World Cup expected to give NY, NJ economy a $3 billion boost
MeLlife Stadium, home of the Jets and Giants in East Rutherford, NJ, will host eight matches, including the final — which are projected to generate $1.3 billion in total labor income and $1.7 billion in spending by attendees and fans flocking to metropolitan area, according to the report by the NY/NJ Host Committee.
3 Paris Sant-Germain fans gathered in Times Square on July 11, 2025 ahead of the FIFA World Cup 2025 final match.
AFP via Getty Images
The expanded 48-team tournament, which run from June 11 to July 19, is expected to be the most highly attended in FIFA history — with an estimated 6 million fans converging on host cities in the US, Canada and Mexico.
More than 1.2 million tourists are expected to travel to the New York-New Jersey region for the games, according to the report, which was co-authored by Tourism Economics, a peer-reviewed journal owned by Oxford Economics.
'It's a legacy-defining opportunity to create lasting economic and social impact for New York and New Jersey,' Alex Lasry, CEO of the NYNJ Host Committee, said in a statement.
3 The match attendance for the FIFA Club World Cup 2025 in New Jersey earlier this month.
FIFA via Getty Images
'From record tourism and global visibility to local investment and job creation, this tournament will help shape the future of our region.'
More than 26,000 jobs will be created across New York and New Jersey to support the games, the report said.
3 Chelsea FC players celebrate their victory with the FIFA World Cup trophy alongside President Trump.
FIFA via Getty Images
Other US host cities include Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, Philadelphia, San Francisco/Bay Area, and Seattle.
The host states will also enjoy an additional $432 million in state and local tax revenues, according to the analysis.
President Trump has hinted that he has high hopes for next year's event, even as his hefty tariffs have heightened tensions with foreign countries.
'Tensions are a good thing,' Trump said during a FIFA task force meeting at the White House earlier this year when asked how his policies could affect the World Cup.
'It'll make it more exciting,' he added.
The US last hosted the world's premiere soccer tournament in 1994.
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Yahoo
13 minutes ago
- Yahoo
Trump looms large over a Fed likely to again defy his call for cuts
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USA Today
14 minutes ago
- USA Today
Nvidia CEO says Trump gives America an advantage. Hear that, progressives?
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CNET
14 minutes ago
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Mortgage Rates Dip Down: Mortgage Rates on July 28, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. The average for a 30-year fixed mortgage is 6.77% today, a decrease of -0.04% since one week ago. The average rate for a 15-year fixed mortgage is 5.96%, which is a decrease of -0.07% compared to a week ago. To secure a lower mortgage interest rate, consider increasing your down payment, improving your credit score or purchasing mortgage points. What's behind high rates these days? Concerns about persistent inflation, threats of a global trade war and policy turbulence have created an uncertain economic outlook. In response, the Federal Reserve has adopted a wait-and-see approach and left interest rates unchanged this year. Financial markets largely expect the Fed to resume lowering rates in September, particularly if President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate. 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Even as the Fed eventually starts to reduce borrowing rates, experts caution that significant market volatility is likely. As a result, homebuyers are adopting a more patient and strategic approach to financing, comparing various loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Smith. For a look at mortgage rate movement in recent years, see the chart below. Mortgage rate forecast for 2025 While the housing market was expected to rebound in 2025, it has remained stagnant due to ongoing economic and political uncertainties. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Mortgage rates would have to drop significantly, close to 6% or below, to drum up significant homebuying demand. 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With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average interest rate for a standard 30-year fixed mortgage is 6.77% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 5.96%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 adjustable-rate mortgage has an average rate of 6.03% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. Where can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
