South Florida Motorsports (S.F.M.) released findings of the first Economic Impact Report for the Formula 1® Crypto.com Miami Grand Prix, showing a boost of $350 million to the local economy. The report, compiled by Applied Analysis, details the specific financial benefits to the South Florida and Greater Miami regions, including Miami Gardens.
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"We were proud to deliver on the commitment Stephen Ross made to impact the local economy and the people throughout our community, especially right here in Miami Gardens," said Richard Cregan, C.E.O. of the Crypto.com Miami Grand Prix. "Our team worked selflessly to create a campus and experience that was unique to the international culture of Miami. We look forward to growing the event and the positive impact it will continue to make here for years to come."
The venue hosted the first-ever Formula 1® Crypto.com Miami Grand Prix in the first week of May, held around a new 19-turn circuit known as the Miami International Autodrome, and built around Hard Rock Stadium in Miami Gardens. One of 23 races in the 2022 Formula 1 Championship will be held at the Miami International Autodrome for at least the next 9 years. The three-day event drew over 243,000 spectators and culminated in a thrilling race in which Red Bull's Max Verstappen defeated Ferrari's, Charles Leclerc.
Fans could soak up the incredible event atmosphere, quickly becoming the hottest ticket in town, and enjoy the on-track action. Celebrities from film and pop mingled with sports stars in luxury V.I.P. hospitality areas like Hard Rock Beach Club and M.S.C. Cruises Yacht Club. International D.J.s entertained the entire campus, and Miami restaurants served up the best local cuisine.
Driving Economic Impact and Salaries for Local Workers
The report emphasizes the race's overall economic impact, which has rivaled, if not surpassed, other events held in the South Florida market area. The impacts of operational and net visitor spending are likely to reoccur in subsequent years, with the potential to grow as the event matures. When operational activities and net visitor spending are combined, the overall economic impact is $349 million per year, supporting over $100 million in salaries and wages for over 3,000 local workers.
Visitors and Viewership
During race week, visitors spent more than $150 million in the Greater Miami area. The average visitor to Miami for the race spent $1,940 in total, nearly double the average non-Formula 1 visitor. Furthermore, 84 percent of visitors came to Miami primarily for the event, and 66 percent of attendees were from out of town. According to tourist influx data, Canada received the most visitors, followed by the United Kingdom, Mexico, Colombia, and Argentina.
The race was a massive broadcast success, with 23 million U.S. viewers tuning in over the weekend. The Saturday qualifying audience was 7.6 million, which increased to 15.4 million for the race on Sunday. Furthermore, viewership increased by 27% over the weekend of the 2021 US Grand Prix in Austin, TX.
In the United States, race day viewership grew by 106 percent compared to the 2021 US Grand Prix with 2.2 million viewers. On the F1 Web/App, there were 140 million views (up 39 percent on the 2021 U.S. race) and 118.6 million page views (up 50 percent ), and 288,483 new followers. During the weekend, F1 surpassed 19 million Instagram followers, a 1.4 million increase since the beginning of the year.
Construction Jobs and Empowerment
The initial planning for Formula One's newest venue began in the spring of 2019, with the first moment of ground-breaking on the campus taking place in April 2021. During the project's construction phase, 867 local employees earned a total of $50 million in salaries and wages. When the indirect (vendor purchases) and induced (employee spending) impacts are considered, the total economic impact of the track construction is estimated to be around $143 million.
Commitment to Miami Gardens
The Formula 1® Crypto.com Miami Grand Prix made a conscious decision to empower and benefit the City of Miami Gardens and its residents. Fourteen minority-owned restaurants were featured throughout the campus, and Sodexo and Turn 5 Kitchen were able to donate edible food to local shelters through a partnership with Food Rescue U.S. South Florida.
Furthermore, the F1 in Schools program, run by the Miami Gardens Parks and Recreation Department, and Seeking Education Empowers Knowledge (S.E.E.K.) brought S.T.E.M. education to Miami Gardens students. In addition, 12 Miami Gardens students were given event internships, and 1,500 tickets were distributed to residents. There was also a commitment to sustainability across the campus, with Hard Rock Stadium eliminating 99.4 percent of single-use plastics. In addition to other recycling facilities around the circuit, there were aluminum water bottles, free water stations with reusable cups and plastic-free serving vessels, and three biodigesters to eliminate food waste.
The F1 Miami Grand Prix has been a massive success that will continue positioning the city on the international stage.
Photography by: Courtesy Formula 1® Crypto.com Miami Grand Prix