On average the Stadium has supported around £135m of output and 2,500 FTE jobs in Cardiff and Wales in each year since it hosted its first event on 26th June 1999, amounting to 50,275 person years of employment in total and £1.32bn of gross value added.
The third in a series of independent reports, spanning two decades and published on the day of the Stadium’s 20th Anniversary, also estimates visitor spending has provided £1.95bn for the local economy, whilst producing a £55m increase on the average estimated yearly impact in the last financial year alone.
Jobs supported across the region were also up by over 1,000 on the 20 year average and the report also points out that Principality Stadium supports around one in ten tourism jobs.
“Twenty years ago today, when Wales played in front of a part capacity crowd to pull off the first win over South Africa in the history of our game, we all knew we had a very special future ahead of us at our brand new and already iconic national ground,” said WRU chairman Gareth Davies, who also chairs the Stadium’s Board.
“Our unique city centre location means a smaller footprint than most comparable stadia around the globe, so spectators are always in close proximity to the pitch and benefit from optimum sight lines wherever they are seated.
“This is one of the reasons we are ranked so highly in customer satisfaction terms by supporters who attend our events.
“We also have a fully retractable roof and adaptable playing surface and this versatility has attracted promoters and event owners from across the international music and sports industries.
“We are an iconic, chameleon-like venue whose only limitation is the imagination of our dedicated staff or of those managing visiting acts and events.
“Today’s report highlights the extensive and impressive positive impact we have had on both the city and the nation over the last 20 years, an impact we are all extremely proud of.”
The first economic report of the series, published in 2007, estimated the annual contribution of the Stadium to be £105m a year, in 2013 that figure was said to have risen to £130m and the latest estimate is that £135m contribution is made on an annual basis.
The period June 2017 to June 2018 is described as a ‘particularly good year’, generating £125m in regional spending away from the Stadium alone, and reaching 1.23m ticket sales across a range of events.
Key recommendations made for the future of the Stadium by the report include upgrading existing technology to enhance fan experience, a heritage centre on site, access to a top end hotel – which is a project already put in place by the WRU – and improving and supporting the surrounding travel infrastructure, particularly rail.
“The Stadium has become a reliable and important generator of both economic impact and visitation to Cardiff and Wales,” said Dr Calvin Jones of Econactive.
“It remains an important and consistent economic presence in the Cardiff capital city region, is a critical element of the city’s visitor offer and positively impacts upon the city’s wider profile.
“Spectators of sports as varied as club and international football and rugby, speedway, boxing and rallying have come to the city as have the fans of many popular music acts.
“Students have enjoyed Varsity matches that will stay with them for life and, likewise school children will have played in schools’ finals with the same effect.
“The Stadium has showcased Wales, and hosted national celebrations, at key times in both sport and culture.
“Moreover, the role of the Stadium as a driver of Welsh exports – or more properly as an attractor of money into Wales – should not be under-estimated.
“Most stadia lever a largely local audience, whether club or international focussed, with away/overseas audiences very rarely in the majority, even at global events such as the Summer Olympics.
“Conversely in the Cardiff case both this and previous reports have found that the Stadium consistently drives spectator spending that is largely non-Welsh in origin, adding real, net-additional income.
“It is an important part of Wales’ cultural identity and of the Cardiff visitor economy and has a widening market reach, which has helped it to build an operational model that is resilient to circumstance.
”But it will need the financial headroom to invest and respond to its competitive market in the future, especially as technology becomes more important to event experience.
“It is also recommended that further support be given to the Stadium in its ability to drive the Welsh Economy with consideration given to improving the supporting and surrounding infrastructure.”
In the six years since the last economic impact report was completed in 2013, the Stadium has welcomed 4.14m visitors to its events, with over 60% of those being international rugby fans and around 20% (720,000) at pop and rock concerts.
The report found that the Stadium remains Wales’ top single site attraction by a significant margin and, despite retaining only around 15% of the revenue it brings to Cardiff itself, remains a long term profitable prospect.
Principality Stadium consistently generates hundreds of millions in expenditure and economic impact, attracts millions of visitors and remains a key location for sports events and concerts of international renown, with an undisputed reputation to stage the world’s biggest events.
“There is no doubt that 2017/18 was huge year for us at Principality Stadium, with Ed Sheeran playing an unprecedented four nights of sold-out concerts helping us along to a record year in terms of both turnover and visitor numbers, which reached a high of 1.23 million,” said WRU Group chief executive Martyn Phillips, who has also welcomed the Spice Girls, Take That and Pink to Cardiff in the last few weeks.
“But this latest economic impact report is most revealing in showing the sustained and regular contribution the Stadium makes to Cardiff and the surrounding region.
“From FA Cup Finals to World Championship boxing, the London 2012 Olympics, the 2017 UEFA Champions League Final, three Rugby World Cup tournaments and all of the highest profile music acts on the world circuit, Principality Stadium has consistently delivered for Wales.”
Julie-Ann Haines, Chief Customer Officer at Principality Building Society, added: “It’s great to see the positive impact Principality Stadium is having on the Cardiff and wider Welsh economy.
“We are incredibly proud to sponsor a stadium that continues to offer world-class sporting and non-sporting events that benefit Members of our building society and also the communities we serve across Wales and the borders.
“It is more than a stadium – it is a home where amazing memories are created and it is something which the people of Wales cherish.”
John Rose, Director of The National Lottery Community Fund said: “This year marks the 25th Anniversary of the National Lottery and the Principality Stadium is a great example of how money raised from National Lottery players has brought wonderful benefits to Wales. We are proud of the economic and social benefits that our funding has brought to Welsh society.”
Cardiff Council Leader, Huw Thomas said: “It’s quite remarkable to think the Stadium has been in operation for 20 years now and what a tremendous 20 years that has proven to be.
“There can be little doubt now that the decision to build the Stadium in the heart of the city was the right one to take and I’m proud of the role that Cardiff Council played in enabling that to happen. The economic impact bears that out, but so too does the unforgettable moments and memories the Stadium has given to residents and visitors to Cardiff over the years.
“Like everyone else in Wales I am immensely proud of our Stadium and I look forward to the next 20 years, which I’m sure will produce even more moments of magic to thrill the nation.”
Eluned Morgan, Wales’ International Relations Minister said:
“The report is a reflection of our established reputation as an outstanding events destination, and Principality Stadium is not only at the centre of our fabulous capital City, but an important partner in attracting visitors and boosting the economy of our country.
“I will never forget the opening match of the Rugby World Cup – one of the major events at the Stadium, and a moment of huge pride for the nation. The Stadium has gone on to be one of the jewels in the crown of our visitor experience.
“Principality Stadium has an impressive record of hosting major events, which include Rugby World Cup 2015 matches and the UEFA Champions League Final in 2017, and performances by many of the world’s leading artists. Many of the world’s leading action sports athletes have competed and experienced the unique atmosphere that millions of visitors to Principality Stadium provide and next year we look forward to welcoming The Nitro World Games – May 23th and 24th.”
A copy of the full report is available here: https://tinyurl.com/y5wmghm7
