The proposed Sphere at National Harbor represents more than a new entertainment destination. For Prince George’s County, the project could become a significant driver of business activity, tourism spending, contracting opportunities and long-term tax revenue.
As reported by Three|E 60, which highlighted an NBC4 Washington interview with Prince George’s County Executive Aisha Braveboy, County leaders are emphasizing the broader economic return expected from the project and how that activity can circulate throughout the local economy.
An economic analysis by Ernst & Young projects approximately $1.6 billion in economic activity in Prince George’s County during construction. Once operational, Sphere National Harbor is projected to generate more than $1.3 billion in annual economic impact in the County, including spending at hotels, restaurants, retailers and other businesses. The analysis also projects approximately $63 million annually in taxes generated within Prince George’s County and more than 7,000 full- and part-time jobs supported throughout the local economy.
For County-based businesses, the opportunity is particularly significant because the economic impact extends well beyond the venue itself. A major destination attracting an estimated two million-plus attendees annually creates demand for food and beverage providers, transportation companies, hospitality businesses, security firms, professional services, marketing and event companies, suppliers and other businesses serving visitors and the entertainment economy.
The construction phase also presents an immediate opportunity. County Executive Braveboy said Sphere has committed to directing at least 50% of construction spending to Prince George’s County small businesses and 40% to minority-owned businesses, according to reporting by Ashley Clarke of The Banner.
That commitment illustrates an important principle for large-scale economic development: attracting investment is only one part of the equation. The greater opportunity is ensuring that local businesses have the capacity, certifications, workforce and relationships necessary to participate when that investment arrives.
The Sphere project therefore has the potential to strengthen an entire business ecosystem around National Harbor. As Prince George’s County continues pursuing major entertainment, technology and mixed-use developments, the ability of County businesses to capture a greater share of the resulting contracts and visitor spending will ultimately determine how broadly that growth is felt.
For entrepreneurs and established companies alike, now is the time to prepare for the opportunities that large-scale development can create.
Original Article:
https://threee60.com/watch-how-will-sphere-bring-money-to-prince-georges-county-exec-braveboy-answers-video/