NASCAR's $113 Million Worth Chicago Ambition Strongly Snubbed by F1's Transcending Impact
NASCAR
In the upcoming weekend, NASCAR fans will witness the much-anticipated street race in Chicago. NASCAR has invested massively in this race, as it is expected to boost the city’s economy by a massive margin.
However, a recent study found that F1 has impacted more in terms of boosting the economy of a city than what NASCAR is projected to do in Chicago.
NASCAR is expecting big from the Chicago race
Last year, NASCAR made a three-race deal with Chicago and almost invested around $50 million in this race. The race will take place on July 1st and 2nd. It is also expected to boost the city’s economy by $113 million.
F1’s Impact on Cities in America
F1, a global racing sport, held a race in Miami last summer. As per reports, the race boosted the city’s economy by $350 million, which is three times bigger than Chicago’s estimation. F1 also held a race in Austin, Texas in 2021, which boosted the city’s economy by $434 million. Safe to say, F1 has made a bigger impact on America in the last few years than NASCAR did.
Allen Sanderson, a professor at the University of Chicago, recently said, “So many of these studies just ignore, bypass, or don’t even take a good look at those who lose during the weekend.” The professor feels the museum will be empty because of the race. The hotel money will most likely leave the city and go to HQ. Moreover, the Chicago food festival was pushed back to September, just to accommodate the race.
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