MIS Drives Economy Forward
Michigan International Speedway has an economic impact greater than the Super Bowl, with its marquee NASCAR events raking in $400 million a year, according to an economic study released today.
“Hosting a NASCAR NEXTEL Cup Series weekend is about so much more than simply hosting a stock car race,” speedway President Roger Curtis said. “It’s about jobs, tourism, national visibility, economic impact and development and a quality of life for Michigan businesses and residents. Michigan International Speedway is a much-needed, financial shot in the arm for this state that takes place on an annual basis. We look forward to continuing our partnership with the community to bring in tourist dollars, generate jobs and support the economy.”
The study, conducted by noted economist Gary Wolfram, Ph.D., shows:
· Michigan International Speedway generates more than $400 million in total economic activity, with more than $260 million of that in direct economic benefit.
· MIS employs more than 5,000 people at its events, generating an annual payroll of about
· The speedway’s capital investment projects of $66 million between 2000 and 2006 added an average of $9.5 million annually to the state’s economy. Another $10 million in upgrades has begun for 2008.
· Michigan International Speedway annually pays $2.1 million in property taxes.
In comparison, Super Bowl XL in Detroit in 2006 generated an estimated $302 million, according to a study commissioned by the Detroit Super Bowl Host Committee.
“It was huge news when the Super Bowl came to Detroit,” Wolfram said. “But this study shows that MIS’ economic impact on Michigan’s economy is like having a Super Bowl every single year. In fact, it’s even greater. MIS thus serves as the equivalent of a venue similar to Disneyland in that, in effect, is an export industry where out-of-state and out-of-region residents purchase sports entertainment services from a Michigan producer.”
Speedway officials have also announced $10 million in upgrades to its facilities, with the bulk of the work done by Michigan companies. The improvements include a state-of-the-art scoreboard, enhancing more than 6,000 seats, additional camping, installing new shower and bathroom facilities and directional signage.
The racetrack seats more than 132,000 people, with tens of thousands of others in the infield. In 2006, MIS attracted 60,000 new fans — 60 percent of them from the other 49 states and more than a dozen nations. MIS is also active in the community, sponsoring the largest single-day blood drive in Michigan, programs supporting children with life-threatening diseases and fund-raisers for a host of humanitarian causes.
“MIS has real drive, in every sense of the word, and the commitment to give back to our economy and our community,” state Rep. Mike Simpson (D-Brooklyn) said. “Michigan is grateful to have a good friend like Michigan International Speedway.”