Study: Richmond International Raceway pumps $467 million into local economy
Richmond International Raceway officials announced Thursday that a recent economic-impact study showed the track generates $467 million for the state and local economy.
The study, completed by the Washington Economics Group Inc., showed direct and indirect impact the track has on the economy. Richmond hosts two NASCAR weekends and one IndyCar weekend per year and hosts various other events through operations of Richmond Raceway Complex.
The track’s activities create more than 7,700 permanent jobs in Virginia, resulting in $186 million in annual labor income, the study said.
The study also found:
• $278 million in direct economic benefit.
• $286 million toward Virginia’s gross state product each year.
• Almost $85 million in federal, state and local taxes.
“Virginia has a rich history in motorsports, and today's economic impact numbers show how vital they are to our state's economy,” Virginia Gov. Tim Kaine said in a news release from the track. “Virginia will always be a welcoming host to visitors for the races at Richmond and the numerous other tracks throughout the state. With Richmond races only a few short weeks away, I look forward to another great year of racing at America’s Premier Short Track.”
