Does professional soccer have the same economic impact as minor league baseball in smaller cities?

I don't think so, at least not yet, partly because there are fewer games, but also for siting and all the other reasons I outline in:

-- "Framework of characteristics that support successful community development in association with the development of professional sports facilities," 2021
-- "Revisiting "Framework of characteristics that support successful community development in association with the development of professional sports facilities" and the Tampa Bay Rays baseball team + Phoenix Coyotes hockey," 2022

But it probably could if there was a big effort on addressing those elements of stadium (and team) development.

A rendering shows the planned soccer stadium, hotel and performance venue that are the centerpiece of the Iron District.  Source: Kahler Slater.

The thing is that I am just not that interested in soccer and sports generally, to go compare various sites.  

But it comes up because I've been seeing more articles, such as the development of a specific stadium just for women's soccer in Kansas City ("Kansas City plans the U.S.'s first soccer stadium built for women," NPR), and an article on the development of the "Iron District" around the soccer stadium in Milwaukee, which is also intended to be a concert venue ("Heavy construction starting soon for Iron District," Milwaukee Business Journal).

Curbed ("How a new generation of U.S. soccer stadiums fit into the urban fabric") argues that the smaller stadiums fit in better and aren't parking centric.  From the article:

Built to be a multi-use facility, it’s an emerging example of what could be called MLS urbanism; stadiums with smaller footprints that offer better integration into the neighborhood fabric, a more intimate fan experience, and the perfect size to anchor economic development without requiring massive infrastructure shifts or investments.

“This won’t be a stadium surrounded by a sea of parking,” says Eli Hoisington, design principal for HOK’s St. Louis office. “We’re taking advantage of what’s around the city.” ...

Built on land that used to be partly covered in highway ramps, the combination field, office, and training facilities can quickly cover a large portion of Downtown West and provide a year-round location for sports, concerts and events. The field will host collegiate and high school games, and the vendors at ground level will have stands and stalls that face outside the stadium, providing street-level access. An adjoining East Side plaza will offer space for fans to gather before and after games.

But are there enough patrons, are they spending money outside the stadium, and are there enough events to make a difference? 

In a small market, probably.  In a large market, maybe not.

The financial requirements for soccer are much reduced compared to NBA, MLB, NHL, and NFL, which makes a professional team much more viable in smaller markets, especially if they have to compete with state universities for fans.

Suburban stadiums, like Rio Tinto for Real Salt Lake, seem to lack the heft to make a lot of difference. Centrality matters a lot.  And that's what's been key with the success of minor league baseball stadiums, usually in Downtown/Waterfront locations.