First Miami GP boosted economy by $349 million, organizers say

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First Miami GP boosted economy by $349 million, organizers say

Formula 1

First Miami GP boosted economy by $349 million, organizers say

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The organizers of the Miami Grand Prix say its inaugural race in May boosted the local economy to the tune of nearly $350 million.

Miami Gardens played host to the first race around Hard Rock Stadium on the newly constructed Miami International Autodrome this year, with a sell-out crowd of 243,000 attending over the three-day weekend. An economic impact report by organizers South Florida Motorsports (SFM) states that “when operational activities and net visitor spending are aggregated, the overall economic impact reaches $349 million annually and supports more than $100 million in salaries and wages for over 3,000 local workers.”

The SFM reports calculates visitor spend in the Greater Miami region at $150m, breaking down to nearly $2,000 per visitor on average, nearly double the typical spend of a non-F1 visitor. Of those visitors, 84% traveled primarily for the race, with 66% of attendees at the grand prix coming from out of town.

In terms of international visitors, most racegoers came from Canada, followed by the United Kingdom, Mexico, Colombia, and Argentina.

“We were proud to deliver on the commitment Stephen Ross made to impact the local economy and the people throughout our community, especially right here in Miami Gardens,” Miami Grand Prix CEO Richard Cregan said. “Our team worked selflessly to create a campus and experience that was unique to the international culture of Miami. We look forward to growing the event and the positive impact it will continue to make here for years to come.”

The race has an initial 10-year contract, taking it up to the 2031 season inclusive, and is the second grand prix in the U.S. on the calendar after Austin’s Circuit of The Americas, with Las Vegas set to join next year.

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