F1 News: Miami Grand Prix Gives Mammoth Economic Boost With Eye-Watering Sums
The second Miami Grand Prix took place in early May and has been confirmed to have brought a huge economical boost to the local area.
The event held at the Miami International Autodrome saw an increase of visitors from 2022 to 2023 of roughly 40,000 and the organisers are planning yet another increase for the race in 2024 with grandstand expansions confirmed.
A recent press release confirms that a report carried out by Applied Analysis found that both the 2022 and 2023 Miami Grands Prix brought in a huge $798 million to the area. The press release states:
"An independently commissioned economic report has also revealed the local economy benefited by $449 million from 2023’s race, an increase of 29% on 2022, which brings a total impact over the race’s first two years to $798 million.
"Visitor spending in the Greater Miami region during race week reached over $195 million and total attendance was up nearly 15% in 2023, emphasising Miami’s place on the calendar as a destination race."
The report also revealed the incredible employment opportunities the event brought in, the report continues:
"The race also provided employment opportunities with salaries and wages reaching $150 million — an increase of 41% from the first year of the race. The report, prepared by Applied Analysis, gathered economic and fiscal data from Formula 1, Miami Dolphins, the Greater Miami Convention & Visitors Bureau plus state and local governments, in addition to spend profiles from attendee surveys.
"The construction of a new permanent Paddock Club building also led to a 60% increase in construction-related economic activity, with an impact of $230 million on the Greater Miami region in the months leading up to May’s event."
Tickets for the 2024 Miami Grand Prix are already on sale and can be found here.