Economy
5:03 am
Wed December 29, 2010

Countdown to Cup?

PROVIDENCE, R.I. – Supporters of a push to bring the America's Cup sailing race back to Newport say a new study shows the international competition could have a $1.1 billion impact on the state. The announcement came Wednesday, two days before the deadline to select the next host city for the final leg of the race in 2013.

The new report was commissioned by the Newport Chamber of Commerce and conducted by a Providence accounting firm. It says the race could bring 8,000 jobs-- some temporary, some permanent-- and generate $19 million in tax revenue. State Economic Development Director Keith Stokes says Rhode Island could also lay the infrastructure for future sailing races in the Ocean State.

"We need to be able to step up in this national/international game and build outstanding public marine amenities," Stokes says. "Let's get the Cup but let's also accelerate and build these amenities so we can bring back many races."

Stokes says the cost of hosting the competition has not yet been calculated, but that officials will not commit to the race until they know what the state will need to put up.

BMW Oracle, the team that will decide the host city for the next America's Cup, has told other competitors that it will announce the location by Friday.

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