01/11/2009 05:12 am ET Updated May 25, 2011

2016 Olympics Could Generate $22.5B For Chicago: Study

Winning the 2016 Olympics and Paralympic Games would spark $22.5 billion in economic activity in Illinois, according to a new study prepared for the city's Olympics bid committee.

The study by California-based Tootelian & Associates concludes that the city of Chicago would gain $13.7 billion in "incremental economic activity" in 2011-21, including 28,636 jobs annually during the period.

Local officials hailed the study, saying it's based on "conservative" projections. But City Hall two years ago pegged the economic benefit of putting on the games at $8 billion to $10 billion. And the economic benefit would be more than 2.5 times the amount generated by the 2000 Summer Games in Sydney, Australia, over a 12-year period.

Read more on Crain's Chicago Business