The giant banner of LeBron is the first thing you see as you enter Cleveland’s gateway district. The owner of the banner, Sherwin Williams, recently thought about removing the banner, but the company kept it up after thousands of fans signed an online petition asking to preserve the homage to the king. It’s obvious that LeBron means a lot to Northeast Ohio, but has he been significant enough to change the entire economy in the area? Here are a few numbers about Cleveland’s economy since LeBron was drafted by the Cleveland Cavaliers in 2003. (You can click on the graphs for the source).
Cleveland GDP per Capita
Cleveland Population
Cleveland Unemployment rate
Number of Jobs in Cleveland
None of the charts, other than the GDP chart, show any noticeable spikes for the years when LeBron joined and rejoined the Cavs, in 2003 and 2014 respectively. The GDP trend probably just coincides with the overall national economy.
Even though these charts do not noticeably display that LeBron dramatically changed the entire economy, a Harvard Study did find the following:
“Mr. James has a statistically and economically significant positive effect on both the number of restaurants and other eating and drinking establishments near the stadium where he is based, and on aggregate employment at those establishments. Specifically, his presence increases the number of such establishments within one mile of the stadium by about 13%, and employment by about 23.5%.”
Also, the value of the Cleveland Cavaliers has skyrocketed since his arrival.
Cleveland Cavaliers Franchise Value
LeBron’s true impact on Cleveland’s economy would be extremely hard to quantify. Who knows where Cleveland would be without the king. However, as an Akron native, it’s easy to see the huge direct and indirect effects he has had on the area. Whether its the flats, Ohio City, Tremont, or the center of downtown, the area has been improving with LeBron’s help.
You can find a lot of the projects LeBron has facilitated with the LeBron James Family Foundation here.
Aside from his influence on the economy, LeBron’s most valuable contribution to Cleveland and the rest of the world is his presence as a role model, and that’s priceless.
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