Private spending on sports facilities construction set to surpass $5B in 2017 as onsite technology spend grows.
So far in 2017, nearly $3.5 billion in private funding has been spent in the U.S. on sports facility construction and renovation - nearly 25% more than the same point in 2016. This drastic uptick can partially be explained by stadium owners' heavy investment in technology as a way to differentiate their facilities and create a better fan experience.
According to Don Loudermilk, JLL's SVP of Sports Facilities, Project and Development Services, tech budgets for stadiums a few years ago edged toward $1 million in a new build, but today, tech spending can be well north of $50 million. Sports facilities are also increasingly turning away from the "seat 'em and feed 'em" model and are now aiming to enhance the fan experience through multifaceted experiences (and increasing budgets).
Source: JLL Research, U.S. Census