Vancouver believes in FIFA World Cup despite doubling of costs
BNN Bloomberg
Canadian officials doubled the estimated costs of hosting seven FIFA World Cup games in Vancouver in 2026 — but they’re betting the soccer bonanza will still pay off.
Gross costs are now estimated between $483 million and $581 million, the province of British Columbia said on Tuesday. Preliminary estimates two years ago only went as high as $260 million, with two additional matches and inflation accounting for some of the increase.
The province expects to offset a lot of those expenses. That includes a $116 million contribution from the federal government and $230 million from a new tax imposed on short-term accommodations. That levy echoes one the Whistler ski resort used to defray expenses for the 2010 Winter Olympics. All in, the province expects its net costs to be no more than $145 million.
The 2026 World Cup will be played in the U.S., Mexico, and Canada. Vancouver said it’s the biggest event it’s ever hosted. Money will go to upgrading the city’s 54,500-capacity BC Place Stadium, built in 1983, as well as for public safety and security, team training sites, decorations, traffic and stadium management.
Manufacturing sales fell 2.1 per cent to $69.9 billion in March as sales of petroleum and coal products and motor vehicles fell, Statistics Canada said Wednesday. Olivia Cross, North America economist at Capital Economics, said the result was not as bad as the early estimate that pointed to a drop of 2.8 per cent, but it still means sales fell 0.9 per cent over the first quarter. "The weakness of manufacturing sales in March suggests that the economy lost momentum heading into the second quarter, matching the message from the earlier preliminary estimates for retail sales and GDP," Cross said in a note. Last month, Statistics Canada released a pair of preliminary estimates for real gross domestic product and retail sales for March that both suggested the data points were essentially unchanged for the month. Driving the manufacturing sales numbers for March was an 8.0 per cent drop in sales of petroleum and coal products to $8.0 billion as volumes fell 6.1 per cent. Sales of motor vehicles fell 7.9 per cent to $4.6 billion in March as sales of motor vehicle parts lost 2.8 per cent. Statistics Canada says retoolings at several major auto assembly plants in Ontario continued to impact auto manufacturing and contributed to the lower sales for the month. Meanwhile, sales of machinery rose 2.9 per cent to $4.5 billion in March. The increase came as sales in all seven machinery industry groups climbed higher, led by commercial and service industry machinery which gained 41.6 per cent. Overall manufacturing sales in constant dollars fell 2.0 per cent in March. Total inventories for the month were largely unchanged at $121.0 billion in March, while unfilled orders fell 0.8 per cent to $104.8 billion. This report by The Canadian Press was first published May 15, 2024.