Study: $502M impact if NBA team moves to Va. Beach

VIRGINIA BEACH, Va. -- A new study says the statewide economic impact of an NBA team moving to Virginia Beach would be more than $500 million a year.

Virginia Beach is considering whether to build a new arena near the oceanfront in hopes of luring an NBA or NHL team to town. If it's built, city officials say a team could start playing in the new arena in 2015.

The study produced for the Virginia Beach Development Authority says an NBA team would support about 3,700 jobs in Virginia and that the state government would receive nearly $11 million in tax revenue each year. The study says 44 NBA home games would to attract 704,000 spectators each year, or 16,000 people a game.

The study was prepared by Richmond-based Chmura Economics and Analytics.