FOR IMMEDIATE RELEASE
CHOOSE CHICAGO AND THE CHICAGO SPORTS COMMISSION RELEASE ECONOMIC AND MEDIA IMPACT REPORTS FOR THE 2023 NASCAR CHICAGO STREET RACE WEEKEND
Inaugural race had an economic impact of $109 million and an additional media value of $24 million for Chicago, based on rigorous academic study conducted by the Sports Industry Research Center at Temple University.
CHICAGO – Today, Choose Chicago and the Chicago Sports Commission released the economic and media impact reports of the 2023 NASCAR Chicago Street Race Weekend. Taken together, these reports show significant positive impact on Chicago thanks to spending from attendees, corporate spending, and positive media publicity for the city of Chicago generated by the first-of-its-kinds race. The race weekend had a total economic impact of $108.9 million for Chicago while generating $23.6 million in total media value for the city. Both reports were commissioned for the Chicago Sports Commission with Temple University’s distinguished Sports Industry Research Center (SIRC).
With $108.9 million in economic impact, the NASCAR Chicago Street Race is the second most impactful Chicago Sports Commission event ever, behind only the 2020 NBA All Star Game. In addition to the overall economic impact, the analysis includes the following event findings:
- The event supported 750 jobs and generated $8.3 million in local and state taxes.
- Out of 47,405 total unique attendees, 24,781 (52%) traveled to Chicago solely or primarily for the event. These attendees spent $684 per day, $200 more than the typical domestic traveler did last year.
- The event generated 29,532 total hotel room nights, including non-local attendees and rooms for NASCAR team, staff and vendors.
- Underscoring the positive influence of the event, 77% of non-local attendees would recommend Chicago as a travel destination, and 64% plan on returning to Chicago for vacation.
The economic impact analysis was conducted using the most widely accepted methodology for measuring economic impact, incorporating both spending data collected via survey from NASCAR event attendees as well as corporate entities. The $108.9 million economic impact figure is a conservate estimate that does not include spending by local corporations or local attendees, as local spending is not viewed as new incremental spending in the city. Furthermore, the analysis only analyzed the impact of non-local attendees that traveled to Chicago solely or primarily for the race, and excludes spending by the nearly 3,000 non-local attendees who indicated that other attractions were equally or more important than attending the race in their decision to travel to Chicago. Those attendees contributed an additional $7.6 million to Chicago’s economy.
The impact of the NASCAR Chicago Street Race goes beyond direct economic impact. Millions of people from around the world were tuned into Chicago before, during and after the race. Based on an analysis of publicity generated via TV broadcast, online and print outlets, social media and event promotion, the estimated media value of the NASCAR Chicago Street Race totaled $23.6 million. That is the equivalent of placing 189 30-second TV advertisements highlighting Chicago during the NASCAR Grant Park 220 or 3.4 Super Bowl LVII advertisements.
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About Choose Chicago
Choose Chicago is the official sales and marketing organization responsible for promoting Chicago as a global visitor and meetings destination, leveraging the city’s unmatched assets to ensure the economic vitality of the city, its residents and our partner business community. Follow @choosechicago on Facebook, Instagram, LinkedIn, TikTok, and X/Twitter and tag #ChicaGOandKNOW. For more information, visit choosechicago.com.
About the Chicago Sports Commission
With a vision of establishing Chicago as the #1 U.S. destination for sports tourism, the Chicago Sports Commission recruits and supports high-profile, major sporting events that drive significant economic impact and positive exposure for the city of Chicago. The Chicago Sports Commission launched in 2011 as a part of Choose Chicago. A registered 501(c)6, we’re comprised of a dedicated full-time staff and supported by a Corporate Partner program, which makes up Chicago Sports Commission’s Executive Committee and Board of Directors.