INDIANAPOLIS — The Greatest Spectacle in Racing also has a great impact on the local economy, according to a recent study.
An economic impact study of the Indianapolis Motor Speedway (IMS) found the iconic fixture generates $1.058 billion for the Indiana economy.
The study pulled data from between June 1, 2022 and May 31, 2023. It looked at money being spent at the track and spin-off spending as a result of the track.
- Brickyard Weekend 2022 generated $117.2 million in contributions to the Indiana economy.
- Month of May 2023 contributed $566.4 million to the economy.
- Visitors to IMS for other events and activities like the SVRA Invitational and Intercontinental GT Indianapolis 8-Hour, the Brickyard Crossing Golf Course and IMS Museum contributed an additional $375.1 million to the economy.
IMS also has 8,440 full-time equivalent (FTE) employees.
- Brickyard Weekend 2022 sustains 1,275 FTE employees, whose total labor income was $46.4 million.
- Month of May 2023 sustains 3,783 FTE employees, whose total labor income was $155.2 million.
- Visitors to IMS for other events and activities like the SVRA Invitational and Intercontinental GT Indianapolis 8-Hour, the Brickyard Crossing Golf Course and IMS Museum sustains an additional 3,382 FTE employees, whose total labor income was $158.4 million.
“The Racing Capital of the World is a marquee hub for economic development that directly benefits Central Indiana and the Hoosier State, triggering innovative activity and providing jobs and income for thousands of families,” IMS President J. Douglas Boles said.
The study also drew comparisons to other events in central Indiana and major national events. Among the highlights is the IMS has four-times the economic impact projected for the 2024 NBA All-Star Game in Indianapolis and almost double the 2023 Super Bowl in Arizona.
- Local
- $156.6 million – 2022 College Football Playoff National Championship Weekend
- $250 million – 2024 NBA All-Star Game (estimated)
- $278 million - 2012 Super Bowl, Indianapolis
- National
- $157 million - 2022 PGA Championship, Tulsa Oklahoma
- $228 million - 49th AAU Junior National Volleyball Championship, Central Florida
- $300 million - Tournament of Roses, Pasadena California
- $349 million - 2022 Formula One Miami Grand Prix, Miami Florida
- $420 million - U.S. Open, New York City
- $600 million - 2023 Super Bowl, Arizona
"Being an Indiana resident, you assume, and you just know and absorb how important the Indy 500 is, and how important the Indy Motor Speedway is year-round. But to see the actual numbers, over a billion, it's awesome," said Sarah Fisher, former IndyCar driver.
The last time a study like this was done was in 2013. At that time, IMS contributed $510 million to the local economy, according to the study.
NOTE: The study was done by the IU Public Policy Institute and released by the Indianapolis Motor Speedway.