The Toronto Raptors took the country by storm this year. The Raptors, Canada's only NBA team, won it all in an exciting win over the Warriors during this year’s NBA Finals. It was a good time to be a Canadian basketball fan, but it wasn't just fans who benefitted from the Raptors' success. According to a report by Yahoo Sports, the win even caused a significant spike in the country's economy.
The report cites Statistics Canada data, which states that Canada’s gross domestic product actually expanded by 0.2 percent back in May. Most of that expansion was spearheaded by the usual suspects such as construction and manufacturing. However, the economy also received a significant boost from the Raptors unexpected journey to the NBA Finals.
The economy saw a 0.5 percent jump in the arts and entertainment industry, and 0.4 percent bump in accommodation and food services during the team’s playoff bout.
A rise in spending on things like playoff tickets, restaurants and bars are considered to be contributing factors to the economic growth that the country experienced.
According to CBC, Stats Canada credited the surge as being due to “higher attendance at spectator sports,” and it’s pretty clear who was responsible for that sudden increase. What about our excellent hockey teams? Don’t they get any credit for ticket prices?
Well, sure but, the Leafs, Jets and the Flames were all bumped in the first playoff round this year. We can hardly credit them for the increase which happened in May when the Raptors were the last team standing.
So there you have it! It turns out that all those bandwagoners you were hating on during the Finals actually helped our economy.