New internal study finds VT football has a net worth of $69 million annually to the NRV Region

Home football games bring $69 million impact, 300 jobs to region

The annual economic impact figure comes from a Virginia Tech study that shows restaurants, hotels, and shops benefitting most from football-generated dollars spent in the region.
Football's economic impact tripled in the 15 years since the last economic impact study was done, according to the analysis. The five biggest categories where visitors dropped their dimes were hotels, restaurants, shops, grocery stores, and gas stations. Visitors' direct spending in those areas amounted to $5.9 million (hotels), $5 million (dining), $2.9 million (gasoline), $2.6 million (retail), and $2.5 million (groceries).
Virginia Tech's total football revenue amounts to $41 million. Almost three quarters of that portion, some $30 million, comes into Virginia Tech Athletics from outside the region. Most of that money – $25 million – is spent in the region.
Taxes of $1 million on all the transactions are an added benefit as well, covering sales, meals, and lodging.
Among the key findings:

• Almost three quarters of restaurants, hotels, and retail outlets say they experience an average 15 to 30 percent revenue bump during home-game weekends.
• Churches, local governments, and small nonprofit agencies benefit each game season, each organization raking in from $500 to $12,000 in parking and other fundraising activities.
• Almost all Hokie football fans value most highly "the overall game-day atmosphere," with the breakdown of favorite moments including cheering for the Hokies, enjoying the energy of the crowd, reveling in Hokie traditions, and appreciating the marching bands.

Characteristics of visiting football fans include:

• A high concentration of in-state fans are from the Richmond area as well as Northern Virginia, Hampton Roads, and Southwest Virginia.
• Out-of-state fans are clustered largely in North Carolina, with many coming from the Charlotte, Raleigh-Durham, and Greensboro areas.
• Almost half said they would not come to Blacksburg or were unsure about coming if there were no football.
• Visiting fans who miss a home game cite as their biggest excuse either family obligations or the fact that no one was available to accompany them to Lane Stadium.

This is some pretty interesting data. Kind of make you wonder if, backed with data like this, Whit isn't planning on trying to abandon the noon to 1:00 kickoff window altogether (when allowed) to help maximize revenue for the area. Seems like or policies of scheduling early games to help in state fans get to and from Blacksburg in a single day are completely counter to what's best for the region.

What are your thoughts on this? Personally, I found it a bit interesting that this was the first time this study was done in 15 years. Makes you wonder if the previous administration truly cared about the economic impact of the program to the region when making decisions that would drive that impact in the past.