In a recent article published in Capital New York, Economics Professor Dennis Coates discussed the economic impact of Brooklyn’s Barclays Center, home to the New Jersey Nets. The article described how businesses within and immediately surrounding Barclays have been benefiting from the Nets recent move from North Jersey to Brooklyn, but Coates described how it’s unclear that the arena’s impact on business is a sign of economic growth.
“Did people not eat dinner before the Barclays Center?” said Coates. “Did they not go out to restaurants before the Barclays Center? They did, just not there.”
He added, “if the eating and drinking happens inside the stadium instead of outside, you’re taking money from moderate income business and giving to wealthy owners. If you think that’s a good idea, you’re going to be happy with the outcome.”
To read the full article titled “The Barclays effect,” click here.