Hunden Partners study says U.S. Bank Stadium generated about $14.18 billion in economic output across construction and operations

A Hunden Partners economic-impact study presented to the Minnesota Sports Facilities Authority on March 19, 2026, concludes that U.S. Bank Stadium and adjacent Downtown East development produced substantial economic returns since construction and is projected to continue delivering net new spending and tax revenue through the term of the Stadium Use Agreement.

Chair Michael Vekich introduced the report, saying it is “an exciting time at the Stadium as it is approaching its tenth anniversary and the Stadium is one of the best facilities in the country,” and asked Hunden Partners to present the analysis. Hunden Partners, with Stokes Urban Strategies, quantified both historical activity and projections through fiscal 2046 using BEA RIMS II regional multipliers and visitor-origin data from Placer.ai.

Key findings presented in the study include about $14.18 billion in total economic output (nominal) when construction and operations are combined and roughly $12.56 billion when adjusted to 2025 dollars. The report attributed roughly 12,125 job‑years to construction activity (2013–2016), and historical operations from FY2017–FY2025 contributed approximately $2.77 billion in total economic output and supported about 2,600 full‑time equivalent positions annually. Hunden’s projections through FY2046 estimate continued annual attendee levels and a stabilized forecast of about 156 events per year, producing ongoing visitor spending that grows at an assumed 3% annual inflation rate.

The report also presented return‑on‑investment figures for public funders: it estimated the State of Minnesota’s nominal investment of about $518 million generated approximately $1.63 billion in tax revenues (nominal) over the analysis window, and in 2025 dollars the State’s $695 million (present‑value) investment yields about $1.22 billion in tax revenue. For the City of Minneapolis, the report estimated that convention‑center‑related taxes tied to the Stadium would generate roughly $2.52 billion (nominal) from 2021–2046 and that the City’s nominal investment of about $627 million would be exceeded by estimated tax revenues.

Hunden’s methodology emphasizes conservative measures of “net new” spending by counting only attendees traveling into the city or state (Placer.ai cell‑phone geofencing data was cited). The report noted that about 26% of historical attendees were out‑of‑state visitors (new‑to‑state) and about 81% were new‑to‑city visitors, figures the authors used to scale direct spending and multiplier impacts.

The Authority received the study as Exhibit B during the meeting; no formal board action was taken on the report at the March 19 meeting. The report and its underlying assumptions (RIMS II multipliers, visitor‑origin shares, and assumed inflation and event‑mix stabilization) form the basis for the projected fiscal benefits the study attributes to the Stadium and Downtown East development.

The MSFA will retain the report in its records; the board’s next meeting is scheduled for April 16, 2026.