RICHMOND INTERNATIONAL RACEWAY ANNOUNCES ANNUAL ECONOMIC IMPACT OF $467 MILLION
Richmond International Raceway generates an annual economic impact of $467 million, as evidenced by a study conducted by the Washington Economics Group, Inc. Included in the study are two NASCAR weekends, one IndyCar weekend and the ongoing operations of Richmond Raceway Complex. These economic activities create more than 7,700 permanent jobs in Virginia, resulting in $186 million in annual labor income.
The economic study utilized the IMPLAN model, which quantifies the direct and indirect benefits of economic activity. The study, which analyzed operating and other expenditures made by Richmond International Raceway, as well as expenditures made by out-of-town visitors to the Commonwealth of Virginia shows that Richmond International Raceway:
- Generates $467 million annually in total economic activity, with $278 million of that in direct economic benefit.
- Operations result in more than 7,700 permanent jobs for Virginia residents, generating an annual income labor of $186 million, benefiting workers in all sectors of the state’s economy.
- Creates $286 million toward Virginia’s gross state product each year. Referred to by economists as “added value,” this is the portion of business revenues that provides compensation to workers and capital income.
- Annually generates almost $85 million in tax revenues, made up of federal, state and local taxes.
“We have been fortunate to host NASCAR races at Richmond International Raceway since 1953 and IndyCar Series races since 2001, as well as numerous Richmond Raceway Complex events annually” said track president Doug Fritz. “We are very excited to not only host these exciting events for our fans, but to provide valuable economic benefits for Virginia residents. Known as a favorite among fans and drivers, Richmond International Raceway is committed to providing quality entertainment and to giving back to our community through jobs, tourism, national visibility, and quality of life in our community. These numbers speak loud and clear, and we are happy to make such a positive impact on Virginians across the Commonwealth.”
“Virginia has a rich history in motorsports and today's economic impact numbers show how vital they are to our state's economy,” said Virginia Governor Tim Kaine. “Virginia will always be a welcoming host to visitors for the races at Richmond and the numerous other tracks throughout the state. With Richmond races only a few short weeks away, I look forward to another great year of racing at America’s Premier Short Track.”
“Richmond International Raceway has been the single biggest boost to local business that all of us see and feel right away,” said Henrico County Manager Virgil Hazelett. “Visitors stay in our hotels, they eat in our restaurants and they shop in our stores. Thanks to the track, Henrico County gets to host hundreds of thousands of visitors each year, where families come to have fun, contribute to our local economy and see our great community of Henrico County.”
The only state to host four NASCAR Sprint Cup Series races (two at Richmond International Raceway and two at Martinsville Speedway), the Commonwealth of Virginia sees a combined annual economic impact of $637 million.
Richmond International Raceway hosts two NASCAR doubleheader weekends and one IndyCar Series weekend each year. The track’s property encompasses just over 1,000 acres and features 112,029 seats. During NASCAR event weekends, Richmond International Raceway hosts guests from all 50 states and more than a dozen foreign countries.
The Richmond Raceway Complex hosts more than 1.2 million visitors annually for racing schools, concerts, corporate meetings, trade shows, outdoor festivals and headline shows.
“We strongly believe every penny spent to enhance the fan experience at Richmond International Raceway is an investment in our community and in local businesses,” explained Fritz. “We’re looking forward to continuing our partnership with the community and the Commonwealth of Virginia to bring in tourist dollars, generate jobs and grow the economy.”
About Richmond International Raceway:
Richmond International Raceway, known as America’s Premier Short Track, offers great night racing action and a commitment to the fan experience. One of the most popular facilities among drivers and fans in all of motorsports, Richmond International Raceway annually hosts all of its major events, two NASCAR Doubleheader weekends featuring the NASCAR Sprint Cup Series and NASCAR Nationwide Series and an open-wheel racing weekend featuring the IndyCar Series, under the lights on a ¾-mile D-Shaped oval. The unique layout traditionally produces exciting side-by-side racing, yet drivers reach high enough speeds for a superspeedway feel. Combined with first-class amenities and a focus on the fans, guests at Richmond International Raceway can expect to experience what “Racing Perfection” truly is. For tickets to the upcoming NASCAR race weekend May 1-2 at Richmond International Raceway, call 866-455-RACE or visit www.rir.com online.