POSTED: JUN 20 2017 10:40AM PDT

UPDATED: JUN 20 2017 10:44AM PDT

OAKLAND (KTVU) – A new baseball stadium for the Oakland As would generate an economic impact of over $3 billion for the city’s residents and businesses, according to the results of a new study released Tuesday.

The Bay Area Council Economic Institute study found that over 10 years of initial operation the new sports facility would bring increased spending at local businesses and spur additional development in the area.

“A new Athletics baseball stadium would be very, very good for Oakland,” Dr. Micah Weinberg, president of the Bay Area Council Economic Institute said in a written statement. “These types of signature projects come along only once every couple of generations.”

According to the institute, a new stadium would bring:

  • $768 million from construction and related spending.
  • $1.54 billion from game-day spending.
  • $742 million from ballpark operations.
  • 2,000 construction jobs would be created while the stadium is being erected.

The team has not yet identified where a new stadium would be built and are reportedly scouting out three potential sites for the facility.

During an interview on KTVU Tuesday morning, Dave Kaval, president of the A’s, suggested that the team is close to picking a final location.

“All the sites are neck and neck (and) all have pros and cons,” he said, adding that an announcement is expected this year.