Detroit GP Has $58 Million Impact On Local Economy
DETROIT – Last year’s Chevrolet Detroit Grand Prix presented by Lear generated an all-time high in total spending and economic impact for the metropolitan Detroit area.
According to an independent study conducted by the consulting firm Sportsimpacts, the 2017 Chevrolet Detroit Grand Prix presented by Lear created an estimated $58 million in total spending within the Greater Detroit region of Wayne, Oakland and Macomb counties. The total represents an increase of nearly $11 million in total spending from the last Detroit Grand Prix economic study, conducted in 2014. Total spending accounts for all local and non-local expenditures related to the event.
An estimated 100,000 people attended the three-day motorsports festival on Belle Isle during the 2017 Chevrolet Detroit Grand Prix presented by Lear, held during the first weekend in June (June 2-4). The study revealed the 2017 event also created an estimated total economic impact of $31.1 million for the region, which also represents the largest measure in the event’s history.
Economic impact is defined as money from non-local sources – including fans, vendors, sponsors, race teams and members of the media – that will be retained long term as new income for Detroit-area households, businesses and government.
“The Chevrolet Detroit Grand Prix presented by Lear has become an annual celebration in the Motor City,” said Bud Denker, Chairman of the Chevrolet Detroit Grand Prix presented by Lear. “We are proud of the impact that this event has made in our region, including annual improvements made to our home at Belle Isle Park, and how it helps boost the local economy. With total spending reaching new heights of $58 million in our area last year, it clearly demonstrates the effect the Grand Prix has in Detroit. When you combine these numbers with the beautiful overhead imagery of Belle Isle and the shared Detroit and Windsor riverfronts to the rest of the world over the course of race weekend, you really begin to appreciate the positive force of this event.”
The economic analysis of the 2017 Chevrolet Detroit Grand Prix presented by Lear represents the fourth such study of the event conducted by Sportsimpacts, following those measured in 2012, ’13 and ’14. The firm has performed more than 80 economic studies since 2000, including numerous sporting events contested in the Detroit region such as Super Bowl XL, the Ryder Cup, the MLB All-Star Game and the AAU Junior Olympic Games.
Source :speedsport.com
Comments
