It’s Buctober again. Wednesday night, the Pittsburgh Pirates face the Chicago Cubs in the wild card game. After decades of futility, the Pirates have their third opportunity in thee years to bring a World Series win to the “city of champions”. So, what does a winning baseball team have to do with Pittsburgh investment real estate? It’s not just the glory of victory that accompanies a sports championship — an extended playoff run is a boon for the local economy. And, as we know at Jason Cohen Pittsburgh, the strength of the economy dictates the real estate market.
A win for the team means a win for local business. With more fans heading to the stadium, surrounding businesses see more traffic before and after the games. Money pours into transportation to and parking around the stadium. The spending centers at the stadium, but disseminates all over the metropolitan area. The diaspora of Pittsburgh fans fly in and stay the night, eating their meals at local restaurants that are not necessarily those in Federal Street. More demand creates more jobs in these local businesses, and more jobs necessitates more housing.
Visit Pittsburgh is predicting that spending will surge surrounding Wednesday’s wild card game, eclipsing the $4.9 million spent surrounding the game against the San Francisco Giants. The proximity of Chicago to Pittsburgh (a quick flight or a mere drive) enables more Cubs fans (or displaced Pittsburghers in the Windy City) to catch the game in person. The long playoff drought in Chicago also has the local fans thrilled for ability to finally see their team in the post-season. Between food, drinks, lodging, parking, and merchandise, baseball fans are expected to create an influx of income into Pittsburgh on Wednesday.
That’s almost $5 million for one game. An extended playoff run can multiply that amount as excitement grows more feverish and fans pour into the city and North Shore on game day. But, even if the Pirates are one and done, the winning season has helped the local economy, thus the real estate market. During the Pirates first winning season in 20 years (2013), food and beverage spending in Allegheny County increased by 3.2%.
So, from all of us at Jason Cohen Pittsburgh, let’s go Bucs!