Providence College varsity athletics has $100M+ annual economic impact to Rhode Island

Photo: PC Report cover image

The program creates and/or supports over 600 jobs annually; the economic impact to the city of Providence is estimated at $65.9 million

Providence College (PC) today released the results of an economic impact study conducted for Providence College Athletics.  PC Athletics commissioned the study to assess the economic and social impacts that the College’s Division I Athletics program has on the city of Providence and the state of Rhode Island.

The report was prepared for Providence College Athletics by EConsultSolutions, Inc., (ESI) a Philadelphia, PA consulting firm (econsultsolutions.com).

ESI concluded that Providence College Athletics is an economic engine for the state of Rhode Island with a total annual economic impact on the State of $100.3 million. The study also concluded that the program creates and/or supports some 630 jobs.  In addition, the report concluded that the program’s annual economic impact on the city of Providence is $65.9 million and the creation and/or support of 450 jobs.

One sport, PC’s Men’s Basketball, is responsible for $24 million dollars annually in local economic impact supported by visitor spending.

“Providence College has made a number of significant investments in our athletic facilities over the last several years,” said PC President Fr. Kenneth R. Sicard, O.P.  “In addition to the money we have injected into the local economy, these investments have created hundreds of jobs with local contractors and suppliers. We are also proud of the role our Athletics program continues to play in bringing visitors as well as Rhode Islanders to our campus and to the Amica Mutual Pavilion to attend events associated with our athletic teams.  The report affirms the significant impact the spending of the College and these attendees has on area hotels, restaurants, and local businesses.  

“I would like to thank our Trustee Joseph Calabria for funding this important study. It is my hope and prayer that we are able to continue serving our state and home city in this capacity for many years to come,” Fr. Sicard said.

“Providence College Athletics is a special part of our institution, our city and our state,” Providence College Athletic Director Steve Napolillo said.  “We recruit student-athletes from across the country and the world to be part of our community and play in the best conferences in the nation.  Alumni, parents, season ticket holders and fans travel from all over to attend our home games and impact our local businesses.  As we compete in a new college landscape, our partnerships with the city, state and local businesses will be critical as we look to continue to make the Amica Mutual Pavilion, Schneider Arena, and Alumni Hall some of the best facilities in the country.  We look forward to working with city and state officials to sustain long-term excellence in our athletic department,” Napolillo said.

The ESI study looked at several areas:

• The impact of direct spending by PC Athletics – this included annual operating expenditures and capital investments, both of which have a multiplier effect at each geographic level. The report shows $54 million in capital investments and operating expenditures and the creation of 260 FTE positions. Of that, $34 million supports the city of Providence including 140 FTE positions;
• The impact from visitor spending associated with PC Athletics events – Over 400,000 visitors attend Providence College Athletics events annually.  The report estimates these visitors spend approximately $34 million in Providence. This influx of spending generates an annual economic impact of $46 million within Rhode Island and supports approximately 370 jobs throughout the State;

• Ancillary impacts supported by PC Athletics – There are three additional forms of visitor spending for which PC Athletics can take credit. The first is the purchase of Providence College-license merchandise in locations other than the PC campus and at times other than when visitors are on campus for an event. The second is media buys associated with broadcasted or streamed PC athletics events. The third is new student-athlete spending derived from Name, Image & Likeness (NIL) funds;
• PC Athletics’ campus and community impact – The report examines several broader social benefits supported by PC Athletics. One is reputational enhancement to the College, to the city of Providence and to the state of Rhode Island that comes from the success of PC Athletics teams. Championships and on-field success drive economic activity (e.g., higher attendance and sale of merchandise) as well as increase interest in the College, the City and the State. Another is that PC Athletics represents a connecting force for students, staff, and alumni, both in the present and the future. This type of connective tissue – a common alma mater, shared team allegiances, etc. – enhances one’s social experiences, strengthens professional networks and improves opportunity. Finally, PC Athletics is increasingly seen as a force for good on the local level, as student athletes and staff spend time on service initiatives that connect to and provide benefits for local communities.  Providence College Athletics is the number one program in the BIG EAST Conference for community service hours.

According to ESI’s methodology, the program’s total economic impact is the sum of Providence College Athletics’ direct expenditures on good, services, staff, and materials plus the indirect economic activity via the purchase of goods and services by those associated with and/or attending PC Athletics events, and the induced economic activity via employee spending.

Click here to read the report or read it, below: