Formula One will be in Austin next weekend (November 16–18) and the city is buzzing with excitement! The new $400 million Circuit of the Americas track will host the first Formula One race in the United States since 2007. While racing enthusiasts are focused on the big race and the fun surrounding the event, Austin business owners are anticipating revenue increases.
The event is estimated to have an annual economic impact of $400–500 million, which includes race events, hotel rates, and local restaurant and business traffic. The race is attracting audiences who will spend at least $4,200 for a 10,000 square-foot suite at the track and is expected to bring 120,000 spectators to the area. 70 percent of ticket-holders are not from Texas with 15 to 20 percent of them from other countries. Additionally, thousands more will come to Austin for the scheduled music and fan events.
The event has also increased job prospects for Austinite’s. The construction of the venue created approximately 1,700 jobs and Circuit of the Americas projects a total of 6,000 seasonal jobs for event-specific positions.
While many of the numbers are only projections, we’ll soon know the true impact of the Formula One race. Buckle your seatbelts, Austin. It’s going to be a fast ride!