Indianapolis Motor Speedway Creates $1 Billion in Economic Activity for Indiana
2023-11-05 – BE&O TWIB
Through an ever-expanding lineup of special events, concerts, and, yes, motorsports races, the Indianapolis Motor Speedway is bringing big dollars to the Central Indiana economy. A recent study from the Indiana University Public Policy Institute shows the Indianapolis Motor Speedway brings over $1 billion of economic activity to the state of Indiana, more than half of which is in the month of May during the Indianapolis 500.
Indianapolis Motor Speedway President Doug Boles says this is the first study of its kind the speedway has commissioned since 2012. IMS wanted to know if its on and off-track events drove people to local hotels, shops, and restaurants in the city of Speedway. Boles says the business model of the track has changed drastically since 2012, mostly due to new IMS owner Roger Penske encouraging the venue to fill out its annual calendar with more public and private events.
“The rest of the year is busier than the month of May,” Boles says. With private track rentals and opening the facility to car manufacturers to test and showcase new vehicles, the Indianapolis Motor Speedway has no shortage of demand.
When thinking up ideas for new events, Boles says IMS considers how it will impact the community and city of Indianapolis. This is highlighted by a special once-in-a-lifetime solar eclipse viewing party IMS will host next April. IMS has partnered with NASA for the event, and NASA experts will be on hand to answer questions from attendees. Boles says people from 34 states have already purchased tickets for the unique event.
Boles says it’s all part of the speedway’s plan to bring new and non-race fans to their facility and the state of Indiana. He’s proud that the Indianapolis Motor Speedway is a gateway to show visitors outside Indiana what Hoosier hospitality is all about. “IMS is this international platform for Hoosiers and Central Indiana.”
The 2024 IMS schedule also includes a vintage car invitational race in June, the annual running of the Brickyard 400 in July, and, of course, the 108th running of the Indianapolis 500 in May.
THIS ARTICLE IS SPONSORED BY INNOPOWER.