How the New Miami Heat Players Will Affect the Economy

Once the news that LeBron James picked Miami hit the airwaves

, local residents were excited with the possibilities. Having the player who is considered at the top of the league join their team could give a real boost to the local economy. James, along with Chris Bosh and Dwayne Wade, signed with the Heat and created a whirlwind of activity in the sunshine state. It is speculated that these players' arrival could boost the economy upwards of $600 million-from new jobs to tourism to real estate. It was a real coup for Miami to land these players and now the residents get to reap the benefits.

As sports fans around the world waited for the announcement, all of Miami hoped the news would be in their favor. Once James announced that he did, in fact, choose the Heat all of Miami rejoiced. The reality of what this could mean for their economy means a second chance for some struggling hotels and area businesses. The most profound effect could perhaps be on the real estate market. Realtors all over the sunshine state are anticipating a big boom in the market as the new players search for large residences, as well as other people affiliated with the team. It is also expected that the excitement of the new players could bring new residents to the area.

The rumored purchase of a mansion in Coral Gables by James has confirmed the hopes of realtors that these wealthy players will start throwing down some money in the market. The expectation that the new players might encourage fans to move into the area also has given much new life to the market as a whole. As many new jobs will be created, that will certainly affect real estate too.

The excitement of the new Miami Heat line-up has given Floridians much cause for celebration. The almost certain boost in the economy that will be the result of this new activity could be what many local residents need to get back on their feet. From a major boost in tourism to the creation of many new jobs, there are many things that could breath new life into the local economy. With many area businesses struggling in this tough economy, this could be the second chance the area needs to flourish. One of the most likely markets to enjoy this influx of activity could be the real estate market.

How the New Miami Heat Players Will Affect the Economy

By: Leon Belenky

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