Public Policy Institute
Research Area: Economic Development
Indianapolis, Ind. -- Events and operations at the Indianapolis Motor Speedway and associated motorsports businesses generate more than $510 million annually to the Indiana economy, according to a study by the Indiana University Public Policy Institute.
"This study shows how the Indianapolis Motor Speedway and its associated industries form a powerful engine that helps to drive the Indiana economy," said Mark D. Miles, chief executive officer of Hulman & Company, the parent company of the Indianapolis Motor Speedway and INDYCAR. "The Super Bowl brought a tremendous economic impact to Indianapolis and Indiana in 2012, and this state is very fortunate that IMS, its events and associated industries deliver an even greater economic contribution every single year."
The study addressed the direct and indirect economic contributions made by IMS through its operations, spending by out-of-state visitors to the Indianapolis 500, Kroger Super Weekend at the Brickyard and Red Bull Indianapolis GP annual events, and the presence of nearly all INDYCAR race teams and the Dallara facility in the Indianapolis area, which are attracted to Indiana due to the presence of the Speedway.
Notable statistics from the extensive study, which used data from 2010 through 2012:
•An annual infusion of $510 million to the Indiana economy
•Approximately 6,200 direct and indirect jobs in Indiana created by IMS events and operations, Indiana-based INDYCAR teams and the Dallara facility
•More than $235 million in annual employee compensation at IMS and associated motorsports businesses
•Jobs attributable to IMS comprise nearly 20 percent of all employment at racing industries within Indiana
•Direct spending by IMS and associated motorsports businesses in 65 of 92 Indiana counties
•Approximately 200,000 out-of-state visitors spent more than $145 million combined at the three IMS events in 2012. Visitors to IMS came from all 50 states and more than 50 countries.
"The Indianapolis Motor Speedway continues to play a major economic role throughout Indiana, providing thousands of good jobs for Hoosiers," said Jeff Belskus, president and chief executive officer of the Indianapolis Motor Speedway. "The success of IMS and the growth of the motorsports business go hand-in-hand and combine to provide a potent economic force in our state."
Delivering unbiased research and data-driven, expert analysis, the IU Public Policy Institute is a collaborative research arm within the Indiana University School of Public and Environmental Affairs. The Institute also supports the Indiana Advisory Commission on Intergovernmental Relations (IACIR).
"While racing is a sport that generates an annual Super Bowl of visitors, the analysis proves that it is also a high-tech, advanced manufacturing industry including not just drivers, but engineers, parts manufacturers and a wide range of firms that support the local economy," said John Krauss, director, IU Public Policy Institute.