The return of LeBron James to Cleveland figures to be a major financial boon for the city — unless it isn’t. That’s the takeaway from a pair of stories published Tuesday by Bloomberg and CNBC, respectively.
While Bloomberg quotes city officials’ estimates James’ return to the Cavaliers after four years playing for the Miami Heat will equal an overall boost of $500 million per year, economist Chris Lafakis explained to CNBC why keeping that figure in perspective is important.
"If there’s a bar that costs $4 million to build, that’s going to be a drop in the bucket compared to the $3.3 billion size of Cleveland’s travel and tourism economy, or the $108 billion size of its overall economy," Lafakis said.
Whatever the case, something tells us all those folks celebrating downtown — and throughout the state — last week were thinking of something other than money.