Grand Prix Association of Long Beach officials released last week an economic impact report for the 2017 Toyota Grand Prix of Long Beach.
Conducted by Beacon Economics, the report showed that the Grand Prix generated an economic output in Southern California of $63.4 million, with $32.4 million concentrated in Long Beach, according to the release.
Contributing $33.7 million in direct expenditures in Southern California were the Grand Prix Association, race attendees, exhibitors and race teams, which supported the equivalent of 606 year-round jobs, with 351 of those in Long Beach.
The event also generated $24.4 million in labor income in Southern California, with $12.9 million of that in Long Beach. Additionally, the event brought $1.8 million in tax revenue to local governments in Southern California, $700,000 of which was in Long Beach, according to the report.
“The Grand Prix of Long Beach has been the largest annual event in Long Beach for more than 40 years,” Mayor Robert Garcia said in a statement. “This report shows the tremendous economic impact the Grand Prix has throughout Long Beach and the region. I want to thank the Grand Prix Association for all their positive contributions to our community.”
Beacon Economics employed industry-standard IMPLAN models, which “combine the U.S. Bureau of Economic Analysis’ Input-Output benchmarks with other data to construct quantitative models of trade flow relationships between business and between businesses and final consumers”, alongside IMPLAN’s Regional Economic Accounts and Social Accounting Matrices, surveys and spending by all Grand Prix participants.
“The results of this extensive study by Beacon Economics confirm our estimation of the significant financial impact that the Toyota Grand Prix of Long Beach had in 2017,” Jim Michaelian, president and CEO of the Grand Prix Association of Long Beach, said in a statement. “We are especially satisfied to see the benefits that accrued directly to our host – the City of Long Beach – and look forward to continuing that beneficial relationship for many years to come.”
Find the full report via the Long Beach City Manager’s website here.
More than 180,000 are expected to attend this year’s Grand Prix, to take place April 13-15, with an array of family-friendly activities, concerts and more.
For more information, visit the website here.