributions made as a result of the 84 Lumber Classic.
Compared with other sporting events, the 84 Lumber Classic’s level of impact is among the most significant, said tournament officials. They claimed the event pumps significantly more into the economy than other leading sporting events such as the 2003 NBA All-Star Game ($34 million) and the 2000 Major League Baseball All-Star Game ($49.6 million).
“We are very pleased with the tremendous economic impact the 84 Lumber Classic generates for our state and local economies. A common misconception is that 84 Lumber makes a profit from the 84 Lumber Classic, when in fact the tournament is governed by a separate non-profit organization known as the Pennsylvania Classic Foundation,” said Maggie Hardy Magerko, president of the 84 Lumber Company.
“Therefore, the total economic benefit provided to Pennsylvania, the Greater Pittsburgh Region, and Fayette County (as a result of the 84 Lumber Classic taking place), comes at a cost to 84 Lumber. Additionally, the 84 Lumber Classic has raised $1.5 million for local charities throughout the region, and early estimates indicate that nearly $1.0 million has been raised for the U.S. Golf Hurricane Katrina Relief Fund through the tournament.”