The economic impact of racing is huge – to the tune of nearly $70 billion dollars and over 300,000 jobs created.
When you think about racing and money, you’re inclined to think about superstar drivers with big sponsorship deals and the constant cha-ching of race fans buying tickets. According to Performance Racing Industry (PRI), the total impact goes deeper than that. Much deeper.
According to their research, the motorsports industry has an economic impact of over $69 billion, while creating over 300,000 jobs. This study, released last week, is concerned with auto, truck, motorcycle and UTV/SXS racing. The PRI study is unique in that it specifically studied the impact of the businesses that support the racing industry. Most studies of this variety focus on the local and state economy – effectively, tourism revenue from a single race event.
That information is important, of course, but it doesn’t tell us much about the racing industry itself. Thankfully, this study sheds some light on the positive impacts of the racing industry in the United States. According to the study, annual economic impact is measured at $69.2 billion dollars, supporting 318,579 jobs. Wages and benefits for those jobs total $22.1 billion, with a total tax revenue of $8.2 billion. Any way you look at it, the American motorsports industry keeps a lot of people fed, and puts a lot of roofs over people’s heads.
This data was gathered from manufacturers, racing parts distributors and retailers, racetracks, race promoters, and professional race teams. From hauler drivers to spotters, every member of a race team is important and contributes to that team’s success. The economic impact of all of these jobs doesn’t just improve racing – it improves the communities that host these race shops and race tracks. Simply put, racing is good for business and good for the economy.
Other roles – like selling tickets or manufacturing car components – also has an impact. It’s hard for one person to fathom the depth of the racing industry. At least we have some hard numbers to express just how huge our industry is. From shirt tracks to Daytona, it all makes a difference. Simply put, racing is good for business and good for the economy.
Photo: Matt Sullivan/Getty Images
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