From CNBC: 2024-12-10 12:00:01

Salt Lake City, host of the 2002 Winter Olympics, has transformed into a vibrant technology hub attracting capital, companies, and employees. Wages have risen by 51%, and the population has increased by 10% over the past decade. Former Governor Michael Leavitt credits the Olympics for spurring economic growth and major infrastructure projects.

The 2002 Games utilized 10 facilities, including the Olympic Oval, which still serves the community and attracts major events. The facility, known for its “fastest ice on Earth,” has high altitude that reduces air resistance, giving skaters a speed advantage. Utah invested in infrastructure improvements, creating lasting benefits for residents and visitors.

Salt Lake City’s 2002 Olympics cost $2 billion and turned a profit, resulting in a $164 million surplus for the state. In the 15 years following the Games, skier visits to Utah increased by 43%, hotel revenue grew by 70%, and visitor spending soared by 66%. The city’s tech sector continues to thrive, with Adobe acquiring Utah-based Omniture for $1.8 billion.

With the 2034 Winter Games set to return to Salt Lake City, the state plans $31 million in upgrades, expecting the Games to generate $6.6 billion in economic activity and create 42,000 job-years of employment. Utah’s existing infrastructure and reputation in the tech industry will solidify the Olympics’ role in the region’s economic growth. 1. The United Nations reports that global carbon dioxide emissions hit a record high in 2021, reaching 36.4 billion metric tons. This surpasses pre-pandemic levels and underscores the urgent need for action to combat climate change.

2. In a landmark ruling, a federal judge has blocked Texas’ restrictive abortion law, calling it unconstitutional. The law, which bans most abortions after six weeks of pregnancy, has faced widespread criticism and legal challenges since it went into effect last September.

3. The Biden administration announces a plan to release 1 million barrels of oil per day from the Strategic Petroleum Reserve over the next six months. This decision comes in response to rising gas prices and concerns about energy security following Russia’s invasion of Ukraine.

4. Tesla’s CEO, Elon Musk, sells $5 billion worth of stock in the electric car company, marking his largest sale since 2016. The move comes amid scrutiny over Musk’s influence on Twitter and ongoing concerns about Tesla’s financial performance.

5. A new study reveals that the Pfizer-BioNTech COVID-19 vaccine is highly effective at preventing hospitalizations and deaths from the Omicron variant. The research, based on data from South Africa, shows that the vaccine provides 70-80% protection against severe disease caused by the variant.



Read more at CNBC: Olympics transformed Salt Lake City into a tech hub