PHOENIX – With this year’s tournament around the corner, the WM Phoenix Open said Thursday that last year’s event pumped nearly half a billion dollars into the local economy.

“We’re proud to see our once small golf tournament in the middle of the desert grow into a crucial source for economic development and growth not only in the Phoenix area, but everywhere in Arizona,” Michael Golding, 2022 tournament chairman and current president of Thunderbirds Charities, said in a press release.

“We take great pride in the positive experiences we provide our fans, and together with our corporate partners, we will continue to draw all types of visitors and businesses to the Valley.”

The WM Phoenix Open had $453.7 million economic impact in 2022, according to a study conducted by Arizona State University’s Seidman Research Institute.

The study was commissioned by The Thunderbirds, who host the annual PGA Tour stop.

The study looked at the increase of spending that could be attributed to the existence of the tournament.

“The economic impact results reveal the power of professional sports and how a single event can have such a positive impact on a region,” Jim Fish, WM president and CEO, said in the release.

Here are some other findings from the study:

• Total out-of-state expenditure: $156 million.
• Total organizational spending: $55 million.
• Total jobs created: 4,290.
• Scottsdale tax revenue: $2.9 million.
• Arizona tax revenue: $9.3 million.

This 2023 WM Phoenix Open takes place next week at TPC Scottsdale, with related events starting Monday and the pro tournament teeing off Thursday.

Follow @kstonezone