November 15TH, by Heritage Office Suites, No Comments

Economic Impact of United States Grand Prix to Austin and Round Rock

It is now the second year in a row that the Circuit of the Americas has the great honor of hosting the United States Grand Prix of Formula 1. It is an event that draws 250,000 to 300,000 visitors over a period of 3 days and 80% are from out of Texas. This is a huge influx of business and economic activity for the North Austin / Round Rock area. According to their website:

 

Circuit of The Americas is more than a track – it is designed to be the only purpose-built facility in the U.S. to host the FORMULA 1 UNITED STATES GRAND PRIX™ through 2021 and V8 SUPERCARS from 2013-2018. It will be the only FIA-certified Grade 1 track in the United States, and one of only 26 Grade 1-certified motorsports facilities in the world. The circuit currently holds exclusive rights in the United States to host a V8 SUPERCARS event.

The venue is expected to draw hundreds of thousands of fans from all over the world and be seen by approximately 30 million television viewers across the globe for the FORMULA 1 UNITED STATES GRAND PRIX™ while also hosting dozens of high-profile motorsports, entertainment and business events each year. CoTA will also serve as a leader in sustainability as it relates to major event venues and motorsports, through high-performance operations, design, research, education and partnerships.

CoTA-hosted events are projected to generate an annual economic impact of $400 million to $500 million, equating to $4 billion to $5 billion over 10 years for Texas. The CoTA-hosted FORMULA 1 UNITED STATES GRAND PRIX™ will attract as many as 300,000 people each Grand Prix weekend, with an estimated 80 percent of attendees coming from outside Texas.

 

We are looking forward to a great race on Sunday and look forward to a huge burst of business activity for the entire city thanks to our beloved Circuit of the Americas.

Written by: Heritage Office Suites

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