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Economist says Virginia may be overestimating revenue from Potomac Yard arena

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Rendering of concert venue at Monumental Arena development (image courtesy of JBG SMITH)

An economic analysis said that while revenue projections from the Potomac Yard arena are realistic for Alexandria, they’re a little “rosy” for Virginia.

WTOP reported that Michael Faulkender, dean’s professor of finance at the University of Maryland and former assistant secretary for economic policy at the Department of the Treasury, said the economic projections for Virginia relies unrealistically on the expectation of people living near the arena in D.C. moving to Virginia.

Faulkender told WTOP that while Arlington or Falls Church or Tysons residents might move to the area for the arena, it’s unlikely to attract migration from outside of Virginia.

The arena would, financially, still be a benefit for Alexandria, Faulkender said, but WTOP said he also noted that some of the presented estimates seemed too big.

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